Cars offer more than transport from point A to point B. From the exotic to the classic, the right car(s) can be the ideal addition to your investment portfolio. While our professionals at Walt Danley Realty have the connections you want when finding that perfect luxury home, we also have a few important tips when you’re ready to include a classic car collection to your investment portfolio.
Begin with the Right Car
When beginning to build a classic car collection, decide if you’re looking for cars to show, drive, or both. Will you stick to collecting only Porsche or Ferrari? Maybe it’s Jaguar that catches your eye and holds your heart. Before purchasing the first vehicle of a classic car collection, think about what type of collection you’d like to create. Consider how many vehicles of the make and its various collectible models were built. The rarer the car, the higher its value, but also the more difficult to find.
Research. Research. Research.
The internet is one of the best ways to begin your research into classic cars — from their availability to their history, value, and potential value. Start by visiting the Barrett Jackson site and perusing what’s been sold recently and what’s coming up for auction. For example, you can do a search for all Porsches sold at the 2017 Scottsdale auction and see that a 1973 Porsche 911T Custom Coupe sold for $39,600. This can help narrow your search and give you an idea what’s selling and for how much.
Look to resources like NADA and Haggerty for classic car values. Attend auctions and car shows to see these classic cars up close and really get a feel for what you’d like to have in your personal collection.
Importance of Passion
Often art collectors are advised to collect what you love. The same generally applies for classic car collection. Choose the makes and models that excite you. A passion for your collection can take your investment into a whole new level. While the monetary gains are important, the joy and thrill from collection a vintage or classic car that only a handful of other collectors own is immeasurable.
Need a bigger garage or facility to accommodate your classic car collection? Contact us today to schedule an appointment with one of our experienced agents. We can get you up to speed on finding the perfect luxury home to house your family and your cars.