Experts and industry leaders highlighted the thriving of classic cars as a profitable business after the transition of classic vehicles from a mere hobby into a lucrative investment opportunity.

They advised enthusiasts and collectors not to increase the number of their classic cars because they require meticulous maintenance and proper storage and packaging conditions to preserve their value. Regular servicing, authentic parts, and professional care are essential to keep older vehicles in top condition and preserve their value.

Classic cars can appreciate significantly over time, especially rare and well-maintained models. Their limited supply, historical significance, and desirability among collectors contribute to their increasing value. Hence, enthusiasts must know their proper storage, packaging and maintenance protocols so their classic cars do not lose their value.

These insights were highlighted during the inaugural panel discussion organised as part of the Sharjah Classic Cars Festival 2024, ongoing until February 4 under the theme "More Than Just Cars" The panel discussion featured participation from experts, international racing champions, and business leaders in the sector, who shared their experiences and advice with the attendees.

On day 1, the event organised the first session, titled ‘Classic Cars... The Magic of Speed and the Glamour of Beauty!’, featured the Qatari rally car driver and champion Mubarak Al Hajri, and was moderated by Ahmed Sultan. Al Hajri spoke about the Emirate of Sharjah as a hub for car enthusiasts, with the majority of his races within the UAE taking place in Sharjah, and delved into his early motorsport passion, which started at age of 17 before it turned into a professional career in 1980, clinching several titles and championships. Al Hajri emphasised the sport's high costs and inherent dangers, highlighting the need for initial funding.

Al Hajri believes that there is no specific age for retirement in motorsport, citing the example of Spanish driver Carlos Sainz, who won the Dakar Rally in 2020 at the age of 61. He underscored that key to success in this sport hinges on choosing the right team manager, navigator, and the appropriate vehicle.

Furthermore, Al Hajri provided valuable advice to the new generation of classic car enthusiasts on selecting, caring for, and maintaining their vehicles. He also emphasised the importance of understanding packaging rules, air withdrawal procedures, and proper operation after prolonged periods of parking.

The second session, titled “Investing in Classic Cars… Where the Opportunities Lie?”, hosted Mazen Al Khatib, President and Founder of Nostalgia Classic Cars Company, and Ahmad Al Hai, Founder of Al Hai Motors. The session was moderated by media personality Ahmed bin Majid.

Mazen Al Khatib, who has amassed a collection of more than 107 of the oldest and rarest car models, provided precise criteria for defining classic cars. He highlighted that they are not considered "classic" until the passing of 30 years after their manufacture in Europe and 25 years in the United States.

Al Khatib advised against increasing the number of classic cars owned due to their high maintenance costs. He suggested operating them between October and May of each year, with owners parking them to preserve their condition.

In discussing the factors influencing the high price of classic cars, Ahmad Al Hai underscored the importance of consulting specialists and experts in the field. He suggested that purchasing classic cars from auctions or directly through amateurs is preferable to buying from exhibitions. Al Hai explained that the price of classic cars increases based on their type, the production quantity, ownership by VIPs, and most importantly, the preservation of their originality. He noted that modified old cars tend to lose a significant part of their market value.

Day 2 of the Sharjah Classic Cars Festival 2024 will feature two engaging panel discussions: the first, titled “Communication between Cultures… A Bridge on Four Wheels” and the second, titled “Women in the Automotive World.”