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HomeThe MarketDo you collect cars for pleasure or profit?

Do you collect cars for pleasure or profit?

Insurer Chubb reports on findings of its recent survey

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Do you collect for pleasure or for profit? According to a recent survey by insurer Chubb, among collectors, 30 percent of those who might be buying a classic or collector car in the next year say they expect to do so as an investment, while 25 percent say it will be for pleasure. 

Of all the categories reported, art and classic/collector cars were the only ones in which profit outpaced passion. The other categories were jewelry and gemstones, wine, watches, spirits, designer accessories and sports memorabilia.

Would you collect a car for pleasure or profit?

The survey also revealed that 79 percent of collectors of objects in the above list have bought or sold using online auctions.

collecting, Do you collect cars for pleasure or profit?, ClassicCars.com Journal
Chubb illustration

Chubb also offered survey results for the items most enthused or collected by those surveyed. Most popular were wine (51 percent), jewelry (50 percent) and watches (47 percent). Last on the list, at 24 percent, were classic and collector cars. 

Chubb said the survey, its first “measuring collectors’ approaches and behaviors toward valuable articles trends and risk,” included 1,212 people 18 or older with a household income of more than $50,000 a year and who have purchased “a valuable article” in the previous year. 

The survey also revealed that among collectors, 40 percent recently began collecting wine, with spirits also growing in popularity. Reasons given by new wine collectors were love of wine (62 percent), influence of a friend or colleague (30 percent) and excess income (30 percent). 

Those collecting wine reported spending 9 percent of their annual income on the hobby, making it the least expensive of collecting pursuits. For comparison, people collecting cars spent 12 percent of their annual income on the hobby. 

Larry Edsall
A former daily newspaper sports editor, Larry Edsall spent a dozen years as an editor at AutoWeek magazine before making the transition to writing for the web and becoming the author of more than 15 automotive books. In addition to being founding editor at ClassicCars.com, Larry has written for The New York Times and The Detroit News and was an adjunct honors professor at the Walter Cronkite School of Journalism and Mass Communication at Arizona State University.

2 COMMENTS

  1. Interesting read and prospective Larry. Surprising that 51% collect wine. I don’t collect wine, I drink it! Wonder what the average hold time is for all these collectables? Thanks for posting.

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