Of all the collectible items available to the luxury investor, classic cars combine a sense of history with the thrill of owning and driving a slick ride. There are a number of major models that have caught on over the past century, and almost all of them are available to collectors who are willing to submit the right offer. We appreciate your interest in these cars and wanted to discuss some of the specifics here.
Classic cars are usually more than twenty years old and are obviously no longer in production. A number of vintage and classic cars have persisted to the present day, but none of retained their classic feel. Sedans and convertibles were particularly popular in the last half of the twentieth century and are especially appealing to collectors. For those interested in trucks and larger vehicles, rugged tow-trucks and sport utility vehicles make a great complement to a smaller classic car.
The first thing to consider when buying a classic car is, obviously, the way in which you will finance the car. Like with any major investment, financing is available to qualified buyers. For those with deeper pockets, classic cars are a relatively safe cash investment because they tend to retain their value at auction. In the event of recession or a tough economic climate, keep in mind that classic car auctions are much less successful in obtaining sale prices.
Value preservation is another important thing to consider, so we think it is best to purchase special classic car insurance, which is more specialized and tailored to the needs of classic car owners. These plans usually protect against price inflation, have stipends for part replacement, and offer special roadside assistance. Insurance companies offering this type of insurance know that classic cars are an investment, not merely a consumer good.
Keeping your car safe from the forces of nature is also a critical topic. Storing your car will aid in preserving its value and will ensure that the body and interior of the car remain representations of its classical style. Wintery locations with salted roads and byways can corrode and rust a cars body and ruin the interior of the car. Additionally, warmer or tropical climates tend to tax the cooling system, radiator, and oil levels, systems of the car that do not necessarily operate optimally in a classic car.
Once you look after these necessary points, you might wish to expand your collection. You could include antique cars, which are generally older but less functional than classic cars. You could also investigate a luxury car purchase, will is usually highly functional but significantly more expensive. Once you begin accumulating a collection, we are sure that you will have years of automotive joy and a particularly entertaining investment.
The Phoenix Insurance specializes in classic car insurance. We’re car fanatics and know exactly what it means to want to protect your passion. Give us a call, we can help protect what moves you.