In the Beverly Hills real estate market, people can walk away from a gorgeous home if the garage and cars inside are not stunning. Though we are evolving towards an electric future with California’s recent ban on the sale of gas-powered vehicles starting in 2035, I’ve noticed, as a Beverly Hills realtor, a recent uptick in the use of classic cars when staging a home.
Classic cars are prized for their scarcity, exclusivity, and timeless beauty. As seen at the recent 2022 Monterey Car Week, they can fetch up to 22 million dollars, like the 1955 Ferrari Sport Spider. The worldwide market has grown by 18% over the last two years to a total of 36.7 billion dollars, and is projected to grow another 18% over the next two years.
Collectors are getting younger, as the average age has fallen from 58 to 54 years old. “Modern classic cars” from the 80’s and 90’s are getting more popular. Car & Classic, a website for auctions, has found its most searched for vehicle to be the Porsche 911. It’s common for buyers to seek out “dream cars” from decades of their youth.
Classic cars are works of art that you can use. They command attention and make driving more of an experience. It’s not uncommon for people to honk their horns at a stop light and give a thumbs up to the owner. People’s personalities are more on display in these vehicles, and in LA, people love to shine their personalities to the world.
A Beverly Hills realtor should know clients well enough to determine whether a 2020’s Lamborghini or a 1960’s Ferrari is a good choice for the garage when showing a home. Classic cars seem to give a property an extra touch of personality that can make a lasting impression.