Top Ten: A list of cars to keep

When a bloke who has crawled under and around thousands of cars and knows just where to look for faults starts talking about which models he would want as 'keepers', it’s a smart move to listen closely.

Theo Cosmetatos is the guy you go to before slapping down the cash for a used car. As co-founder of Red Book Inspect (previously Auto Inspect) Theo knows what makes modern and not so recent cars tick. During his 25 years in the automotive trades he has also developed a keen eye for models he believes will be seen as mega-desirable by the time he is ready to hang up the multi-meter.

"To qualify as a 'car to keep', the vehicle needs to be reasonably scarce and very appealing to a wide range of possible buyers," Theo explained.  "Preferably there should be a lot more people who want one than there are cars in the market. Then values will rise."

Buying for long term ownership means staying patient and being prepared to tie up capital for what might be decades. During that time you also need to garage, maintain, insure and perhaps register your collection and those costs can be considerable.

"Getting bored or nervous after a few years and selling up is a way to lose money and become disenchanted with the whole process," Theo said. "If you want to enjoy driving an interesting car and perhaps make some money you need to be prepared to persevere."

"Looking at recent value movements, 911 Porsches have achieved extraordinary growth and Jaguar E Types are back at levels we haven't seen in over 25 years. And it's not just the exotics that can make big value gains. During the past 10 years you've had Ford Escorts, V8 Toranas, Holden and Ford panel vans and Datsun 1600s among the many to have doubled their money or more."

Picking your mark
If you choose to own a car for longer than a few years, even without the specific intention of making money, it still needs to be treated like any other investment; preserved, protected and not ditched every time the market takes an unexpected downturn.  But there are pitfalls.

Even parked somewhere dry and dark a vehicle still needs to be started and maintained every few weeks. It also needs to be insured and, if driven occasionally, registered. That is all beginning to generate more in annual ownership costs than most models are going to deliver via increased value.

Using the car helps justify some of those costs but that means choosing a model that fits your lifestyle now and also where you might be  20-25 years into the future. With a replacement knee and arthritic wrists will you still be able to slide into and steer that lump of low-slung, nose-heavy muscle car?

"Choosing a car to keep might start as an objective exercise but it rarely ends that way," Theo commented. "We all have cars that are favourites for quite illogical reasons and we just need to assess if they can fit easily into our lives for a long period of time."

Liking it rare
"Supply and demand applies when buying a car in the same way as any investment." Theo said. "If a car is rare and a lot of people want one then values can be expected to rise over time.  However, if a car is rare because nobody wanted to buy them when new they aren't going to be any more desirable now and knowing the difference is important."

Australia is a very small market and hunting down a scarce model here can be a frustrating quest. In the days when a strong currency encouraged an overseas holiday combined with a car-buying trip, picking up a car in the USA or UK was more attractive. Currency and other costs might put that beyond most budgets today. Keeping an eye on Carsales and registering for email alerts when your favoured model comes onto the local market is a good strategy.

Care, maintenance and documents
"Thinking you can 'fix up' an old car for profit is a mistake many people make," warns Theo. "Unless a car is very scarce and you have the skills to competently do a high proportion of the work yourself, what you spend with a professional restorer will take years, perhaps decades, to get back".

Theo's solution is to buy a vehicle that has been authentically restored or kept in close to showroom condition by previous owners. Cars that fit the bill will come with as much history as you can get your hands on.

"Make sure that every scrap of paperwork comes with the car and that you keep the originals somewhere safe. Also scan every item and store them electronically. Years into the future when a car's background becomes important to its value, owners with all those original documents and invoices have a huge advantage."

Documenting your own maintenance schedule is important as well. If you have a car that isn't going to be driven and you care for it yourself, keep a diary and invoices for parts. Many people with stored cars contract a technician who will come to them. Keeping a stock of parts will be useful too.

"Failure of simple mechanical and electronic parts can be life-ending even for quite recent cars because parts can't be found," Theo explained. “Putting together a stock of parts while they are still available could prevent anguish and aggravation decades into the future."

THEO'S TOP TEN CHOICES

Maserati Merak (1972-83)
The Merak is the car that ensured Maserati's survival during the most hazardous period of its history.  During the 1970s and under Citroen ownership the Italian sports car maker stayed away from bankruptcy by offering more efficient and affordable models like the Merak while using design technology from the V8-powered Bora. The justification for putting aside a Merak in preference to more exotic models comes down to practicality and style without the big price tag.

"The Merak shares a lot of components and design elements with the Bora," Theo says. The shape is almost 50 years old and still looks stunning. It will be just as striking in another half century. An exciting car.

Value range: $35,000-$110,000 (exc. SS)  

"This probably isn't the Lamborghini a lot of people would expect to see in a list like this and that's part of the reason I chose it," Theo explains.

"Lamborghini by 1981was battling its way out of bankruptcy and needed to make some money. The Jalpa took the shape and V8 of the earlier Silhouette, enlarged the engine and turned an unloved design into a sales success. "

Around 410 Jalpas were made so they aren't an easy car to find, but are worth the search. No Italian exotic is truly affordable to maintain but with a Jalpa you get a car that is different and will be viable for a long time to come.

Value range: $120,000-$185,000

Not many cars can boast the kudos of a Prancing Horse while being part of the queue of parked Pajeros at day-care drop-off. This one will.

"This is a genuinely practical Ferrari and one that will surprise people with how far it can go in the 'car to keep' market," Theo said. "When new, Mondials were seen as the worst Ferrari of all time and they certainly had problems. Later models addressed the build quality issues and had a more powerful 3.2-litre V8. There was even a convertible with enough space for parents and a couple of kids in the back."

During 13 years in production, over 6000 Mondials were made. They are fairly easy to find, not especially costly to buy and don't mind regular use. Finding garage space for one of these would be a smart move.

Value range: $55,000-$90,000 (3.2 Coupe)

Porsche is best known for its rear-engined 911 but for more than 20 years it tried very hard to produce a world-class, front-engined sports car. Of all the models that fit this description, the 968 and in particular Clubsport versions are sensational cars with a shape that in 50 years will still turn heads.

"Porsche took the best elements of its 944 and 928 to produce a car that was fast and had an extraordinary affinity for the road," Theo explained.  "You could - and still can - use a 968 as everyday transport then go to the track on Saturday and explore limits that are going to be well beyond the skills of most drivers."

Value range: $20,000-$45,000 (exc. Clubsport)

The original Ghibli was one of Maserati's fastest and most exotic models. Over 1000 were made but they are hard to find and impractical to own.

"The Ghibli that revived the name in 1992 and came here in 1995 is a very different style of car from the original but still very enjoyable to drive," enthused Theo about the chunky twin-turbo V6 coupe.

About 1000 reborn Ghiblis were built for sale outside Italy and the ones to get are later versions with the six-speed Getrag gearbox. Prices are low at present so it's a good time to buy. Look for the low kilometre cars and make sure all the servicing has been carried out on time by a specialist.

Value range: $22,000-$55,000

Theo grins wickedly when asked why this Porsche scored a spot in his list of 'must have' cars.

"Well, it just has to be there doesn't it? We saw the first 911 Turbo more than 40 years ago and they just kept getting better with every model change," he explained.

"Look at the 996 and you might not realise it was the first 911 derivative to be water cooled. That was a huge benefit. With the twin-turbo engine it's got over 300kW yet it's practical and is going to stay that way for decades."

Prices for all 911s are climbing quickly but Turbo models have been among the slowest to react. As 930 and 993 pricing soars, the 996 will be the car to buy.

Value range: $85,000-$145,000

If you were a child of the 1980s who became car-aware in the 1990s you almost certainly had a Subaru WRX poster on the wall of your room. Maybe you dreamed of rushing down a rally road in a 'Rex.'  Now fulfilling the dream has become possible.

"Early WRXs are cheap and quality cars are hard to find," Theo commented. "If you want a car to keep, start looking at the ones currently being snapped up by collectors."

That fairly compact list includes limited editions like the two-door STI from the late 1990s or one of just 425 'blue meanie' 22B Imprezas.

"Subaru Technica International (STI) made 400 for Japan and another 25 for export (five official Australian imports) so they are desirable as long-term collector cars."

Value range: $15,000-$35,000 (exc. 22B)

"People who say a good big car will always beat a good little one haven't driven a BMW E30 M3," Theo said. "When the M3 was BMW's front-line competition car it won the German, British and Australian Touring Car titles, the World Touring Car Championship and the Spa 24 Hour. The only major event that escaped it was the Bathurst 1000."

With that depth of competition heritage coupled to sheer technical brilliance the first-generation M3 is an iconic car. A few came to Australia and were RHD converted here, while others have come in via the UK where some excellent examples remain available. Great as a driver's car and exceptional value at present – but prices are climbing quickly.

Value range: $55,000-$120,000

Tucked away among exotic sports and competition cars in Theo’s selections is one that isn't fast or fancy but will make them all look foolish once the road gets rutted and rocky.

There are a couple of reasons why this one makes the list, Theo explained. ”Rover, early in 2016, stopped making them and so another shape that has been part of the motoring world for decades is gone."

Theo's second reason relates to demand in the USA where this series Defender was only able to be sold new between 1993-97. This creates a flurry of interest from collectors whenever one appears in the market. Prices for a 110 Series in exceptional condition can top US$120,000 and Australians who own a particularly good example might start looking towards North America if they need to sell.

Value range: $5500-$35,000 (110 Series)

Audi was renowned for savage All-Wheel Drive rally cars and trendy turbos aimed at Young Urban Professionals, so no one expected it to enjoy huge success with a tiny and pretty basic sports coupe. In 1999 along came the TT, creating more floor traffic in Audi showrooms than grinning staff could really believe.

"The TT is just such a great little car," Theo enthused. "Everyone who loves driving should own at least one in their lifetime and they certainly are a car to tuck away for the future. The 3.2 with semi-auto transmission is a good one to get; lots of performance but still practical for everyday use."

Value range: $12,000-$32,000 (3.2 Coupe)