A classic car is not a wise financial investment. If you’re getting the car because you love it, great. If I ever had the money, you bet that I would have a garage full of cars like these, and I would be working on them all the time in order to bring them into the next century. However, you can’t count on them becoming steadily more valuable over the course of this century. A car is not a mutual fund.
The value of almost any good is based on what someone else is willing to pay for it. It’s possible that you’ll find someone in fifty years who wants to buy your classic car for exponentially more money. However, you will probably be selling the car at a loss even then, thanks to the powers of inflation. Financial investments can correct for those awesome inflation powers. Investments in goods really do not work that way.
Keeping in mind the fact that lots of people have bought classic cars and treated them like investments instead of prized possessions, it shouldn’t surprise you that a lot of people are going to try to scam you when you’re in the market for a cool new classic car. In fact, if you’re trying to sell your classic car and turn a profit at one point, this may be the sort of tactic that you will have to resort to if you’re not careful.
You should know the market value of the car that you want to purchase going in, or you are going to end up with a car that is way too expensive. Unless you really want the car so much that you’re willing to pay ten times what it’s worth in some cases, you need to do all of your homework.
Honestly, speaking as an auto mechanic, I say that you should get the classic car that’s falling apart, and then take it to a mechanic who loves old cars and knows old cars like the back of his or her hand. They’ll give you the resale value that you want, if that is what you want. They can also give you the car that you want, and that should be more important to you if you are getting a classic car in the first place. There are better investments out there than classic cars. As for possessions, though, it is really hard to beat a classic car.
Naturally, the biggest cost involving classic cars is the cost of the acquisition in the first place. The dealers or the original owners know that they have to make each and every sale count, and you better believe that they’re going to try to exploit each and every sale for all that it is worth. As a mechanic, all that I can say is that you’re better off spending a comparatively small amount of money here, and then paying your trusty auto mechanic to restore the car to its former glory. You’ll be that much more likely to get the car that you really want, and you will be less likely to ultimately operate at a loss.