Economic factor: Oldtimers are becoming a billion dollar business

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Oldtimers are becoming a billionaire business

Economic factor: Oldtimers are becoming a billion dollar business-oldtimers

Oldtimers are becoming an economic factor for the German automotive industry. The owners of around 6.5 million classic cars spend 14.1 billion euros annually on their jewelry

Source: picture alliance / dpa

For many, a classic car is more than just an old car: enthusiasts invest a lot of time and money in their vehicle. It’s a billion dollar business for the automotive industry. But the classic car scene is divided into two parts.

M.ore than six million cars on Germany’s roads are more than 15 years old – and the trend is rising. For the automotive industry, the ever increasing numbers of oldtimers and youngtimers mean business worth billions.

The owners of the around 6.5 million so-called classic cars spend 14.1 billion euros annually, according to a current study by the car associations VDA and VDIK as well as the motor vehicle industry. This does not yet include purchase and fuel, only costs for maintenance, repairs, insurance and accessories.

Around every seventh car registered in Germany is 15 years or older. According to the information, the number of classic cars has grown continuously by an average of eight percent over the past five years.

61 percent of the cars are used every day

However, the scene is clearly divided into two parts. Because 61 percent of the vehicles recorded are still used daily by their owners, driven more than 11,000 kilometers a year and are worth an average of just 2,000 euros.

The owners of these cars spend relatively little money on their cars and are primarily of interest to the industry as future buyers. “In a few years, the driver of an old used car will buy a young used one – and one day a new car,” said the President of the Central Association of the German Motor Vehicle Industry (ZDK), Robert Rademacher.

The economically interesting clientele with their more than 30-year-old classic cars or well-maintained classic cars that are only used in leisure time digs deeper into their pockets, market studies and surveys of 1,700 owners of such cars have shown.

Average value of an oldie: 19,600 euros

The fans cost an average of 5300 euros a year for a classic car, while the leisure time classic car costs 2900 euros. The average value of a classic car is a good 19,600 euros, while recreational youngtimers come to around 11,400 euros.

Historic top vehicles, however, are only for the big budget, as the Essen Motor Show showed. There was a Mercedes convertible from the 1930s for almost two million euros and a Horch convertible in roughly the same price range.

The motor vehicle trade has reacted to the growing market for oldtimers and youngtimers with the additional certificate “specialist company for historic vehicles”.

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