Pawn your Luxury and Classic Cars
Having a garage full of prestige vehicles is a dream come true, but what if you need to raise liquid funds quickly, and don’t want to sell? You could be wondering “Will I get a good deal if I pawn my luxury and classic car?”. The answer is yes, if you work in partnership with Pawnbrokers of Rodeo Drive who specialise in loans on luxury and classic cars.
Owning luxury and classic cars can be deeply personal. It could be this automobile or collection is the symbol of long-held ambitions and many years of hard work. It will certainly be a thing of beauty, so it’s highly likely you will be reluctant to sell.
Loans on luxury and classic cars are also a wise step for anyone who sees the automobile or prestige car collection as a long term investment. Why sell now, when it’s possible to raise a loan on its value?
What is my prestige car worth?
The hinge point is dealing with experts who understand the true worth of this category of vehicles, and how sought after certain manufacturing brands and car types are. These are the cars that have immeasurable status attached to them, as well as engineering excellence.
Every year, hundreds of billions of dollars change hands due to the sale of classic and prestige cars such as Bentleys and Aston Martins. It is a sector that dominates the luxury market. Top branded luxury and classic cars fetch huge prices at auction.
Currently, the most expensive car to ever change hands publicly was a Ferrari 250 GTO. It sold at a Sotheby’s auction in August 2018 for a record $48.4 million.
Early 2019, a 1963 Ferrari 250 GT SWB Berlinetta reached an auction price of $7,595,000 in Gooding Scottsdale.
Ferraris are not the only big names that car collectors bid for though. As well as the ones already mentioned, Porsche, Jaguar or Mercedes are in demand. A 1935 Duesenberg SSJ changed hands at Gooding & Company’s Pebble Beach for $22m dollars in 2018.
At one auction in Scottsdale, buyers spent $2.1 million for the first ever 2020 Toyota Supra to come off the production line and $1.1 million for the inaugural 2020 Shelby Mustang GT500.
Sometimes the value of luxury and classic cars increases due to the antecedence of its ownership. For example, there was a lot of interest when a 1978 Pontiac Firebird Formula owned by actor James Garner – and used in episodes of The Rockford Files – came up for auction early 2019.
The demand is clearly there for big-ticket luxury and classic cars. However, before the need for ready capital “drives” you to the auction house or a private sale, you may want to consider a more attractive option.
Pawn my Luxury and Classic Car
The next question you may have, is “What is involved if I pawn my luxury and classic car?” If this is the first time you have used this method to raise quick loan sums on the value of a high-end item, then rest easy. It’s a simple, discrete process when you put yourself in the hands of the experts at our Rodeo Drive pawnbrokers offices.
The first thing to happen would be a private appointment to put a realistic and professional valuation on your vehicle. Using our market insight, we can then offer acceptable loans on luxury and classic cars. The interest rate will also be feasible, enabling you to reacquire full ownership of your car in a timescale that best suits you.
Call us for a private and confidential discussion about the potential to raise a loan on your luxury item or items, including prestige vehicles.