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Tourists ride in a classic American car on the Malecon in Havana, Cuba, Oct. 15, 2014. Those lucky enough to have a pre-
Following the 1959 revolution and the ensuing US embargo, the Fidel Castro regime banned the importation of any new cars or parts without government permission. For decades, other restrictions also included color-
Unable to import new vehicles or replacement parts over the years, skillful mechanics swopped parts and modified others to keep the 1950s model vehicles on the road. Hence, the nation’s streets are almost like a mid-
This is one reason the recent decision by the Cuban government to loosen some trade restrictions on automobiles is being greeted with much enthusiasm by avid car collectors. The announcement will allow new cars to be bought and sold on the island for the first time in over 50 years, opening the gate for classic car collectors from all over the world. As they begin to line up to flock to Cuba in search of rare finds, many believe that the value of these vintage vehicles will skyrocket, bringing much needed cash into the country.
However, the relaxing of the trade rules does not necessarily mean that car owners in Cuba will be able or willing to swop out their ancient rides for the latest model wheels. Still, all the signs indicate that the financial rewards will be great for those now in possession of these old cars and who are willing to give them up for the right price. Classic cars in North America can sell for as much as, and sometimes even more than the cost of a new car.
It is certainly not unheard of for a limited edition collector’s item to run into the hundreds of thousands or even millions. This could bring some well-
This is, assuming that Cubans will be willing to hand over their prized possessions, though it is hard to imagine anyone refusing cold hard cash just to hang on to a 50-