What to Consider When Making a Classic Car Investment
In November 2013, we discussed a couple reasons why classic cars make a good investment. Financial advisors today are looking at classic cars for investor’s profiles, and many classic cars are rising in value. However, although classic cars can definitely be a good investment, it’s imperative to consider your purchase and make sure that investing in any particular classic car will be a good fit for you.
Classic cars carry the potential for a huge profit if you plan on refurbishing (correctly) it and selling it. They also have a “cool” factor which is the appeal for many collectors. But before you make a classic car investment, there are many things to consider.
Ryan Guina, classic car owners and publisher of Cash Money Life, states that you should never buy a classic car on a whim. “It’s important to familiarize yourself with the market before buying so you know you’re getting a reasonable deal,” he says.
In addition to being mindful about your classic car investment, you should think about whether you will need or want to drive this vehicle on a regular basis. It’s not typically recommended that a classic car be an everyday vehicle, for wear and tear purposes as well as classic car insurance purposes. While you may not want to purchase a classic car you aren’t going to do anything with, you also don’t want to devalue the car or need to pay high auto insurance premiums.
One more factor to consider when making a classic car investment is maintenance costs. If you are only driving the vehicle minimally, you may not ever need extensive repairs. However should something happen, it’s important to realize that classic cars can be expensive to fix since parts are not always readily available.
At Condon Skelly, we understand the appeal of and desire for classic cars. We are able to insure a wide variety of collector vehicles, from original antiques to brand new exotic sports cars, as long as the vehicle is a true collectible. For more information, please contact us today at (866) 291-5694.