In December, the Hong Kong Automobile Association (HKAA) marked 100 years of motoring in the territory. That century has seen countless advancements in automotive technology, to the point that cars can now drive themselves. For some, however, the saying “they don’t make ‘em like they used to” still holds true. “Cars came to Hong Kong long before China or Japan. There’s a lot of motoring culture that’s trickled down through the generations,” said Carl Yuen, vice-chairman of The Classic Car Club of Hong Kong. Established in 1979 as an offshoot of the HKAA, the club has been independent since 1989. Why are nearly all Rolls-Royces bespoke? Yuen estimates that the club’s 700 or so members own about 2,000 classic automobiles between them, accounting for a fraction of Hong Kong’s 750,000-plus licensed vehicles. To be considered a classic car in Hong Kong, a vehicle must be at least 20 years old. The most coveted examples are those that have retained their original condition through the years. Even if there is an appreciation in value, it would not outweigh the cost I have to spend in upkeep. For enthusiasts, if we can buy a car, have fun with it for a couple of years, and get back everything we spent, we’re already ahead Kenneth Wong, founder of classic car brokerage Classic Insider Like any asset, the market for classic cars has its cycles. “Globally, 2018 was not a year to write home about,” said Dietrich Hatlapa, founder and CEO of the Historic Auto Group International (HAGI). The company’s HAGI Top Index tracks the overall value of transactions for “exceptional historic automobiles” across the world market. For 2018, the index is tracking down by about 1 per cent. This is in sharp contrast to recent years, which saw double-digit growth. Excess liquidity in the global markets following the 2008 financial crisis fuelled a prolonged boom in the classic car market, which has now plateaued, said Hatlapa. “The strongest was in 2013, when the Top Index had growth of over 45 per cent.” 11 futuristic cars and vehicles to watch out for at CES 2019 “Once a car is brought in and the tax has been paid, then it may be as much as 80 per cent more expensive than an equivalent car in the free part of the global market.” For ultrawealthy Hong Kong investors – the kind who may keep tens or hundreds of classic autos in a climate-controlled facility – this can be motivation enough to keep their collections offshore. Values in Hong Kong have followed global trends, observed Kenneth Wong, founder of classic car brokerage Classic Insider. As values ebb and flow, so too does the popularity of different makes and models. “The big Japanese brands always reserved the best variants for their home market,” said Wong. “We’re seeing a lot of people bring these Japanese domestic market cars (JDMs) into Hong Kong as investments and collectibles.” 5 luxury cars to avoid – you have been warned “We see a lot of transactions in Porsche 964s and 993s, which people view as great investments,” said Conrad Bankowski, director of online marketplace HK Car Trader. “Older Ferraris, like the 355s, are getting popular as they’re still available for less than HK$1 million. Manual transmissions are also very rare in Hong Kong, and can sometimes sell for up to 30 per cent more than an equivalent car with an automatic.” Wong, who identifies himself as an enthusiast, says classic-car ownership goes beyond being a simple financial proposition. “Even if there is an appreciation in value, it would not outweigh the cost I have to spend in upkeep,” he said. “For enthusiasts, if we can buy a car, have fun with it for a couple of years, and get back everything we spent, we’re already ahead.” Want more stories like this? Sign up here . Follow STYLE on Facebook , Instagram and Twitter