Coronavirus influenced the prices of classic cars

Coronavirus influenced the prices of classic cars

July 2, 2020 0 By autotimesnews

Knight Frank, an international consulting company, called the market features of the most expensive cars in this situation.

According to experts, in the context of restrictions due to the coronavirus pandemic, the financial well-being of the richest people in the world was also under attack, which was reflected in the luxury goods market.

Prices for classic cars from the beginning of this year to June inclusively increased by 3.3%. According to the company Knight Frank, classic cars fell in price by 7% at the end of 2019, while over the past decade their cost has increased by 194%.

According to some experts, despite the outbreak of infection, the classic car market was stable, and in the first four months of 2020 even showed an increase of 3.29%. Most often, cars of the Italian brand Ferrari were sold.

However, the restrictions associated with preventing the spread of coronavirus affected the work of auctions, which had to be canceled. But thanks to online sites, immediately after the recession, there has been an increase in deals.