Jay Leno Talks Cars As Investments
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 of "Jay Leno's Garage" talked about acquiring these hot rides and whether 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. Buyers are a lot smarter now. They're buying the right cars: the cars that have good providence ... 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 prized 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.
— Jay Leno's Garage (@LenosGarage) September 6, 2014
Jason Cunningham had no position with the mentioned entities while writing this article.
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