JOIN USPrized possession: Vintage cars still in demand
M S Dhoni bought himself a Land Rover III through an online auction of vintage cars earlier this year. Big Boy Toyz (BBT), a pre-owned luxury car retail brand, auctioned the vehicle that originally belonged to Abhimanyu Sharma of the Heritage Motoring Club of India.
Despite a worldwide slowdown in the new automobile market, India is seeing significant growth in vintage car ownership due to steady demand from young professionals and entrepreneurs. And when sports idols like Dhoni splurge on vintage beauties, it's a significant fillip to the heritage automobile industry.
Classic cars are a multibillion-dollar industry globally, especially in the US and the UK, which are very mature markets.
In India, companies like BBT and Historic Auctions are among the first to hold vintage car auctions in an organised way.
"Owning a vintage or a classic car is a unique experience like owning a painting or a piece of art," said Jatin Ahuja, Founder, CEO, and MD of BBT. "Gradually, this business will expand in the country, and we will do our best to bring the best vintage and classic cars to all car enthusiasts."
"We want to be a platform where people can always find the heritage cars they desire. This year, the BBT auction held in February started at Re 1 for a Beetle and went up to Rs 25 lakh. It saw the participation of a whole new set of clients who didn't know where to buy vintage cars from; most were first-time buyers."
Diljeet Titus of Titus and Co, collector and advisor to vintage car auctioneers Historic Auctions, said the recent increase in interest in such cars is due to new Ministry of Road Transport and Highways regulations and a growing realisation that they are a viable investment asset.
According to the new regulations, cars and two-wheelers older than 50 years will have to get a new registration certificate valid for ten years. Owners, however, can retain the original documentation of their earlier registration numbers. Sale or purchase of these cars will be allowed, as long the state transport authorities are informed about it by the buyer and seller within 90 days. The notification also states that these vehicles will be allowed to run on roads only for display, technical research, or a vintage car rally, refueling and maintenance, exhibitions, and vintage rallies.
Unlike new automobiles, which depreciate every year, vintage cars, like art, are an appreciating asset. These cars are not just about speed and efficiency but about style, experience, and craftsmanship, which makes these old beauties even more exclusive.
Online vintage car auctions, common abroad, have only recently gained popularity in India due to the pandemic. A few online auctions for vintage cars did happen in the past, hosted by Saffron Art and Astaguru, but without much success.
However, now India is seeing the emergence of a specialised collector car and 'automobilia' auctioneering. Historic Auctions held an auction in January this year where it sold 11 of the 15 vehicles listed for sale and has already announced four online vintage car auctions for 2022. BBT, too, has planned online auctions of vintage and classic cars during 2022.
(The author is a lifestyle, celebrity, and travel feature writer who has worked in a senior capacity with leading publishing houses.)