How To Choose A Classic Car
While choosing to collect classic cars can be a tremendously fun and rewarding hobby, it's one you want to enter with your eyes wide open. Research the market and the car, but be careful buying one-of-a-kind vehicles. Know what you’re getting into. If the classic car needs restoration, make sure you are 110 percent committed to completing the work. Also, create a list of the “Top 10” classic cars you would like to see in your collection. This list will help you focus your efforts more efficiently.
Research the market and the car
Some old vehicles appreciate in value, while others simply idle. If you are buying a classic car as an investment, make sure you know how the vehicle has fared over time. Sports cars, luxury cars and one of a kinds are frequently safe investment bets, but there are no guarantees.
Remember that the more models that were produced, the greater the likelihood that there are plenty on the market. While this means you will have no trouble finding spare parts for an older model, it also means that the vehicle is less likely to appreciate in value until well into the future.
Also, make sure you know as much about the vehicle's history as you can discover. This history includes knowing whose garage the classic car has parked in, as well as whether or not that particular model or model year had any significant issues.
Be careful buying one-of-a-kind vehicles
Collectors love one-of-a-kind vehicles. From concept cars to vehicles that were owned by famous people, these cars can fetch a pretty penny.
From an investment standpoint, this makes these one-of-a-kind vehicles highly appealing. However, there is a downside. First, the market you can sell the vehicle within is smaller due to the high price tags the vehicles can fetch. Second, if the previous owner has an infamous reputation, it can be difficult to find an outlet for sale because of the controversy it will generate. Finally, if this one-of-a-kind is a concept car, or a vehicle where only a handful were ever made, replacement parts will have to be manufactured. Manufacturing can be a rather expensive proposition.
Know what you're getting into
Don't buy a vehicle that you know needs significant repairs and restoration unless you are 110 percent committed to completing the work. Often, car collectors get into the hobby and get in over their heads. Bank accounts get drained, patience gets strained and the classic car is never restored. 30 percent of all vehicle restoration projects are ever completed.
Now, there is an upside to this. Let’s say you are serious about purchasing a classic car that needs restoration and you have both the financial resources and the follow-through to complete the task. It's possible to find a great deal on someone else's project that is already underway. If you shop carefully, you can find a great deal and save yourself time and money.
Create a list
There are probably dozens of classic cars you would like to own. Start by making a "Top 10" list of the ones you would like to see in your collection. That way you can focus your efforts and your searches more efficiently and effectively.
The team at Bill's Backyard Classics would be happy to help you navigate the classic car market. We invite you to contact us by calling (806) 373-8194 with your questions. You can also drop by our showroom at 5309 S. Washington St. in Amarillo, Texas. We have over 90 classic cars in our inventory!
Research the market and the car
Some old vehicles appreciate in value, while others simply idle. If you are buying a classic car as an investment, make sure you know how the vehicle has fared over time. Sports cars, luxury cars and one of a kinds are frequently safe investment bets, but there are no guarantees.
Remember that the more models that were produced, the greater the likelihood that there are plenty on the market. While this means you will have no trouble finding spare parts for an older model, it also means that the vehicle is less likely to appreciate in value until well into the future.
Also, make sure you know as much about the vehicle's history as you can discover. This history includes knowing whose garage the classic car has parked in, as well as whether or not that particular model or model year had any significant issues.
Be careful buying one-of-a-kind vehicles
Collectors love one-of-a-kind vehicles. From concept cars to vehicles that were owned by famous people, these cars can fetch a pretty penny.
From an investment standpoint, this makes these one-of-a-kind vehicles highly appealing. However, there is a downside. First, the market you can sell the vehicle within is smaller due to the high price tags the vehicles can fetch. Second, if the previous owner has an infamous reputation, it can be difficult to find an outlet for sale because of the controversy it will generate. Finally, if this one-of-a-kind is a concept car, or a vehicle where only a handful were ever made, replacement parts will have to be manufactured. Manufacturing can be a rather expensive proposition.
Know what you're getting into
Don't buy a vehicle that you know needs significant repairs and restoration unless you are 110 percent committed to completing the work. Often, car collectors get into the hobby and get in over their heads. Bank accounts get drained, patience gets strained and the classic car is never restored. 30 percent of all vehicle restoration projects are ever completed.
Now, there is an upside to this. Let’s say you are serious about purchasing a classic car that needs restoration and you have both the financial resources and the follow-through to complete the task. It's possible to find a great deal on someone else's project that is already underway. If you shop carefully, you can find a great deal and save yourself time and money.
Create a list
There are probably dozens of classic cars you would like to own. Start by making a "Top 10" list of the ones you would like to see in your collection. That way you can focus your efforts and your searches more efficiently and effectively.
The team at Bill's Backyard Classics would be happy to help you navigate the classic car market. We invite you to contact us by calling (806) 373-8194 with your questions. You can also drop by our showroom at 5309 S. Washington St. in Amarillo, Texas. We have over 90 classic cars in our inventory!