HAGI classic car index rises 10.33% in first half of 2012

Sales of classic cars have soared in the first six months of the year, according to the HAGI index

The classic car market sparked back into life in June following a month of stagnation to complete a strong first half of the year, according to figures from the HAGI Top 50 Index.

The Historic Auto Group's price index of leading classic cars grew by 4.49% during the month, boosted by the strong performance of non-Ferrari and non-Porsche marques.

A 1912 Rolls-Royce Silver Ghost set a £4.7m marque world record last month

The index is up 10.33% since the start of the year, comfortably outperforming the 4.54% gain of the S&P Global 1200 Index, which provides a global assessment of the stock market.

Indeed, the annualised growth rate for the HAGI Top 50 puts it on track to comfortably surpass the 30-year average of the index, clear evidence that this is a market on the up.

The figures could well prompt a further flurry of activity in the sector, as eager investors look to capitalise on the surging market before prices go even higher.

On the individual front, values for classic Porsches are up 10.63% since the beginning of the year, while Ferraris have also performed well, displaying a 9.49% gain.

Classic car sales when Porsches and Ferraris are removed from the equation are even more impressive, up a whopping 8.79% in June to boost half year figures to 10.95%.

The news follows Bonhams' recent Goodwood Festival of Speed auction, which saw a £5m 1929 Birkin Bentley become the most valuable British-built car ever sold at auction, and a "Corgi" 1912 Rolls-Royce Silver Ghost set a new world record for the manufacturer of £4.7m.

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