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Jay Leno's Mclaren F1 is an investment. Plain and simple.
Beyond it being one of the joys of his vast collection of cars, ranging from classic to racing, it's also accruing quite a bit of value.
The host "Jay Leno's Garage" talked about acquiring these hot rides and whether or not high-value automobile valuations are nearing a bubble recently on CNBC's "Closing Bell."
“There was a bubble back in the '90s, and that burst pretty quickly, cause that was mostly speculators. Ah, buyers are a lot smarter now. They're buying the right cars: the cars that have good providence. Ah, those are the ones that go up in value and continue to go up because they're not making anymore of them,” Leno said.
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He compared an auto collector's world to that of an art collector's.
Leno purchased his prize Mclaren F1 in 1996 for a pretty penny, roughly $800,000, and it's now worth $11.5 million as of the last offer he received for it. He turned it down.
“‘Ha, ha' to my dad who said ‘You're wasting all of your money on these cars,'” gleamed Leno with a chuckle.
Recognize the car? But do you recognize the wheels? Find out what makes these so special. http://t.co/2FkJ6Rlm5W pic.twitter.com/iRPny032fh
— Jay Leno's Garage (@LenosGarage) September 6, 2014Jason Cunningham had no position with the mentioned entities while writing this article.
Visit Jason on Twitter at @JasonCunningham and @Benzinga.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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