Joel from Fairfax, Virginia, called into “The Ramsey Show” wondering if trading his paid-off 2023 Ford Bronco Sport for a classic muscle car could boost his net worth. At 56, earning $95,000 annually, with a net worth of $194,000, he seeks advice on investing in classic cars.

Co-hosts George Kamel and Ken Coleman advise against investing in classic muscle cars, citing liabilities over investments. While some classics fetch millions, it’s the rare ones with famous histories. Instead, they recommend focusing on saving for a home rather than a nostalgic car.

Despite Joel’s dream of driving a 1971 or 1972 Buick GS convertible, co-hosts advise redirecting retirement contributions towards a home purchase. With housing prices rising, they stress the importance of investing in property now, especially as Joel nears retirement age.

While classic cars can be financially viable if restored and flipped, co-hosts emphasize they are more passion projects than profitable investments. Coleman, restoring a 1972 Volkswagen Karmann Ghia convertible, admits the expenses can add up, making it a premium service rather than a lucrative venture.

In the realm of classic cars, flipping them like real estate can yield profits, but it requires significant time, skill, and resources. Co-hosts warn against viewing classic cars as a primary investment, advocating for traditional avenues like the stock market for retirement planning.

Read more at Yahoo Finance: A Dave Ramsey Caller Asked If Buying A Classic Muscle Car Beats Buying A Home. Here’s The Rare Case Where That Decision Might Pay Off