Motoring
With the stock market in turmoil and property market sliding, many British investors are finding the best place to put their money is behind the wheel.
According to new research from high net worth insurer Zurich Private Clients (ZPC), a number of British investors are ditching property and the markets for Porsches and Aston Martins, seeing them as a better place to put their money than more traditional investments during the current economic turmoil.
One in five Britons (19 per cent) surveyed who invest in cars claim they are more likely to continue to put their money in motors in this economic climate. One in three (35 per cent) think that they will perform better than stocks and shares and one in four that they will offer a better return than buy to let schemes (27 per cent), UK property (26 per cent) or foreign property (24 per cent).
The average motor investor portfolio identified by the research was worth approximately £98,000, with one in 20 (five per cent) valued at more than £400,000. Although the average collector has only two cars for investment purposes, one in six (15 per cent) has a fleet of four or more. The wealthiest investors surveyed (with assets of more than £500,000), have car collections valued at an average of £240,000 with more than one in 10 (12 per cent) the proud owner of a fleet worth more than £1 million, with the centerpiece of their collections worth an average of £28,654.13. So all I want for Christmas is a millionaire to buy me my dream sports car.