Classic cars or SUVs painstakingly retrofitted with modern drivetrains and interiors, otherwise known as “restomods,” are selling out despite prices of US$200,000 to US$400,000 and up. And the buyers are not all men.
The world of classic cars is overwhelmingly male-dominated, but it turns out these modernized versions have a broader appeal, tapping into girlhood nostalgia, too. The specialty shops that make these cars, based on everything from the Mercedes 280SL and Chevrolet Chevelle to off-roaders like the Land Rover Defender and the Ford Bronco, are reporting that their lists of female clients are growing, and some are buying more than one.
Jacqueline Comolli, who has homes in California and Maui, has a mid-US$300,000s Icon4X4 Ford Bronco, in orange and light blue, at each location.
“I’m happy with both of them,” she says. “I’ve only ever been drawn to old cars. They speak to me. But I can’t have a car that wouldn’t be safe or reliable. I don’t want to think that it’s about to break down.”

Icon4X4
Comolli reports that she’s using the orange Bronco, fitted with a modern Ford five-liter “Coyote” V8 producing 420 horsepower, in Maui as her daily driver.
“It really connects with people who see it, in the way a regular expensive luxury car would not,” she says. “The older cars that people remember just evoke a feeling.”
Restomods are bespoke commissions, encouraging their owners to get involved in choosing colours and materials. Comolli says she sent in a “ratty old bikini top and a high-heeled shoe” for the colours she wanted.

Icon4X4
Though the colour inspiration might be a bit different, the priorities of male and female clients are “pretty much the same,” says Jonathan Ward, CEO and lead designer at Icon4X4.
“They want enhanced performance, safety, and ease of service, while maintaining the vintage style and vibe.” He added that only 5% of his customers are women now, but “we are seeing more female interest.”
Emme Hall is a California-based auto writer who is very hands-on with her 2001 Mazda Miata off-road racer.
“There are fewer women who are car people today, and traditionally we haven’t had the same opportunities to work on cars,” she says. “When I wrench on my car I have to watch YouTube videos to avoid making mistakes. But when you buy one of these restomods, you get a dream car that is already done for you. The reliability and the workmanship are guaranteed.”

Katy Schuman
Katy Schuman, who drives a car from Illinois-based Gateway Bronco built to her individual style, is an interior designer who has also worked with Gateway on the details of another pair of Bronco builds. She has a second restomod on order, a Defender being built by the Landrovers, a company in Holland. Schuman’s husband drives a blacked-out LS3-powered 1968 Chevrolet Chevelle restomod with an eight-speed push-button automatic that was originally special-ordered by comedian David Spade from Florida-based Velocity.
Schuman says that her Bronco was built from a second-hand 1969 car that she and her husband had on the road for 12 years.
“They completely rebuilt our old Bronco,” she said. “It’s a lot smoother now with a new chassis, stronger brakes and motor.” When the Bronco was just a well-worn used car it broke down frequently, often while Schuman was ferrying the kids to school. “It was usually the battery,” she says.
Wales-based Hemmels completely rebuilds Mercedes SLs to exacting specifications, and CEO Thomas Butterfield says that 10% of his clients are women—more than most of the competition.
“Our women buyers are exceptionally focused on detail, and they thrive on the car being custom and bespoke,” Butterfield says. “There’s a reason one-off handbags from Hermès sell for millions, because they’re statements.”
He added that the company has matched exterior and interior colors from handbags, flecks of house paint, and shades of nail varnish.
Tessa Hartmann , a Scottish branding strategist in the fashion and entertainment space who appeared on ITV’s Real Housewives of Jersey for two seasons, first fell in love with Mercedes sports cars as a child when she saw movie star Grace Kelly in a 190 SL. Hartmann first owned “Grace,” a 1969 Mercedes 280SL “Pagoda” that she’d traded for her Maserati Ghibli. But the car needed a lot of expensive loving care and attention, and a restoration through a local shop stalled—in part because, Hartmann felt, the owners took advantage of a woman client. Hartmann decided to swap Grace for a restored SL.
“It was at that point that I discovered Hemmels,” Hartmann says. “I felt bad for Grace, but I named the new car ‘Doris’ after Doris Day, who also has an effortless charm and a wholesome femininity about her.”
Hartmann notes that her four kids thought she was making an eccentric move, which prompted the thought that “it’s O.K. for a man to idolise engines, exhaust, and torque, but if a woman expresses an interest in cars, especially classic cars, she’s eccentric? Frankly I couldn’t have cared less what people thought. I was in charge. I had earned the right to do what I wanted. I am a workaholic and if this was my vice, so be it.”
Doris has had a makeover, and Hartmann took delivery of the 1970 car last year, paying around £220,000 (about US$280,000 and minus the £70,000 she got for trading in Grace). “Doris has a silver body, red leather interior, a red roof, and a hardtop—she’s quite magnificent, and the craftsmanship from Hemmels is impeccable,” Hartmann says. “Doris only gets to come out on sunny days. I feel an immense pride in being able to have one of these cars—it was an achievement many years in the making.” She’d buy another restomod, and thinks they hold their value well.

E.C.D. photo
The ride owned by Diane Johnson-Marchand and Tania Marchand, is a restored bright-white 1990 Land Rover Defender 110 known as “Island Girl” in right-hand drive, upgraded to 455 horsepower via a GM LT1 V8. The builder, at a cost of around US$300,000, was Florida-based E.C.D. Automotive Design, which also restores Jaguar E-Types and Mustangs and has a little more than 6%female clients.
E.C.D. CEO Scott Wallace says the women he’s worked with bring a unique “perspective and flair” to their custom builds, “resulting in one-of-one vehicles that truly stand out. Their attention to detail and passion for design continually inspire us.”
Johnson-Marchand, a veterinarian in the Daytona Beach area of Florida, learned to drive in a Defender in Hawaii. That one was right-hand drive, so the new one had to be, too. She wanted an alloy-bodied car, located one in South Africa, and imported it to the U.S. before handing it over to E.C.D. for a nine-month build.
“We spent a month just on the design and personalised many aspects of the car,” Johnson-Marchand says. “And there were several on-site visits. E.C.D. kept us posted each step of the way, so we were able to see the car through the assembly process. Vintage looks combined with a modern drivetrain, that combination allows us to have the best of both worlds.”
There is actually a club for women supercar owners, the Arabian Gazelles, based in Dubai. Seeing the growing trend, similar organisations could take root around the world.
As housing drives wealth and policy debate, the real risk is an economy hooked on growth without productivity to sustain it.
Limited to 630 units, Lamborghini’s latest Urus Capsule pushes personalisation further than ever, blending hybrid performance with over 70 bespoke design combinations.
As housing drives wealth and policy debate, the real risk is an economy hooked on growth without productivity to sustain it.
For decades, Australia has leaned into its reputation as the lucky country. But luck, as it turns out, is not an economic strategy.
What once looked like resilience now appears increasingly fragile. Beneath the surface of rising property values and steady headline growth, the Australian economy is showing signs of strain that can no longer be ignored.
Recent data paints a sobering picture. Australia has recorded one of the largest declines in real household disposable income per capita among advanced economies.
Wages have failed to keep pace with inflation, meaning many Australians are working harder for less. On a per capita basis, income growth has stalled and, at times, reversed.
And yet, on paper, things still look relatively solid. GDP is growing. Unemployment remains low. But that growth is increasingly being driven by population expansion rather than productivity.
More people are contributing to output, but not necessarily improving living standards.
That distinction matters.
For years, Australia’s economic success rested on a powerful combination: a once-in-a-generation mining boom, a credit-fuelled housing market, strong migration and a property sector that rarely faltered. Between 1991 and 2020, the country avoided recession entirely, building enormous wealth in the process.
But much of that wealth is tied to property. Around two-thirds of household wealth sits in real estate, inflated by leverage and sustained by demand. It has worked, until now.
The problem is the supply side of the economy has not kept up.
Housing supply is falling behind population growth. Rental vacancies are near record lows.
Construction firms are collapsing at an elevated rate. At the same time, massive infrastructure pipelines are competing with residential projects for labour and materials, pushing costs higher and delaying delivery.
The result is a system under pressure from all angles.
Despite near full employment, productivity growth has stagnated for years. In simple terms, Australians are putting in more hours without generating more output per hour. The economy is running faster, butgoing nowhere.
Meanwhile, government spending continues to expand. Public debt is approaching $1 trillion, with spending now accounting for a record share of GDP.
The gap between spending and revenue has been filled by borrowing for decades, adding further pressure to an already stretched system.
This is where the uncomfortable question emerges.
Has Australia become too reliant on a model driven by rising property values, expanding credit and population growth?
As asset prices rise, households feel wealthier and borrow more. Banks lend more. Governments collect more revenue. Migration fuels demand. The cycle reinforces itself.
But when productivity stalls and debt outpaces real income, the system begins to depend on constant expansion just to stay stable.
It is not a collapse scenario. But it is not particularly stable either.
Nowhere is this more evident than in housing.
The National Housing Accord targets 1.2 million new homes over five years, yet current completion rates are well below that pace. With approvals falling and construction costs rising, the gap between supply and demand is widening, not narrowing.
Housing is also one of the largest contributors to inflation, with costs rising sharply across rents, construction and utilities. Yet the private sector, from small investors to major developers, is struggling to make projects stack up in the current environment.
This brings the policy debate into sharper focus.
Tax settings such as negative gearing and capital gains concessions have undoubtedly boosted demand over the past two decades. But they have also supported supply. Removing them may ease prices briefly, but risks deepening the supply shortage over time.
That is the paradox.
Policies designed to make housing more affordable can, in practice, make the shortage worse if they discourage development. The optics may appeal, but the economics are far less forgiving.
It is also worth remembering that most property investors are not institutional players. The majority own just one investment property. They are, in many cases, ordinary Australians using real estate as their primary wealth-building tool.
Undermining that system without replacing it with a viable alternative risks unintended consequences, from reduced supply to higher rents and increased inflation.
So where does that leave Australia?
At a crossroads.
The country can continue to rely on population growth and rising asset prices to drive economic activity. Or it can shift towards a model built on productivity, innovation and sustainable growth.
The latter is harder. It requires structural reform, long-term thinking and political discipline.
But it is also the only path that leads to genuine, lasting prosperity.
The question is no longer whether Australia has been lucky.
It is whether it can evolve before that luck runs out.
Paul Miron is the Co-Founder & Fund Manager of Msquared Capital.
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