The trend has been around for quite some time, and if you’re not on the bandwagon yet, perhaps now is a good time to start reconsidering. Buying classic cars for the sake of investing can be a lucrative practice, yet you need to be informed and know what you are getting yourself into.
In this post, we take a closer look at the pros and cons of buying a classic as an investment. If you find that the pros outweigh the cons, go ahead and buy that E-Type!
First, we’ll take a look at the cons.
Disadvantages of Investing in a Classic Car
As with anything, there are some downsides to buying a golden oldie as an investment.
#1 Harmful to the Environment
Okay, we get it. You’re not planning on driving around town in your car on a daily basis. But its also not going to stand in the garage gathering dust now, is it? Keep in mind that older cars have higher CO2 emissions and pollutants that can be harmful to the environment.
#2 Storage and Upkeep
As you can imagine, the maintenance on a classic can be quite intense. It also depends on the state of the vehicle when you purchase it. Some people might enjoy working on their project cars, while others might dread it. Classic cars also require special storage that prevents wear and tear such as rust. Paying for storage can become costly.
Advantages of Investing in a Classic Car
On to the positive side of things! Let’s take a look at the two top benefits of investing in a classic car.
#1 Fun to Work on
We know, we mentioned that they require a lot of maintenance. But, classic cars are quite fun and easy to work on when compared to modern cars. The artistry in itself is something to admire, and if you are a petrol head, you’ll enjoy the time you spend tinkering and upgrading your classic car.
#2 Lucrative Investment
The worth of classic cars increase rapidly. If you are a keen investor, you might be able to earn double (or more) your money back when buying a classic car. Be sure to keep your eyes open for any rare models or makes that are enjoying a lot of attention. If you get into it, you can even start predicting what the market is going to do and purchase on the base of that.
Bonus: Exclusive Experience
We’re sneaking in a bonus benefit. Owning and driving a classic car is an experience in itself. As we’ve mentioned, you won’t be using it on a daily basis, but when you do take her out for a drive, you’ll love it! Classic cars have a certain style and sophisticated air about them that is difficult to resist.
And that’s a wrap! Read this beginner’s guide on how to invest in classic cars if you need more tips and advice on how to get things going. We’ve also compiled a handy list of great classics to invest in this year. If you need some more convincing, why not take one for a spin? Enjoy the ride!