Sharjah (Al-Ittihad)
Experts and business leaders confirmed that old cars have turned from just a hobby into a profitable investment opportunity, as their prices rise as time advances, and those interested in them increase day after day, stressing that old car enthusiasts should not increase their number due to their high maintenance costs, but In addition to the necessity of knowing the rules for storing, packaging and maintaining it correctly so that it does not lose its value.
This came in the first dialogue sessions organized during the activities of the Sharjah Vintage Cars Festival 2024, which continues until February 4, under the slogan “More than just a car,” in which a group of experts, international racing champions, and business leaders in this sector participated, who shared their experiences. And their advice to the audience.
The first session, “Old Cars… The Magic of Speed and the Allure of Beauty,” hosted Qatari car rally champion Mubarak Al Hajri, who spoke about the Emirate of Sharjah as a destination for car enthusiasts, noting that most of his races within the UAE were in Sharjah. He also highlighted his early passion for motor sports. He started at the age of seventeen, before becoming a professional in 1980, winning many championships, stressing that this sport is expensive and dangerous.
Al-Hajri believed that there is no specific age for retiring from this sport, recalling the victory of Spanish driver Carlos Sainz in the “Dakar Rally” in 2020 when he was 61 years old, stressing that the key to success in this sport is the good choice of the team manager, navigator, and the appropriate car.
Al-Hajri gave the new generation of old car enthusiasts advice on how to select them, care for them and maintain them, know the rules for wrapping them and extracting air from them, and how to operate them after they have been parked for a long time.
As for the second session of the first day, it was entitled “Investing in Old Cars… Where Do the Opportunities Lie?”, during which Mazen Al-Khatib, founder and president of Nostalgia Classic Cars, and Ahmed Al-Hai, founder of Al-Hai Cars Showroom, spoke.
Mazen Al-Khatib, who collected more than 107 cars of the oldest and rarest models, provided a precise definition of them, indicating that they are not considered “old” until 30 years have passed since their manufacture in Europe and 25 years in the United States, advising against increasing the number of old cars owned. Because of its high maintenance costs, it must be operated between the months of October and May of each year, after which its owner must park it in order to preserve it.
While Ahmed Al-Hai discussed how to select old cars by consulting specialists and experts in this field, pointing out that buying them from auctions and directly through amateurs is better than buying them from showrooms, and that their price increases according to their type, the number of cars from which they were made, and the VIPs who owned them. The most important thing is to maintain their originality, as modified old cars lose a large portion of their market value.
The second day of the Sharjah Vintage Cars Festival 2024 will witness two sessions, the first titled “Communication between Cultures… A Bridge on Four Wheels,” and the second titled “Women in the World of Cars.”
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