Old is gold: Investing in a vintage car is more than your money’s worth

Typically defined as a car manufactured in the early 20th century, vintage cars embody the design, craftsmanship, and technological innovations of their era, and are celebrated not only for their aesthetic appeal and mechanical simplicity but also for their ability to capture the cultural and historical zeitgeist of a bygone time.

“A vintage car is much more than just an old vehicle — it’s a rolling piece of history. It’s not a mere car – it’s a piece of art that intersects with automobiles and history,” says Rahul Singh, a Delhi-based vintage car dealer. “They are prized much like treasured artifacts for their unique character and the timeless stories they represent.”

Cities like Delhi NCR don’t even allow you to drive a vintage car unless there is a vintage car rally, for which clearance from the NGT (National Green Tribunal) is mandatory.

Singh, whose network includes royal families from Rajasthan and Gujarat, shares how vintage car buying and selling happens in this closed circuit. Most of these cars are circulated within the erstwhile royal families of India or industrialists, with very few cars available on the open market.

In everyday language, the term ‘vintage’ is sometimes used more loosely to refer to any car that is at least a few decades old and carries a sense of classic style or nostalgia. It is generally seen as a vehicle from the early 20th century that offers a window into the automotive past through its distinctive style, engineering, and cultural impact.

Cars manufactured between 1886 and 1908 are called ‘veteran cars’ while cars built in the period between 1909 and 1919 are called ‘Edwardian cars’. Those manufactured from 1920 to 1949 are ‘vintage cars’, from 1950 to 1965 are ‘classic cars’, and 1966 to 1975 are ‘modern classics’.

“My first vintage car was a 1932 Chevrolet Phaeton, which I bought in 1994 from Ramgarh Shekhawati in Rajasthan,” says Tarun Thakral, founder & managing trustee, Heritage Transportation Trust whose Heritage Transport Museum in Gurugram is home to over 100 vintage and classic cars.

“Vintage cars possess a unique charm and appeal that contemporary cars often lack. With their timeless designs, intricate craftsmanship, and use of premium materials like real wood, chrome, and leather,” he says. “Vintage cars evoke a sense of nostalgia and historical significance.” Thakral notes that these hand-built vehicles offer a distinctive driving experience that requires more skill and engagement, making them especially rewarding for auto lovers. Owning a vintage car also provides access to a passionate community of fellow enthusiasts and the opportunity to participate in car shows, rallies, and other events.

For a car to be truly considered vintage, it’s not just about its age. According to Madan Mohan, a well-known Gurugram-based vintage and classic car collector, “It’s not the year which matters. It’s the rarity of a car. Provenance of the car matters a lot. If the car is previously owned by a Maharaja, that adds value to it. If the car has some racing record, its value increases.”

Recently, Madan Mohan, chairman & managing trustee, 21 Gun Salute Heritage & Cultural Trust announced the 11th edition of the prestigious 21 Gun Salute Concours d’Elegance 2025, where famous industrialists such as Jimmy Tata, Harshpato Singhania, Yohan Poonawala, Vivek Goenka, Arjun Oberoi, Raghavpat Singhania participated. The event showcased vintage beauties from pre-war Bugattis, Aston Martins, and Rolls-Royces to rare Indian Maharaja cars at Ambience Greens in Gurugram. Madan Mohan shares some trivia on how exclusive and bespoke these vehicles can be – “The 1948 Bentley Mark 6 Drophead Coupe, called Baroda 2, was specially made for Maharani Shanta Devi of Baroda. The colour casino velvet red and the golden black upholstery as well as the design is very special because Bentley made this single piece for Maharani of Baroda. This was the most expensive car made in 1948 by Bentley. I acquired it in 2007,” Mohan, who has a collection of over 350 vintage cars, said.

Why Buy a Vintage Car Today?

There are several compelling reasons to invest in a vintage car in today’s modern world. The first, of course, is heritage. Owning a vintage car is akin to preserving a piece of history. It offers a tangible connection to the past, celebrating the evolution of automotive technology and design. The second is aesthetics. Vintage cars carry a timeless design and craftsmanship that modern vehicles often lack. Third, its investment potential. Many vintage cars appreciate in value over time, making them attractive financial assets. Collectors often find that well-maintained classics become increasingly rare and valuable. And finally, it is representative of community and lifestyle. Vintage car ownership opens doors to vibrant communities and events.

For many it’s a unique driving experience. Driving a vintage car can be a refreshing break from the uniformity of modern vehicles. The manual controls, distinctive engine sound, and overall engagement provide a more connected and visceral driving experience. Take the case of Mumbai-based industrialist Yashvardhan Ruia, for example. “Ours is a DKW 19 30 8 F 8 Cabriolet – the predecessor of Audi. We usually drive our cars on Sunday mornings when the traffic is less. It’s easier to drive these cars. This car has a cutout of a motorcycle, and has a two stroke engine. And probably even rarer to have a right hand drive.”

So how much of a white elephant are these cars, given the lack of parts and the trouble of keeping it in running condition? “You can’t equate this with money at all,” says Ruia. “It’s always an ongoing project. The cars never complain. It’s a part of the family. It’s not an investment. As I said, they are part of the family.”

What adds to their appeal is that almost all these cars are headturners. “Even if you’re in a modern Rolls Royce, nobody looks at you,” points out Mohan. “The moment you’re on a road in a vintage car, you see thousands of phones, you know, clicking your picture all the time. It’s a head turner. And it’s difficult to find these kinds of colors, and designs now.”

Where to buy a Vintage Vehicle:

Purchasing a vintage car in India involves exploring a few different options. The first is going to a vintage car dealer. Metropolitan areas like Mumbai, New Delhi, and Bangalore are home to dealerships that specialise in classic and vintage cars. These showrooms typically offer both restored and unrestored models and the former are more expensive. Visiting such a dealer also gives you the benefit of after-sales support and access to restoration services.

Vintage car auctions can be a great way to find rare and unique models. Keep an eye out for events organised by groups such as classic car clubs or auction houses that have experience with vintage vehicles. These auctions not only offer a selection of vehicles but also provide opportunities to connect with sellers and experts in the vintage car community. Then there are online marketplaces such as websites like Asta Guru, Old Wheels, OLX, and dedicated vintage car portals that can list a range of vintage vehicles across India.

Do Your Due Diligence:

Regardless of where you buy, always check the vehicle’s history, authenticity, and condition. This might include verifying registration papers, ownership history, and the work done on the car. Consider hiring an expert to inspect the car, especially if you’re not familiar with vintage vehicle mechanics. Do your research. Prices for vintage cars can vary widely based on rarity, condition, and provenance. Research similar models and consult enthusiasts or experts to gauge a fair market price.

Below is chart that summarizes approximate price ranges for vintage cars based on recent sales data in India: