8 Classic Cars for Retirees To Buy for Hobby and Investment

Many people daydream about waking up as a new retiree, padding down to a garage full of sleek, classic cars that are waiting to be taken out for a spin. Or perhaps sold for a pretty penny, or two, or two thousand.

If you’re one of the people who are fortunate enough to be in a position to build this car aficionado’s heavenly garage, you might need some expertise in where to start. 

GOBankingRates connected with several experts who can offer insights into how you can get the engines of your classic car collection revving.

Ronan Ye is an automotive expert and the founder of 3ERP, which gave him up-close knowledge of the automotive industry. He had some clear suggestions on the best classic cars for retirees — starting with the Porsche 911.

“The Porsche 911 is an iconic sports car that has stood the test of time in terms of design, performance, and investment value. Early models from the 1960s through the 1980s, especially the air-cooled ones, are highly sought after by collectors,” he said. “Not only does it deliver a fantastic driving experience, but these models also appreciate year after year, making it a solid investment for retirees looking to enjoy and profit from a classic car.”

When many people think of a classic car, odds are they might picture a sleek Ford Mustang — and they certainly wouldn’t be alone in embracing what Ye called “a true American classic.”

He shared that models from the mid to late 1960s, especially the 1965 to 1970 range, are favorites among collectors. 

“Whether it’s the fastback, coupe or convertible, Mustangs from this era offer both nostalgia and potential value growth. The Mustang’s enduring appeal and parts availability make it a relatively easier classic to maintain, while still offering strong potential for appreciation,” he said. 

Ye is smitten with what he called “one of the most beautiful cars ever made … a quintessential classic.”

He had high praise for the look and feel of the car and suggested that it would have some real value on the market if you were looking to re-sell. 

“With its sleek design, powerful engine and luxurious feel, it’s perfect for someone looking to collect a classic with significant historical significance,” he said. “While maintenance can be tricky, the value of a well-kept E-Type has remained high, making it a great choice for retirees who are both passionate about cars and interested in a solid investment.”

Kevin Shahnazari, founder of FinlyWealth, is always looking for alternative investments and ways to build wealth. And what better way than a classic car that helps you look and feel cool?

His first recommendation is the “iconic sports car” he said is often considered the first supercar: The Mercedes-Benz 300SL Gullwing. 

“Its distinctive gullwing doors and racing pedigree make it highly desirable,” he said. “While expensive, its value has shown steady appreciation over the years, making it a solid investment for those with significant capital.”

Shahnazari said this rare Japanese sports car has increased in value recently, making it more attractive to collectors. 

“Its limited production numbers and stunning design make it highly collectible. While expensive, it could be a standout piece in any collection,” he added. 

Shahnazari also pointed out this second-generation Corvette as a first choice for gearheads and collectors with good taste. 

“The second-generation Corvette, especially the split-window 1963 model, is highly sought after,” he said. “These cars offer a great blend of style, performance, and investment potential. They’re also relatively easy to maintain, a plus for retiree collectors.”

When you think of a gorgeous classic car, odds are your mind will race to the Ferrari.

Shahnazari is with you. He’s a big fan of the Ferrari 250 GTE. 

“While any vintage Ferrari can be a good investment, the 250 GTE offers a relatively affordable entry point into Ferrari collecting. As a 2+2 GT car, it’s more practical than other classic Ferraris,” he said. 

This blast from the past might be familiar to many retirees, who might have owned one back in their youth. But Shahnazari said that the Volkswagen Beetle might be worth revisiting in your golden years. 

“Early Volkswagen Beetles can be a great choice for retirees looking for a more affordable classic. They’re simple to maintain, have a huge fan base and parts are readily available,” he said. “While they may not be appreciated as much as other classics, they offer a fun, nostalgic ownership experience.”