A significant part of this new issue of Autotouring is devoted to classic cars – a well-preserved part of our industrial and cultural heritage, particularly in Europe. This market, currently valued at several tens of billions of euros, is estimated to continue experiencing strong growth of nearly 5% per year over the next decade.
This growth will affect every economic segment linked to the world of historic vehicles, namely the cars themselves, restoration, auctions, tourism, platforms for transactions and the exchange of spare parts and collectible items derived from “oldtimers”.
In Europe, the passion for classic cars is a notably cultural phenomenon, reflecting a renewed taste for quality engineering at a time when modern automobiles have become a commodity devoid of originality, individuality or particular interest beyond getting from point A to point B. Classic cars draw on a rich history in which passion and innovation fuelled one another to give birth to masterpieces.
While the most prestigious classic cars, which change hands for several hundred thousands or even millions of euros, attract media attention, it is nonetheless models that are exceptional yet more modest that account for the vast majority of the market. Many owners of these older models actually drive their cars, contrary to popular belief.
Classic automobiles can also, for some, serve as a means of investment or capital preservation. For most owners of historic vehicles, however, you cannot put a price on passion.
Dr Yves Wagner,
President of the Automobile Club du Luxembourg
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