Car collecting is a fulfilling and lucrative hobby if you’re a passionate gear head who dreams of walking into a warehouse or garage filled with automobiles. Whether you’re interested in rounding up a fleet of Concours-winning cars or if you just want to be surrounded by a select few of your favorite vehicles, here’s what you need to know to get your classic car collection started.
Figure out your budget
Car collecting is quite a costly hobby, so you’ll have to make sure that all your finances are in check before you dive in headfirst. Besides deciding which cars to procure, you’ll also have to make a number of decisions that will affect your spending habits.
For example, will you be purchasing cars with cash-on-hand or will you have to take out an auto loan for some of them? Will you buy cars restored or will they be restoration projects for you? These are some financial considerations to take before you dedicate yourself and your life savings to these vehicles.
Recognize your reason for collecting
Before you even purchase the first car in your collection, it’s important to ask yourself why you want to start your collection in the first place. The answer to this question will help guide you so you can make more informed purchases in the future. Are you collecting simply because you’re obsessed with automobiles? Or do you consider these purchases an investment?
Choose where to store your collection
You don’t want to purchase a whole fleet of cars only to find out you have nowhere to put them. One of the first things you should do before making any purchases is to decide if you want to store your collection in a garage or a warehouse, depending on how many you intend to have or if you want to continue growing your collection for the foreseeable future.
Establish a focus
Unless you have the means to buy every single car in the world, you’re going to have to narrow down your collection to what vehicles actually interest you. Having a worthwhile collection that you can be proud of isn’t about the number of your acquisitions, but what those acquisitions mean to you. In the case of making investments, it’s how much the value of your purchases will appreciate over time. Think about what you’re interested in and zero in on that.
Do your due diligence
As with most collecting hobbies, you need to do your research. This isn’t a world you can enter blindly, unless you can afford to make a number of costly mistakes. Speak with other collectors, join local clubs, read trade magazines, and visit auctions and estate sales. You have to soak in as much information as you can about the market so you can make the best purchases.
Socialize with like-minded collectors
No matter what your tastes are, there’s bound to be a few other people within the collecting circuit who share the same interests as you. It’s important to seek them out and socialize with them. They’ll be able to help you navigate the world of collecting and make the hobby a lot more interesting and enjoyable/
Starting a classic car collection can be daunting, but if it’s truly something you want to do, these tips will help you make the most out of your purchases so you can build a worthwhile collection.