Classic car values rise by 4.23% in March

The value of classic cars is up 6.66% in the first three months of the year, according to HAGI

Classic car values rose by 4.23% in March compared with the previous month, according to the HAGI Top 50 Index, the Historic Auto Group's price index of leading classic cars.

The strong figure helped propel the index to a 6.66% increase for the first quarter of the year, figures that will provide investment-minded car collectors with considerable optimism.

There was even better news for collectors of non-Ferrari or Porsche cars; the value of vehicles when these two marques were removed from the equation was up 6.27% compared with February - an increase of 6.99% in the first quarter.

The encouraging figures give further credence to the belief of the index's founder, Dietrich Hatlapa, that vintage vehicles have a place in investment portfolios.

A devilishly good start to the year for the HAGI Top 50 Index - up 6.66%

"If you have property, art and private equity, a collector's car is an excellent complement to your portfolio, something you can enjoy and touch," Hatlapa told the UK's Daily Telegraph newspaper.

"One thing is certain: there's a finite supply of classic cars. They aren't making them any more."

Classic car prices rose 13.89% during 2011, while values when Ferrari and Porsche sales were removed were up 21.65%.

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Images: HAGI