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Classic car prices soared in 2013

Bochum, Germany - The prices of top classic cars reached a worldwide high in 2013, with a record $122 million (R1.34 billion) being paid for the 10 most cherished vehicles.

German price watchdog Classic Tax in Bochum reported that in the previous year the world's top 10 classic cars had been worth a total of a little less than $86 million (R942 million). Experts say exclusive models are proving to be excellent investments at a time when cash earns poor interest at the bank.

This is officially the most expensive used car yet, the 1954 Mercedes-Benz W196 driven by five-times world champion Juan Manuel in the 1954 Grand Prix season.

ALL TIME RECORD

Last year's frenetic market produced a number of individual records, including the world's all-time most expensive car - Juan Manuel Fangio’s 1954 Mercedes-Benz W196 racing machine, that changed hands at an auction held by Bonhams in Britain for £17.5 million (R325 million).

Runner-up was a road-going 1967 Ferrari 275 GTB/4 Spyder, which sold for $27.5 million (R301 million). Six of the 10 cars that fetched the highest prices in 2013 were Ferraris; among the modern classics, however, was 1997 McLaren Formula One Car which fetched about $8.5 million (R93 million) - Sapa-dpa

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