Today’s baby boomers, ages 40 to 58, are having a love affair with classic cars. These cars that include Mustangs, Cameros, GTOs, Chevelles and Impallas are in huge demand. Baby boomers are anxious to buy these classic cars that they couldn’t afford when they were younger. Now that they’re older with sufficient funds, baby boomers have an opportunity to purchase great classic cars that represent their youth. Men and women who have worked their entire lives are now at retirement age, and they’re making old dreams come true.
Unlike the original models of the 1950s and 1960s, many of these classic cars now command prices that equate to five or six figures. The popular 1969 Camaro ZL1 is now selling for $500,000 to $750,000. The 1965 Shelby 3TG50 Mustang, one of the original muscle cars, is worth about $120,000, over 10 times its original value.
Some buyers purchase classic cars as an investment, but sales statistics show that over 40 percent of baby boomers buy classic cars for enjoyment. They want to drive them as a reminder of days gone by. Classic car sales throughout the country now exceed $50 million each year.
Popular classic cars of the 50s and 60s are fun to drive, but they’re really not meant for daily transportation. In addition to steep protection and insurance costs, most of these old cars are not equipped with air bags or shoulder safety belts, and many have no air conditioning and sub-par braking systems compared to newer cars.
If you love classic cars and want to find out more about owning one, contact us at Gullwing Motor Cars.