India's number one classifieds platform and a leader in the pre-owned auto industry, OLX today released data on the rising popularity of vintage cars on its platform.
Vintage car listings on the platform have doubled in 2019 since 2017. Vintage bikes too have emerged to be a popular category with 4000 plus bikes being listed for sale on the platform in 2019. The high interest in both vintage cars and bikes is evinced by the demand each of the categories attracts.
Overall, ad listings of vintage bikes attracted over one million views while vintage cars witnessed over 800k views per month in 2019.
Data on OLX also confirms that demand for both vintage cars and bikes is coming from pretty much the same cities. Chennai, Bengaluru, Delhi, Mumbai, Pune, Thiruvananthapuram, Coimbatore, Kochi house enthusiasts for both bikes and cars.
For vintage bikes, there is a high demand from Hyderabad and Kochi as well. For vintage cars, Ooty and Jaipur are also attractive markets additionally.
Despite the slowdown in the automobile market, vintage cars continue to surge in popularity amidst growing interest from enthusiasts seeking to preserve these gems from the past.
Vintage automobiles are a prized possession not only amongst collectors but are increasingly seen as a lucrative alternative asset class by high net worth individuals due to the fact that unlike new automobiles which depreciate year on year, vintage automobiles like art is an appreciating asset.
Traditionally, collecting vintage cars was a niche hobby but the rise of online marketplaces has breathed a new lease of life for these marvels from the past.
"The vintage automobile market is rapidly growing in popularity owing to the rarity of the market of so few cars and bikes in supply. Vintage car/bike rallies, nostalgia and the resurgence of vintage automobiles as a venerable asset class have led to collectors thronging to OLX in search of their next prized possession," said Sunny Kataria, Vice President Auto, OLX Group.
"Vintage car/bike ownership is still nascent but owing to increased discoverability, a steady stream of unique inventory on OLX and high liquidity, the demand for vintage cars/bikes is expected to double in 2020. Increasingly these automobiles have also been recognised as an indispensable part of India's rich automobile history and cultural legacy stemming from India's past as an erstwhile collection of princely states," said Sunny Kataria, Vice President Auto, OLX Group," added Kataria.
OLX also shared data around the most unique vintage cars and bikes listed on the platform.
Some of the rarest of rare vintage cars and bikes listed on the platform are -
1959 model of Standard Vanguard manufactured by the Standard Motor Company which ceased production in 1963.
A 1940's vintage Dodge Weapon Carrier built and used by the American Military during World War 2. The model ceased production in 1945.
1948 Hillman Minx Drophead Coupe Convertible Vintage / Classic Car.
A 1948 last production unit Austin 8. Only about 56000 such units were ever made.
A 1953 BSA two-stroke unit Bantam which ceased production in 1971.
1938 model BSA C-10 Vintage British motorcycle in stock condition
A 1949 edition of Lambretta 48
OLX also shared data for the oldest and most expensive vintage car and bike listed on the platform. Vintage British Velocette 1932 is the oldest bike while the most expensive is Villers Antique bike 1939, for ₹18 Lakh.
Among vintage cars, the Vintage Russian jeep 1930 is the oldest, and the 1935 Rolls-Royce 20/25 Fiol Sedanca Deville is the most expensive car listed at ₹2 Crore.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.