The economic embargo has prevented new cars from reaching Cuba, making the country a paradise for vintage cars. However, the value of these old cars has been diminished as they have become daily transportation and require creative methods to keep them running.
When people think of Cuba, vintage cars often come to mind. Since the 1959 ban on car imports, Cuba has been cut off from the global auto industry. As a result, the streets of Cuba are filled with vintage cars from the 50s and 60s, ranging from American classics like Ford and Chevy to Soviet Union cars like Lada and German cars like Volkswagen.
With the recent call to lift the embargo on imports from Cuba, American collectors now have the chance to acquire vintage cars from the country. However, many collectors question whether these cars are worth buying. Vintage car appraiser Steve Linden explains that the problem lies with the fact that these cars are used as daily transportation and are not cherished in the same way as other vintage cars.
One of the key factors in determining the value of a vintage car is its original condition. Cuban residents are unable to import cars or spare parts, forcing them to be resourceful in order to repair and replace parts. This means that a car may appear to be original, but could have an engine from a different country. The sacrifice of originality in order to keep the cars running has affected their value.
A young man wearing red shoes and a red shirt with a modified car…Ferrari logo looks shiny.
Some collectors have considered buying cars in Cuba and restoring them with original parts. However, the cost of such restoration can range from $40,000 to $80,000. In comparison, vintage cars in good condition can be purchased in the US for around $15,000 to $70,000. Jonathan Klinger, spokesperson for classic car insurance company Hagerty, agrees that the value of vintage cars in Cuba may have been overstated.
While there are rumors of high-performance sports cars being left behind in Cuba, such as the Mercedes 300SL Gullwing, there is no evidence to support these claims. As automotive valuation service company owner Donald Osborne points out, common Chevy cars from the 1950s that are still on the road do not hold much value.
However, the value of a vintage car goes beyond its price and rarity. It is also about the story it tells. In an auction, a vintage car from Cuba will likely fetch a higher price compared to a similar car in the US.
According to Time.com
Billionaire’s Online Purchase of Vintage Porsche Ends in Bitter Disappointment
Blinded by the seller’s reputation, billionaire insurance magnate Andreas Pohl received the most bitter experience of his car collecting life when he neglected to carefully read the contract.
Untold Tales of Vintage Cars in Cuba: Repairing Classic Cars is a True Test
In Cuba, it is truly astounding that those who become members of the vintage car club are obligated to follow a rather unusual regulation. According to this rule, if any repairs or replacements for spare parts are needed, individuals must first acquire a permit and can only proceed with the task if it has been approved.
