Why More Women Are Investing in Classic Cars
Are classic cars a good investment? Many women think so. You might think of classic car collecting as a man’s thing, but more and more women are investing in classic cars. And, there are a lot of great reasons why.
The New York Times recently put out a story about women in the world of vintage and classic cars, and there are many impressive women mentioned who are heavy hitters in the industry. Stars like Lady Gaga are also making a name for themselves in the classic car ownership trade, as the singer/songwriter famously owns a semi-rostered baby blue 1967 Ford Bronco and a Chevy Nova SS from 1969. Whether it’s vintage motorsports, automotive preservation, collecting, or other investments into the world of classic cars, women are stepping up and taking over.
So why are women growing more and more interested in investing in classic cars? The answer is pretty simple: it’s because they can. Women love cars, from practical cute cars to sports cars and vintage cars.
Women actually buy more new cars than men at this point. In 2019, Forbes reported that 62 percent of all new cars sold in the U.S. influence more than 85 percent of all car purchases. While those numbers haven’t surpassed men in the market for classic and vintage cars, women are coming up.
Women are making more money than ever.
Cars are fun for everyone, and the enthusiasm for classic and vintage cars is not just for the rich and famous. With feminist activism doing its part in helping women climb the ladders to higher paychecks, it’s not that women are suddenly interested in classic cars. It’s more that they can afford them on their own for quite some time now. Women are quickly narrowing the gender-pay gap, and with that comes more freedom to spend their money on things they want and are interested in.
More women are interested in vintage cars.
More and more young women are getting interested in cars, from vintage and racing to collecting classic models. If you want to get involved in this trend, just go for it. “Go there,” said Theresa Gilpatrick, former executive director of the Ferrari Club of America. “Go on LinkedIn, find women in the niche that interests you. Reach out and don’t be shy.”
According to Hagarty, one of the industry leaders in car insurance for classic cars, the number of women policy owners they insure has jumped by almost 30 percent in the last ten years. And, the biggest increase has been in women in generation X and millennials.
Classic cars are a great investment.
Even though most enthusiasts are in it for their passion for classic cars, owning classic and vintage cars is a great way to invest your money as well. According to Investopedia, classic cars, in general, gain in value more than other types of collectibles. Women are more interested in diversifying their investments. Are classic cars a good investment? You bet!
The right classic cars can be worth millions of dollars, and that number only grows with time. Women are more financially independent than ever, and they are more interested in investing and expanding their portfolios.
Classic cars are just fun!
Perhaps the biggest reason for the increase in women’s interest in classic cars rising is not only because they can now, but because classic cars are fun! They are interesting assets to own, fun to drive, and the vintage car community is widespread. If women had been afforded the freedom of doing whatever they want throughout the whole of history, it’s possible they would be outnumbering men in classic car ownership already.
Women deserve to be in the driver’s seat, and they deserve to own that seat as well. Classic cars are just one-way women are breaking the glass ceiling, and it’s just the beginning.
If you love classic cars we hope you will join us at Women’s Motor Fest. At Women’s Motor Fest, we love cars! We hope you will read more about our upcoming events in Detroit and Columbus. Our Detroit Auto Show for women takes place on June 18, 2022, and our Columbus Car Show happens on September 10, 2022, in Columbus, Ohio.
