The classic and muscle car lovers out there who are knee deep in the hobby of restoring and collecting cars that are special to them are already believers, so we don’t want to preach to the choir. But you may have reached this blog because you like to check out the cars that are out there and do some window shopping, or kind of dream about buying your dream car of days gone by. We’d like to share some thoughts with you.
There is nothing wrong with taking some of your hard earned money and buying a ’67 Mustang or a 1971 Corvette that is already restored and ready to roll just because you want to drive the car. We do what we can to create a marketplace where people can find the car that they have always wanted, and we are always on the lookout to add to our listings. But there is another very good reason to consider car restoration and collecting as a hobby.
We are into cars, not high finance, but we do have some basic common sense. The economy is crazy these days, and it’s getting harder and harder to know exactly where to put your investment capital. The stock market is vulnerable, the real estate bubble has burst, and currencies are unpredictable. It would seem as though the one investment that you can count on to increase in value over time is a commodity that is in demand. If you have some tangible item that other people would want, and that thing increases in value as it ages, you have a solid investment vehicle.
Classic cars fit this description perfectly, and there is another element that makes an investment in rare, antique, and collectible cars all the more viable, and that is the restoration aspect. If you buy a classic car that is fully restored and take good care of it, you’ve made a sound investment that is probably going to increase in value. But if you purchase a project car and continually make improvements, the long term yield on your original investment may be much higher.
This can also be an ongoing strategy that is fun as well being a smart place to put your money. You identify the additions and modifications that you’d like to make to your car and budget for them over time, so when you have some extra money you are continually investing it wisely into this desirable commodity. With each improvement that you make on your dream car, the more valuable it becomes.
So when you dive in and get involved in collecting and/or restoring classic cars, you get to enjoy the fun of working on them if you so desire. You get to drive them, which is a blast. And you are also building a nest egg while you are doing it, and that is the icing on the cake. Most hobbies cost you money…automobile collecting is one of the few that can actually make you money in the long run.
Contributed by Fossil Cars Staff Writer