There are several reasons why autophiles are crazy about classic cars. Some grab the chance to turn these coolest cars into a fun project, while others do it for a good dose of nostalgia. When it comes to models from luxury brands, you can get hold of used examples from the likes of luxury brands like Porsche, Mercedes-Benz, Jaguar, or BMW, and just like fine wine, these automotive classics often increase in value over time.

Classic luxury cars often command a high price, and people are willing to pay top dollar for them. Most cars have marvelous engines that have survived the test of time, amazing interiors, and give you driving pleasure. Some classic luxury vehicles may fetch millions (and some owners will take years to convince, to sell their precious rides), but classic cars don’t have to be an expensive hobby.

Some things to consider if you want to give it a try are your budget, the amount of work that needs to be done, classic car insurance, and ensuring you know what you’re getting into as a first-time classic car buyer. If you’re on a budget but want to start collecting, we’ve lined up some of the coolest classic luxury cars you can buy for $20,000 or less.

We have consulted car manufacturers and other reputable websites like classic.com, CarGurus, and hemmings.com, and we've come up with a list of the best classic luxury cars you can get for $20,000 or less.

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10 Porsche 924

Price: $10,000

The Porsche 924 hit the roads in 1976 until its end of production in 1986 with a total of 121,289 units sold. Considered a fun-to-drive and well-balanced vehicle, the 924 base model could be your most affordable entry to collecting Porsches. You’ll find examples of this two-door coupe for around $5,000, but you can bring home finer examples if you’re willing to spend around $10,000. Don't be shocked if you see the decades-old Porsche 924 converted by some enthusiasts into a rally car.

Engine Specs

The Porsche 924 was the first-ever water-cooled front-engined car by the brand, with the block supplied by Audi. The vehicles imported to the U.S. had engines that put out 95 to 110 horsepower and 113 to 122 pound-feet of torque depending on the model year. The powerplant is linked to either a four-speed transmission or a five-speed gearbox, with automatic transmission offered as an option during its last few years of production.

9 Audi 200

Price: $12,500

The Audi 200 was known as the Audi 5000 in the U.S. market. The Audi 200 was produced by the German car manufacturer from 1984 to 1991. The name change was part of a global nomenclature revision to simplify their branding and to step away from the shadows of unintended acceleration scandal in the U.S. The four-door sedan was known for its elegant design, powerful performance, and luxurious interior. It also carried technologies considered advanced for its time.

Engine Specs

Depending on the model year, the Audi 200 came with a 2.1-liter or 2.2-liter engine that produced between 100 and 220 horsepower. Today, you might score this automotive gem between $8,000 to $15,000 in decent condition. The price of a classic luxury car may vary depending on its mileage and condition, among other factors.

8 Mercedes-Benz 240D

Price: $13,000

The Mercedes-Benz 240D was a popular and much-loved luxury sedan of its era. It was part of the W123 family of the German carmaker that sold 2.7 million units. Launched in early 1976, the 240D diesel sedan was in production until 1985 and sold almost 449,000 units in that period. Unlike the definition of luxury when talking about Mercs today, the Mercedes-Benz 240D fits the utilitarian luxury category. It’s a spartan compared to modern-day Benz but boasts top-quality construction and smooth operation.

Engine Specs

The 240D has an inline four-cylinder engine paired with a four-speed manual transmission. Earlier iterations of the ride cranked out 62 horsepower, and newer models gave out 67 horsepower and 97 pound-feet of torque. It has a roomy interior with an air conditioner as an option, and you have to hand-crank the window if you want some fresh air.

Belonging to the golden era of Mercedes-Benz, you’ll see units of 240D with 200K miles or more on their odometer. You can buy one for as low as $2,000, but those in decent condition go for around $13,000 on average.

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7 Lincoln Continental

Price: $13,500

The fifth generation Lincoln Continental that first rolled out in 1970 and was produced until 1979. It shared the same platform as the Mark III with a good dose of improvements to reduce costs. It was known to be one of the fanciest and longest cars of its time and came in packed with technologies such as auto-dimming headlights, that’s way advanced for its time.

Engine Specs

The rear quarter fenders of the 1970s Lincoln Continental featured a more squared design compared to the fourth generation’s coke-bottle-inspired lines. In front, you have a prominent grille and distinct hidden headlights that come with lids. Inside, it features a bench seat for the cabin and the rear.

The 1970 to 1979 Lincoln Continental relied on a 6.6-liter V-8 or a 7.5L V-8 paired to a three-speed gearbox. The output of said powerplants ranges between 168 horsepower to 370 horsepower with a torque between 319 and 500 pound-feet. Today you can get this classic American luxury car for around $13,500, with well-restored units fetching as high as $42,000. Be sure to take a look back at the rich history of the Lincoln Continental before purchasing one.

6 Cadillac Eldorado 9th Gen

Price: $14,500

The Eldorado is one of the most popular nameplates of American carmaker Cadillac. The line was first introduced in the early 1950s until it ended its run in 2002. We put the spotlight on the ninth-generation Cadillac Eldorado that was produced between 1971 and 1978. The full-sized luxury car is known for its hefty exterior and plush interiors.

To help the two-door coupe cruise around, the early ninth-gen Eldorados were powered by an 8.2-liter V-8 engine cranking out 180 horsepower producing 370 horsepower and 535 pound-feet of torque. In 1977, the iron block in the engine bay was replaced by a seven-liter 180-horsepower V-8 that was still paired with a three-speed automatic gearbox.

Engine Specs

The Eldorado was a symbol of excess, and fittingly, the then King of Rock n Roll Elvis Presley owned a blue 1977 Cadillac Eldorado. Today, you can see this timeless classic Cadillac going for around $14,500, but some of the best-preserved specimens may have an asking price of more than $30,000. You might even see some Cadillac Eldorado converted into a camper.

5 Mercedes-Benz 380 SL

Price: $15,000

German luxury car manufacturer Mercedes-Benz produced the R107 380 SL from 1980 to 1985. It is part of the third-generation SL that’s considered one of the biggest success stories for the brand. The convertible that proudly showcased the SL badge outlasted other vehicles that wore the same. In total, more than 237,000 SL units rolled off the factory lines.

Engine Specs

While buyers in Europe had more engine options, the Mercedes-Benz 380 SL that hit the U.S. market came with a fuel-injected 3.8-liter V-8 that produced 155 horsepower and 196 pound-feet of torque.Marginal samples of this classic Mercedes-Benz sell for less than $10,000, but 380 SL in average condition can go for around $15,000. Fully-restored low-mileage examples may fetch as high as $50,0000 or even more.

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4 BMW 6 Series E24

Price: $16,500

The BMW 6 Series E24 is well-loved by purists and regarded as an excellent example of sporting elegance. The first of the brood in the US was the 630 CSi that was packed with an inline-six three-liter powerplant with an output of 176 horsepower and 185 pound-feet of torque. Then came the 633 CSi that was equipped with a 3.2-liter engine. In 1979, the public was able to get their hands on the 635 CSi, which became the most popular of the BMW E24 trims.

Engine Specs

The 635 CSi in 1988 came with an improved inline-six 3.4-liter gasoline engine that cranks out 208 horsepower and 225pound-feet of torque. If you are looking to purchase a BMW 6 Series E24, the primary weakness of these cars is rust. Also, carefully check the engine bay, the wheel wells, and the car’s frame. You might find low-priced units at around $4,500, but the more decent ones go for $16,500, and the best remaining BMW 6 Series E24 coupes can go for above $30,000.

3 BMW 2002

Price: $17,000

If you’re on the hunt for classic BMW cars to collect, the BMW 2002 base model could be a good start. The coupe was produced from 1968 to 1976. It was powered by a two-liter inline-four engine block that sent 113 horsepower to the rear wheels.

There were three gearbox options: a four-speed manual as standard, a three-speed automatic, and a five-speed manual. The first 3 Series replaced the 02 Series after its production run. The 2002 had siblings in the form of the 2002 Touring, comparable to hatchbacks today, and the 2002 Turbo, the first turbocharged car of BMW, unveiled during the 1973 Frankfurt Motor Show.

Engine Specs

The 2002 was a good benchmark for German engineering as this car was known for being reliable and practically “bulletproof.” It’s not surprising to see an 02 today, and its electricals are functioning even after several decades. You might see some rusty units in barns for $2,000, but decent examples of the BMW 2002 typically go for $17,000 or higher.

2 Bentley T1

Price: $19,500

British luxury car designer Bentley first unwrapped the T1 model at the 1965 Paris Motor Show and ended its production in 1977. The T1 is practically a rebadged Rolls-Royce Silver Shadow but with distinct characters clearly seen in its rounded grille, narrower fascia, and overall sportier look. Inside, the flat dashboard, with wood veneers and dials surrounded by chrome, was front and center.

Engine Specs

Under the hood of the units that crossed the pond, the classic British car leaned on a 6.2-liter V-8 engine built with Rolls-Royce and an automatic gearbox provided by General Motors. Only around 1,700 Bentley T1 were produced, so expect to pay a premium for well-maintained samples.

Car collectors might still be able to score a T1 via private owners or auctions in the US or other countries where the vehicles were exported. Believe it or not, some sell as low as $4,000, but those in good condition can average around $19,500 to around $35,000.

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1 Jaguar MK2 3.8

Price: $20,000

The Jaguar MK2 is another true British automotive icon with its classic looks, punchy performance, and excellent handling When you see the Mark 2, it's easy to understand why it's a beloved automobile. Plus, it has enough space if you’ll be going around town with family and friends. Its popularity has been enduring since its heydays in the 1960s. If you want the Mark 2 in your garage, most classic car collectors hope to grab the 3.8-liter engine with an output of 220 horsepower mated with a four-speed manual transmission.

Engine Specs

If you want to snatch a Jaguar Mark II, check for rust, door alignment, oil leaks, handling, and shifting, among other basics. Since this is a popular classic luxury car to collect, finding parts won’t be that difficult. You can Mark 2 in fair conditions as low as $15,000 to $20,000. Those in good condition might have an asking price of around $35,000, and the well-maintained units are upwards of $75,000.