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As season two of Jay Leno's CNBC classic car show "Leno's Garage" premieres tonight, viewers may want to consider investing in a vintage set of wheels of their own. Classic cars are no longer just vanity emblems of wealth; nowadays, they are also coveted luxury assets that investors are eager to add to their portfolio. Over the past ten years, a robust market has sprung up around classic vehicles, making them worthwhile investments for those willing to spend.

However, can investments in classic cars be justified when considering other luxury assets, such as art? Common sense would tell us no, that cars depreciate as soon as they're driven off the lot while art has the potential to appreciate greatly over time. However, a look at the Sharpe Ratios of the two assets tells a different story.

The Sharpe Ratio, quite simply, is a way to determine risk-adjusted return that can be helpful in determining the potential ROI for a particular asset class. It is calculated by subtracting the risk-free rate of return from the average rate of return for an asset class, divided by the standard deviation of the return on the class. The Sharpe Ratio for art comes out to be 0.04, meaning that investment in assets in the art market is rather risky. Comparatively, the Sharpe Ratio for cars is 0.15, less of a risk for the investor.

What's the explanation for this disparity in the Sharpe ratios for the two assets? For one, the classic car market has become very accommodating to potential sellers in recent years. Since 2006, the classic car market has grown 490%, according to Douglas Elliman and Knight Frank's most recent wealth report. Dave Kinney, spokesperson for the classic car insurance agency Hagerty, attributes this spike in popularity to increased interest among older buyers. "A lot of it is Baby Boomers who are buying back their childhood," Kinney explained. "The poster cars, the ones that the buyer may have wanted when he was 15 or 25, become wildly popular 30 to 40 years later."

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While the growth in the classic car market has slowed down in the past few years, there is little worry among classic car dealers that the market will dry out. "490% is not duplicable within the next ten years, but a smart person who buys wisely can do well with a portfolio," Kinney said. The CEO of Hagerty, McKeel Hagerty, agrees. The slowdown "is more of a rationalization of the market than a crash or correction," Hagerty recently told CNBC.

Even with more moderate growth in the past year, the classic car market is still expanding at a faster rate than the art market. The former saw a rise of 17% over the last year, while the latter experienced a rise of 4%. The fact that the classic car market has heated up as of late means that the potential for return on investment is large, given the amount of demand in the market. The art market, comparatively broader, is more variable, given the fluctuating popularity of different artists and styles of art. As Inge Reist, director of the Center for the History of Collecting at the Frick Art Reference Library in New York, recently told Bloomberg, "The art market is cyclical. Some artists go in and out of favor."

Investors who are looking for a pricey but relatively safe venture in alternative assets should set their eyes on the classic cars market. The audience seems only to be growing for vintage vehicles, as perhaps more adults decide to fulfill their childhood dream of owning a 1948 Tucker Torpedo than an Ellsworth Kelly. As these buyers ride off into the sunset with their classic cars, investors will probably ride off in the opposite direction, with a healthy return on their investment.