Driving Returns: Classic Cars Shift Into Gear As Investment Portfolio Powerhouses

Jay Leno rose to stardom as the host of NBC's "The Tonight Show," but these days, he's better known for his massive car collection.

Leno stores his collection of more than 181 cars and 160 motorcycles at the Burbank Airport in California. Highlights of the collection, valued at more than $52 million, include a Shelby Cobra 427, a 1930 Bentley 27-Litre, a 1966 Chevrolet Corvair Yenko Stinger, a 1996 Dodge Viper GTS and a 1954 Jaguar XK120 M.

For people who are passionate about automobiles like Leno, one way to diversify an investment portfolio is to collect classic cars.

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Unlike new vehicles, which depreciate rapidly once leaving the dealer lot, classic cars tend to appreciate over time because of their rarity, exceptional performance or unique attributes that make them appealing for investors seeking to add a touch of vintage flair to their portfolios.

Leno isn't the lone celebrity collecting cars. Wrestling superstar-turned-actor John Cena, fashion guru Ralph Lauren and comedian Kevin Hart all boast impressive collections.

Car enthusiasts can spend a weekend filled with snazzy automobiles and luxury during ModaMiami. The event, held Feb. 29-March 3 at the historic Biltmore Hotel, includes a two-day auction featuring many desirable motor cars, with a focus on the Youngtimer genre — modern classic cars built after 1980.

Among the highlights of the show is a rare 1967 Ferrari 365 California Spyder by Pininfarina, the ninth of just 14 built. The vehicle is in its original condition and has certification from Ferrari Classiche that it still has its matching-number chassis, engine, transmission, rear axle and body. The Spyder is expected to bring $4 million and $4.5 million.

A 1929 Duesenberg Model J originally owned by chewing gum executive Phillip Wrigley also will be up for auction. Wrigley traveled to the Duesenberg factory in Indiana to see his car being built.

For those interested in race cars, there's a 1966 Porsche 906 Carrera S with competition history. Driven by first owner Josep "Sepp" Greger, the car won in the two-liter class at the European Hillclimb Championship in 1966 and the European Mountain Championship in 1968. The car participated in about 80 races, achieving more class wins than any other 906.

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