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<\/p>\n\n Over 12 million classic cars worth $570 billion is heading into American inheritances over the next 15 years\n <\/p>\n
https:\/\/www.carscoops.com\/author\/sam-d-smith\/
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by Sam D. Smith<\/a><\/p>\n 7 hours ago<\/p>\n While property and art often come under scrutiny for wealth transfer, it turns out that approximately 12 million classic cars<\/a> with a value of $570 billion will transfer from one generation to the next within the following 15 years. A component of what\u2019s called The Great Wealth Transfer, this amazing cachet of cars from yesteryear will be transferred as part of estate plans, inheritances, gifts, and the like. That sits within an estimated $90 trillion transfer from the Silent Generation and baby boomers to their heirs.<\/p>\n Hagerty estimates that there are over 43 million collectible cars in the United States.<\/a> They define a collectible car as one that is desirable for its legacy, design, and performance. That gives you a broad spread of vehicles that can easily span a century! <\/p>\n Read: One Late Petrolhead\u2019s Incredible Classic Car Collection Goes Up For Auction In Tampa<\/a><\/strong><\/p>\n That means if you\u2019ve got a classic (or modern classic) in your garage that fulfills even two of those three criteria, you\u2019re potentially sitting on an appreciating asset. Hagerty also estimates the US collectible-car market carries roughly $1 trillion in total insurable value.<\/p>\n
Of course, maintenance matters, and this doesn\u2019t come cheap. As reported by Bloomberg<\/a>, an anonymous owner of a 1965 Studebaker disclosed that he\u2019d spent over $40,000 on storage and maintenance. He eventually sold the car earlier this year after years of costs that exceeded its market value.<\/p>\n \u201cThe amount of money it cost to just get it running was ridiculous,\u201d he told the outlet. \u201cI would have rather put the money into cars I liked.\u201d<\/p>\n Classics Are Appreciating Worldwide <\/strong><\/p>\n
It\u2019s not just in the US either. The report highlights the story of Benjamin Charles from Cambridgeshire, England. He is the custodian of a 1962 Jaguar E-Type<\/a> that his father bought for just \u00a3700 in 1972 and that came into Charles\u2019 hands in 2018. That would translate to roughly $11,300 in today\u2019s money. Despite Charles having to spend a packet on an engine rebuild (\u00a34,500 \/ $6,000) he\u2019s still very much up on the deal, with Series 3 E Types going for around $57,000 according to Classic.com<\/a>, and some examples trading for double that. <\/p>\n Further afield, in Manila, Miguel Cervantes had long coveted his wife\u2019s grandfather\u2019s 1984 Mercedes-Benz<\/a> 300TD wagon. He offered to buy the car in 2018, only to be greeted by a curt \u201cNo.\u201d When the grandfather passed away in 2024, however, a family member offered Cervantes the chance he\u2019d been waiting for. <\/p>\n \u201cAt first I couldn\u2019t believe it,\u201d Cervantes said of the moment the car was offered to him, \u201cbut now it is with us, undergoing a full restoration.\u201d<\/p>\n More Money, More Problems <\/strong><\/p>\n Not every story has a happy ending. In addition to being incredibly valuable, cars can carry buckets of sentimental value. This inevitably means that disputes can arise. Some family disputes can be long-drawn-out, bitter, and minefields to navigate. Klaus Gottlieb, an estate-planning attorney in California<\/a>, knows this all too well. He related in one instance, \u201cthe parent had planned but wasn\u2019t specific enough, which left room for interpretation, and there was a lot of value at stake,\u201d he explains. <\/p>\n Different family members might also see the car as a different thing. Grief therapist and author Claire Bidwell Smith says, \u201cFor one sibling, it might feel like a sacred connection to the person who died\u2026For another, it might represent responsibility, burden, or even resentment tied to the relationship.\u201d <\/p>\n Some heirs may also face tax only if they sell an inherited car for more than its value at the time of the previous owner\u2019s death. Bloomberg reports that the US has no federal inheritance tax, and the federal estate tax kicks in only on estates above $15 million per individual. For the overwhelming majority of inherited cars, that means the keys change hands without the IRS taking an interest.<\/p>\n![\"](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/05\/Ringbrothers_Kingpin_centerscene-9-copy-1024x576.jpg\")
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