Classic cars are never far from conversations when discussing the World’s most beautiful cars. Sometimes we can actually spend more time talking about our desire for an old classic rather than a brand, new exciting model on the market.
However talking and doing are two very different things and when we think about investing in classic cars it opens up a whole different discussion. Here are our main points about what to watch out for when considering investing in a classic.
Don’t Jump Into Anything Too Quickly
It is all too easy to get sucked into the stories about amazing returns on classic car investments. But doing extensive research may reveal shifts in demand for a particular car that might mean the investment is not quite what you had imagined. Therefore make sure you put in some pretty heavy research before jumping to any decisions.
Existing Knowledge
Investing in classic cars without at least some knowledge is like someone playing around on the stock market with zero know-how on how it all works. So whereas some people will choose to invest in fine wines or property, those people will probably have some knowledge in those areas. It’s the same with classic cars, knowing the story and history of certain models will help you understand the value and therefore if the investment is a valid one. So it’s advisable to keep a distance from investing in this area if you know nothing about classic cars. You might end up being convinced to put your money into a dud investment.
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Get Out There
There’s only so far you can get looking through classic cars online. You need to go and visit these cars to see them in the flesh and take them for a test drive. Trying them out for size and seeing how they feel for you is the best way for you to feel out if this investment feels right for you. Don’t worry if you find one that you have your heart set on but it’s located at the other end of the country. You don’t need to add unnecessary miles on the clock, look instead for companies such as Shiply who will transport your car to you without ramming up the mileage.
Think About the Maintenance
It’s not just the purchasing of classic cars that’s expensive it’s also the maintenance. The maintenance, housing and restoration of classic cars can really ramp up the expense of investing in a classic car, so you must be able to budget in the cost for these areas. Although generally speaking classic cars are intended to hold their market value, the added expense of the above can really bring down any profit by these added costs totting up over the years.
Think If It’s Right For You
Investing in classic cars is not for the faint hearted, so we really advise anyone that doesn’t have a real passion for cars, to look elsewhere for their investment ventures. Classic cars are to be enjoyed not to be locked away in garages for 10 years, so make sure you really think about what you want out of your investment and how much enjoyment it will bring you.
