How to Ensure Your Classic Car is a Good Investment Any type of investment is going to require a fair amount of research. It's important to know what to look for and where to look for it to make sure you don’t get ripped off.
By connecting with reputable organizations, you’re likely to find people who want to help you figure out whether a vehicle deserves your time and money. Attending car shows, joining car clubs and going to car auctions are good places to start, especially if this is your first time searching for a classic car.
To get you started, here are some factors to consider if you want to make some money from your passion.
1. Cover the basics
Find out what it will cost to own and operate your car. Consider that upkeep - maintenance, …show more content…
The unique identifier should be stamped or printed, usually on the rear axle, transmission or engine.
Be sure to have your vehicle inspected. The minor expense of an inspection can save you the aggravation of dealing with surprises later on and will ensure that your purchase is worth what you’re paying for it. 2. Be Prepared to Restore
Aside from the vehicle itself, the biggest investment you’ll make is to get it running and looking the way it did in its heyday. Before putting any money down, you’ll want to find a mechanic who specialises in classic cars and whose rates are reasonable. Parts can be pricey, too, so check them out ahead of time to make sure they’re not too expensive.
As a vehicle gets older, it will need more attention and more effort to keep rust at bay and components from falling apart. Only buy what you can handle in terms of restoration. Rejuvenating your old car should be a labour of love. 3. Seek Out the Exceptional
A vehicle’s age doesn’t necessarily make it more valuable. Instead, look for what sets it apart and gives it an edge. Scarcity trumps age when it comes to classic cars. However, even a rare Chevrolet Impala may not hold a candle to a fairly well sought-after but more powerful
By connecting with reputable organizations, you’re likely to find people who want to help you figure out whether a vehicle deserves your time and money. Attending car shows, joining car clubs and going to car auctions are good places to start, especially if this is your first time searching for a classic car.
To get you started, here are some factors to consider if you want to make some money from your passion.
1. Cover the basics
Find out what it will cost to own and operate your car. Consider that upkeep - maintenance, …show more content…
The unique identifier should be stamped or printed, usually on the rear axle, transmission or engine.
Be sure to have your vehicle inspected. The minor expense of an inspection can save you the aggravation of dealing with surprises later on and will ensure that your purchase is worth what you’re paying for it. 2. Be Prepared to Restore
Aside from the vehicle itself, the biggest investment you’ll make is to get it running and looking the way it did in its heyday. Before putting any money down, you’ll want to find a mechanic who specialises in classic cars and whose rates are reasonable. Parts can be pricey, too, so check them out ahead of time to make sure they’re not too expensive.
As a vehicle gets older, it will need more attention and more effort to keep rust at bay and components from falling apart. Only buy what you can handle in terms of restoration. Rejuvenating your old car should be a labour of love. 3. Seek Out the Exceptional
A vehicle’s age doesn’t necessarily make it more valuable. Instead, look for what sets it apart and gives it an edge. Scarcity trumps age when it comes to classic cars. However, even a rare Chevrolet Impala may not hold a candle to a fairly well sought-after but more powerful