Dubai: A brand-new car showroom in Dubai has no place for the new — in fact, it will only take on a model for display if it’s of a certain vintage. Aptly named the Nostalgia Classic Cars Showroom,located in Al Quoz, the facility intends to try and make the process of selling and buying vintage models more accessible.
And there is serious money available for models built in a certain year or had a limited production run. Since 2012, auctions have been fetching record sums for the most coveted classics out there, so much so there are even specialist funds that have been set up to pursue this on behalf of the extremely wealthy.
Nostalgia will “cater to those who want to get into such investments as a hobby,” said Mazin Al Khatib, the founder. “In fact, more than 80 per cent of our available stock will be for such buyers, with price tags of $60,000-$80,000. In effect they are buying into an asset that should appreciate in value in one or two years.”
But there will also be space for the more rarefied versions, such as an early 1960 Jaguar E Type (which was in production from 1961 to 1974.) The Nostalgia version is from Series 3. Also having pride of place at the showroom are mid-1960s Mustangs as...Read more...