My last edition I talked about investing in classic cars as a way to grow money for the future. I am a huge car fanatic and have been since I was 3 falling in love with my father’s 65 GTO and I have been following cars ever since. We know from watching Mecum and Barrett Jackson that cars are big business. You need to be smart when buying a classic so here are some tips on what to look for:
First the car must pass the eye test, does it look clean and well taken care of, and are the body lines straight? Look at the gaps between the doors, hood and trunk, if the gaps are wide or too narrow if that is the case you might want to have someone look at the frame to make sure it is straight. The biggest question will be do the numbers match? This is important to collectors and can determine the true value of the car, if the numbers on the engine don’t match the car’s body the value goes down on the flip side if they do match the value goes up especially if it is a rare car.
The key is finding something that has market value and you’re not making emotional decision, there are plenty of publications and on line resources Available to help you make the right choice. Just as important it is to find the right car you have to find the right people to restore your project and please be careful of BS artists, find people who have had their cars done by said garage make sure they have good reviews. Let’s say you find a car that needs work before you can sell it, a rusted out body with nothing much else could cost around 100 grand to restore so keep in mind the money that it will take to sell and how long it will take, some cars depending on age can take more than a year to restore, if a car is old or rare it will cost more because parts are hard to find. I think you will find this to be more fun than investing in stocks, good luck.