Several men have always dreamed of owning a classic car at some point in their lives. Some make this dream a reality when they buy a car and restore it. Other car lovers purchase investment-grade classic cars with the hope of selling them off for profits shortly. Whatever the reason, if you are interested in buying a vintage car and have plans to restore it, there are certain things that you must take into consideration first for getting the classic dream car you always wished to own.
Eugene Bernshtam is a well-known name in the real estate industry in America. When he is not busy with real estate, he is actively involved in car restoration. He is a member of the Ferrari Club and licensed auto dealers under the Illinois Secretary of State. He has been the recipient of multiple awards in classic automotive concourses in the past years. His hobbies are traveling, weightlifting, and scuba diving. He is certainly a man of varied interests and these show in his inclinations too, cars being the most significant.
According to him, many people buy classic cars for various reasons. You need to know why you want to buy the car. Being realistic about it helps. The experience should be enjoyable over that filled with regret if you invest in the wrong vehicle. Take your time to know why you want to invest in the classic car.
Full car restoration projects
If you are a person with a lot of spare time and some money, you should enjoy fixing classic cars. A complete car restoration project might even fit your passion well. You should buy a classic car that you can drive-in. If the vehicle is in perfect condition, you will not drive it around often. Invest in a car that needs restoration so that with some driving and upgrades to the vehicle, you can get value for money for your investment with success!
Feasible investment strategies for classic cars
If you plan to buy a classic car for investment with no intentions to drive it, you can park the vehicle in a garage with temperature control. You can hold it there until the car’s demand pushes the price up. This often works; however, take this step after some research. Many classic cars are from the 1950s and 1960s that have faced no rise in their value for several years.
However, cars that were popular way back in the 1970s to 1990s are becoming quite popular today. This is because children born in that era are approaching their middle -age and wish to buy old cars for their collection. Since they have extra income, according to Eugene Bernshtam, they are keen to spend on classic and collectible vehicles these days. Classic cars that are in pristine condition give you good investment potential. However, remember to keep in mind the costs for maintenance, insurance, and storage.