Not so long ago, buying an old, vintage car may have seemed like something only a vehicle enthusiast and avid collector would do but this is no longer the case. Classic cars are growing in popularity and attracting more and more attention as a valid alternative investment opportunity, with the many advantages of owning one becoming ever more prevalent.
Cheaper than expected
You’d be forgiven for thinking that vintage means expensive as that is the impression they give off to onlookers but this in fact is not always true. Searching through second-hand dealerships, old garages and sometimes even junkyards can uncover some real hidden gems for bargain prices. By giving the car just a little TLC you can immediately make its value rocket; then all that is left to do is find the right collector and you can make a healthy profit.
Growth in value
New cars lose the bulk of their sale value during their early years via a process known as depreciation. Classic cars are perhaps the only type that are spared this fate and are certainly the only ones that are capable of heading in the opposite direction; as old, collectable cars that are no longer in production actually gain value the older they become, as finding one becomes a much rarer occasion. That is why getting one while it is affordable and taking good care of it for a few years can be an excellent way to boost your initial investment.
Networking for the future
Buying a vintage car will often require speaking to a specialist collector or a dealer with knowledge within that particular market. Not only that but your vehicle will undoubtedly attract the attention of fellow car enthusiasts; helping you to build up a network of contacts within the industry that will make selling your car on for a profit a much more straightforward task, as you already know who to turn to. S ome people even build up enough contacts to buy from and sell to that they make a living purely from dealing in classic cars on a personal basis.
The best option
While there are numerous different brands and models to choose from, Ford has emerged as a good option for many people. Cars like the Ford Escort are more affordable than many other classic cars available on the market, yet they offer many of the same benefits. The company has worked hard to make maintenance and repair costs as approachable as possible, not only cutting the cost of fixing one up but also in turn helping to lower insurance costs. Their vehicles have even been known to beat the industry’s average resale value by as much as 23%; meaning they often offer the best value for money upon purchase and greatest return on your investment in the future.
Sometimes it may require a bit of time, effort and money to find and restore the right car but with patience and perseverance, it can prove to be a much more reliable and exciting way to invest your money.