- Oldtimers are becoming a billionaire business
- 61 percent of the cars are used every day
- Average value of an oldie: 19,600 euros
Oldtimers are becoming a billionaire business
Oldtimers are becoming an economic factor for the German automotive industry. The owners of around 6.5 million classic cars spend 14.1 billion euros annually on their jewelry
Source: picture alliance / dpa
For many, a classic car is more than just an old car: enthusiasts invest a lot of time and money in their vehicle. It’s a billion dollar business for the automotive industry. But the classic car scene is divided into two parts.
M.ore than six million cars on Germany’s roads are more than 15 years old – and the trend is rising. For the automotive industry, the ever increasing numbers of oldtimers and youngtimers mean business worth billions.
The owners of the around 6.5 million so-called classic cars spend 14.1 billion euros annually, according to a current study by the car associations VDA and VDIK as well as the motor vehicle industry. This does not yet include purchase and fuel, only costs for maintenance, repairs, insurance and accessories.
Around every seventh car registered in Germany is 15 years or older. According to the information, the number of classic cars has grown continuously by an average of eight percent over the past five years.
61 percent of the cars are used every day
However, the scene is clearly divided into two parts. Because 61 percent of the vehicles recorded are still used daily by their owners, driven more than 11,000 kilometers a year and are worth an average of just 2,000 euros.
The owners of these cars spend relatively little money on their cars and are primarily of interest to the industry as future buyers. “In a few years, the driver of an old used car will buy a young used one – and one day a new car,” said the President of the Central Association of the German Motor Vehicle Industry (ZDK), Robert Rademacher.
The economically interesting clientele with their more than 30-year-old classic cars or well-maintained classic cars that are only used in leisure time digs deeper into their pockets, market studies and surveys of 1,700 owners of such cars have shown.
Average value of an oldie: 19,600 euros
The fans cost an average of 5300 euros a year for a classic car, while the leisure time classic car costs 2900 euros. The average value of a classic car is a good 19,600 euros, while recreational youngtimers come to around 11,400 euros.
Historic top vehicles, however, are only for the big budget, as the Essen Motor Show showed. There was a Mercedes convertible from the 1930s for almost two million euros and a Horch convertible in roughly the same price range.
The motor vehicle trade has reacted to the growing market for oldtimers and youngtimers with the additional certificate “specialist company for historic vehicles”.
The billion dollar business with the speed cameras Stationary speed cameras often do not serve traffic safety, but have become a good source of income…
A new rear window frame for 2000 euros In 1972 Mercedes brought the S-Class of the 116 series (1972 to 1980) onto the market. It is now difficult to get…
The business with the cult of original spare parts 1 of 5 With attention to detail: the replica wheel covers of a Mercedes. Source: Daimler 2 of 5 A VW…
This is how a car becomes a coveted classic 1 of 5 Source: Mazda 2 of 5 Source: Daimler 3 of 5 Source: Mercedes 4 of 5 Source: Ford 5 of 5 Source: Opel…
New and used cars are becoming more expensive The Audi A6 Avant actually belongs to the middle class of passenger cars. But well equipped, the station…
When will the company fleets go green?? Everything green. But the color alone doesn’t do it Source: Getty Images / Image Source Without significantly…
In India, the auto business has never experienced a crisis 1 of 4 Source: Suzuki 2 of 4 Source: Suzuki 3 of 4 Source: Suzuki_International_Europe_GmbH 4…
Classic cars have become a lot of fun Proud returns: A Talbot Lago T 150C increased its value from $ 3.7 million to $ 4.6 million within five years….
The tough business of expensive parking spaces The struggle for the parking spaces is getting tougher. Parking lot providers and car manufacturers are…
Buying a new car is becoming a thing of the old people The buyers of new cars in Germany are older than ever. Those who bought a new vehicle between the…