Are You Ready to Start a Car Collection?

August 14th, 2014 by callrid Leave a reply »

Car collectors have a passion for classic, unusual or customized vehicles. You might already own a car you love, but if you’re itching to go beyond an everyday vehicle and start putting together a collection, it’s a good idea to ask yourself a few important questions first.

Why are you starting a collection?
Some people get into car collecting with the idea that they’ll purchase a few old vehicles, fix them up and sell them at a profit. While this may work for some, it’s not a solid enough reason to begin collecting. Collectors do what they do because they love it, and it’s this love that makes the time, effort and money involved in a car collection worthwhile.

Do you know what you’re looking for?
Collectors often have one or more “dream” items that they want to own. Are there cars that you’ve always admired or a car that you once owned that you wish you could have again? Make a list of the makes and models that you really like and become familiar with them. Learn how to discern between a vehicle that’s worth owning and one that has too many problems. Be prepared to spend time researching and going over each possibility with a critical eye. Once you understand what to look for, it becomes easier to spot the cars that are worthy of a place in your collection.

Are you prepared to pay for inspections and spend time on repairs?
There’s only so much any one person can learn about cars, which is why it can be a good idea to have an expert check out each vehicle before you buy it. However, these inspections cost money over and above the price of collecting, so you’ll need to budget accordingly. Most vehicles will need at least a few repairs as well. If you’re not as handy with cars as you’d like to be or don’t have the time for multiple repairs, find a knowledgeable mechanic whom you can trust to take care of your collection.

Do you have time to maintain a collection?
Collecting cars involves much more than simply putting them on display to be enjoyed. Each car you purchase must be washed, cleaned and maintained on a regular basis. Cars should also be driven at least once every two weeks to ensure that everything under the hood stays in working order. When the cars aren’t being driven, you need a safe place to store them. If you’re particularly enterprising, you might consider creating a garage specially made for your collector vehicles.

Do you have the money for insurance?
Every car you plan to drive will need insurance. Make sure your budget allows for this. Collections that contain unique or rare vehicles may benefit from added coverage to handle unforeseen damages or repairs, especially if you plan to take the cars to shows. Talk with your current insurance provider about the coverage they have available and how much it will cost to insure your collection.

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