Generally speaking, no, guitars are not great investments.
However, guitars CAN be good investments. The difficulty is knowing which guitar will be a good investment years from now and which will not. Most guitars simply depreciate in value over the first few years of their life and then level off. If you buy used (at the point where their value has leveled off), and you buy smart, the possibility exists that you will have picked the right guitar that can gain some value over time.
A bit difficult to predict though.
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Guitar-less 
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