Investing in classic cars can be very daunting, but very lucrative. For one thing, classic cars have a higher demand per capita than other “collectibles”. Coins and stamps simply do not hold the same value or longevity of demand as classic cars. But, knowing where to start and which cars are a true investment. Smart car aficionados focus on styles, periods, or individuals to help shape their collections. Things considered are:
- racing history
- celebrity ownership
- association with a respected designer, racer, or builder
Porsche, Ferrari, Bugatti, Alfa Romeo, Corvette… you know the names, you can probably spot them in a flash on the highway. These, and others classified as “classics”, are the epidemy of car collector’s envy. Collecting cars is more than just a hobby. It’s a way of life for the many automobile enthusiasts who pour their time, energy, and yes, money, into finding, restoring, showing, and enjoying vintage vehicles. For some lucky collectors, this passion even becomes a side gig that can bring in quite a bit of cash. Certain classic cars represent a better investment than stocks and can:
- diversify your investment portfolio
- gain in value over time
- have high market value.
There are as many ways to collect classic cars as there are reasons to collect them! When you’re new to collecting classic cars, it can be tough to zero in on what types of automobiles you want. Here are some questions to keep in mind as you begin putting together your collection:
- Will it need restoration?
- What are the maintenance costs?
- How much are storage expenses?
- How much is insurance and registration?
Collecting classic cars should make your life better, not more stressful. While there is a lot to think about, you should also be having fun. Learn everything you can about your favorite cars, find them, and drive them just because you can. Cars can be an asset, but they’re still toys, and you should have the chance to enjoy playing with them.