Collectible Cars Worth $570 Billion Set to Be Inherited Over Next 15 Years

Bloomberg reports that the Great Wealth Transfer will see around $570 billion in collectible cars passed down through inheritance, gifts, and estate planning over the next 15 years. Hagerty, a specialty insurance provider, estimates that there are 43 million collectible vehicles in the U.S., collectively valued at $1 trillion, with about 12 million expected to change ownership. However, many heirs from Gen X and millennials might find the responsibility daunting due to high maintenance and storage expenses. One unnamed individual spent over $40,000 on a 1965 Studebaker inherited in 2005 before selling it for less. Miguel Cervantes is restoring his wife's grandfather's 1984 Mercedes 300TD wagon. Tax complications could arise if cars are sold for more than their value at the original owner's death. Bryan Hood's article for Robb Report discusses potential family conflicts surrounding these assets.