Have you heard of the "Great Wealth Transfer"? A recent Bloomberg article by car columnist Hannah Elliot estimated that around $570 billion worth of classic and enthusiast vehicles will change hands in the US over the next 15 years. That's a lot of cars...
But unlike cash, property or shares, classic cars come with their own set of challenges. They need storage, maintenance, insurance – and ideally, they need to be driven. And not just that. For many families, inheriting a classic car isn't just a financial decision, it's an emotional one too...
More than an asset
The Bloomberg article highlights something we talk about here at DRIVESHARE, and something many enthusiasts already know: cars often carry memories that go far beyond their market value.
A car might remind someone of a parent, grandparent or sibling. Or it might have been part of family holidays, road trips, weddings or weekend projects in the garage. We hear stories like that all the time from our owners, and often feature them here on our blog.
Keep it, sell it or share it?
Deciding what happens next can be difficult, and that's where practical questions start to come up. For many people, the options are fairly straightforward. Some choose to keep the vehicle and continue the story themselves. Others decide to sell, particularly if they don't have the time, space, money or interest needed to maintain a classic car properly. Increasingly, there's a third option: sharing it.
Rather than letting a car sit unused in a garage, some owners are choosing to make it available for weddings, events, photoshoots, film work or self-drive experiences. And that's where DRIVESHARE comes in.
Helping cars stay on the road
Classic cars were built to be driven. For owners who want to keep a family vehicle while helping offset some of the costs that come with ownership, sharing can provide a practical middle ground. Income from rentals can help cover storage, maintenance, insurance and restoration work, while allowing the vehicle to continue creating memories for other people.
In many cases, owners only make their car available occasionally, choosing the bookings that suit them.
A new chapter
Every classic car has a story. As more vehicles begin changing hands over the coming years, many families will be deciding what that next chapter looks like. Whether that's keeping a car, selling it or sharing it, the important thing is having a plan. Because while cars may change owners, the best stories don't have to end.
If you're currently deciding what to do with an inherited classic car, consider all of the options before letting it go. For some owners, DRIVESHARE provides a way to keep a much-loved vehicle and generate income from it, rather than saying goodbye to it entirely.
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