In 2018 alone, the classic car industry was estimated at $2 billion in revenue. This is probably due to the increased number of enthusiasts in the market.
Don’t be left behind!
If you have a taste for the rare vintage cars, you’re probably thinking of starting your own collection of the finest classic cars. After all, owning a fleet of vintage cars not only satisfies your enthusiasm but can also be financially rewarding.
Unfortunately, your passion for classic cars isn’t enough to help you achieve your dream.
You need to familiarize yourself with the following sure-fire tips if you want your classic car collection business to be successful:
1. Storage Solution
Your home garage may not be big enough to house your huge classic car collection. Thus, you may need to get an ideal place to keep these vehicles. The storage area should be secure enough to prevent any damages or theft.
If it’s not possible to build a larger garage in your residence, consider renting a storage facility or a warehouse for your cars.
2. Decide on Your Theme
In your quest to start a vintage car collection, you need to create a theme of the type of cars you’re collecting. These themes will depend on the style and period when the vehicles were manufactured.
The goal of choosing a specific theme is to ensure that you don’t invest in valueless vintage cars. With a theme in mind, you’ll be able to refine what you’re looking for, and thus, avoid buying “just any other” classic car.
Moreover, if you’re starting a classic car collection as a business, it would be more appealing to the customers if there’s a coherent and identifiable theme in your collection.
3. How Much Effort Are You Willing to Put In?
Similar to regular vehicles, classic cars require regular maintenance to keep in them in good working condition.
On top of the mechanical maintenance, you’ll need to go the extra mile to keep the cars looking good in order to attract your audience. This can simply be through regular polishing.
The maintenance practices will depend on the model and styles of a specific classic car. Some may require high maintenance while others will still look good with little maintenance.
So, depending on how much work you’re willing to put in, you need to decide on whether to invest in the high-end models or their counterparts.
4. Look Out for Obscure Brands
Investing in classic cars created by visionary brands and designers gives you the rare opportunity of understanding these classic cars. Additionally, such cars are known to have a high resale value and thus might be worth a slot in your collection. Read more here about classic car valuing.
Keep in mind that most of these rare cars are expensive to purchase and even maintain. Thus, it’s recommended to have a premium financial cushion before investing in one.
5. Network With Other Collectors
Surrounding yourself with other classic car collectors who share the same taste, gives you the opportunity to deepen your understanding of the cars. This is possible through discussions and car meets.
For instance, if you’re not sure whether a certain classic car brand is worth your investment or don’t know where to get rare car parts, you can consult your like-minded collectors. You can also attend classic car races and auctions to find collectors whose opinions and taste you can trust.
6. Know You Goals and Limits
Understanding the motive behind your urge to start a classic car collection helps you decide on how much you should spend. If you want to start a collection as a hobby, any classic car that pleases you is worth adding into your collection.
On the other hand, if you’re starting a car collection as a way of making money, you’ll need a higher budget. This ensures you buy enough cars to meet the diverse needs of your potential customers.
7. Know a Car’s History
Before buying a particular car, you need to know its history. This gives you an insight on what restoration works have been carried out and whether it has all its original parts. If the car has had a lot of restoration work and doesn’t have most of its original parts, its value may depreciate rather than appreciate over time.
8. Let People Know You’re in the Market
Whether you’re starting a classic car collection for pleasure or to make profits, you need to let your immediate network know you’re a collector.
When these people are aware of your collection hobby, you’re likely to land better deals for rare vintage cars at affordable prices. This saves you money compared to bidding in an auction.
9. Consider Financing
Classic cars can indeed be expensive on top of the repair and maintenance costs. However, this shouldn’t discourage you from starting your own collection.
Financing your car collection hobby ensures you don’t miss out on a car with an unbeatable market price. It also guarantees you the security of having enough money for repairs, especially when you’re drained financially.
10. Take to the Road
While the goal is to have a fleet of good-looking vintage cars, it’d be unwise to let them sit around in the garage for long.
So, once in a while ensure that you take a ride on each. This helps maintain the parts in good working condition. It’s also fun!
Classic Car Collection Made Easier
Owning a classic car collection can be likened to having an art gallery. As such, you want to ensure the collection features the best of what’s in the market, and most importantly what pleases you. So, be sure to use the tips above to help you define what should be in your collection.
If you need some repairs for your vintage cars, check out this guide on finding a brand-specific mechanic.