Image courtesy of Martin Pettitt
Classic cars and prestige vehicles can make wonderful investments that accrue money as the years and decades pass. However, it is crucial that you know what you are looking for when you invest your hard-earned savings in an esteemed motor.
Before you head to the vintage Bentley showroom or local Rolls Royce dealer, you need to know exactly what you want. It would be wrong to suggest that car dealers are dishonest, but the old stereotype of pushy salesmen doing everything they can to urge you to buy the car they want you to buy – and not necessarily the car you want or need in order to make a wise investment – does hold some weight at certain dealerships.
The potential for the vehicle you invest in to accrue money over the years depends upon two major factors; how collectible the car is, and how rare the car is.
There is a wealth of information on collectible cars available on the internet. Car collectors by their very nature are immensely knowledgeable and they generally delight in sharing their knowledge with like-minded people online, at motor shows and conventions, and in literature. The information you will want to seek out as you prepare to make your investment includes price estimates for models you are interested in, model reviews, and listings of cars currently for sale near you.
Car auctions are often the best place to make automobile investments, but they can also be a great place to simply watch and learn as others take the plunge. Chatting to people at auctions is a great way to learn inside secrets about collecting, investing and maintaining prestige vehicles.
If you choose to make your investment at an auction, you will benefit from potentially low, low prices, with cars being auctioned off after being repossessed following owners failing to keep up with payments. But a talented auctioneer will know how to whip up a bidding war and you should go to auction knowing for certain how much you are willing to spend at your upper limit.
Fight hard for the best price you can get and don’t be budged over your spending limit. Anything you spend over the price you have in your head is effectively eating into the profits you stand to make when you come to sell the vehicle.
Other factors that can reduce your profit-making potential include car insurance. Make sure that you read up on car insurance quotes so that you can be sure you can insure your prestige vehicle at an affordable rate.