This Smartphone App Lets You Invest in a Classic Car for as Little as $50
You don’t need to spend a fortune to (partially) own your dream car.
If you wistfully see the prices of classic cars sold in high-profile auctions like Barrett-Jackson and Mecum go sky high and wonder how you can get in on the action, you can wonder no more.
There’s a new iOS app called Rally Rd. which lets users buy a share of a classic car in a meticulously curated collection. It is sort of like the Turo car rental app, but you can actually hold a stake in the car rather than just renting it.
Here’s more on the experience from Bloomberg:
Rally Rd.’s mobile app tempts investors with its sleek images of luxury vehicles. Recently it was a 1995 BMW M3 Lightweight, the only car on the platform open to invest in now, though five other vehicles have already been fully funded. The app provides users with specs – including mileage, rarity, manufacturing location and restoration details, where applicable – and then offers a simple yes-no proposition: to invest or not.
Among your choices: a zoomy ’83 Ferrari 512 BBi or ’93 Jaguar XJ220. Or Jerry Seinfeld‘s old ’89 Porsche 911. Your own cut of Jerry’s ride runs $89, but most cars start at $50.
The cars are owned by Rally’s subsidiary company, RSE Collection, LLC., so when you invest in a car, you become a shareholder in a specific sub-company that owns a specific asset.
The cars are cool, but the idea here is that they are investment vehicles (ha, vehicles!), so the plan is for them to appreciate in value.
In the future, when you watch some gorgeous exotic with impressive provenance sell for an eye-popping price on a TV auction, you could be one of the proud sellers pocketing a portion of the proceeds from the sale.
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