If you are a lover of cars and you’d like to start your own collection, then you aren’t alone. Collecting cars is actually a very popular hobby and even a business that many people participate in. In fact, one well-known celebrity who collects classic cars is the TV show host and actor, Jay Leno, among many others. If you’d like to start a car collection but you have no idea where to begin, here is a complete guide that can help you get started with building an impressive collection.
Maintenance is Mandatory
One thing that you must consider when you start collecting vehicles is that they must all be adequately maintained. You can’t simply purchase them and allow them to sit and deteriorate, because then their value will quickly depreciate. The type and cost of the maintenance will depend on the specific cars that you own. Some cars, fortunately, don’t require much maintenance, if any, in a given month, while another vehicle could require maintenance that could cost as much as $1000 or even more. It’s really difficult to determine in advance, although you can perform research on the cost of maintaining certain cars before opting to purchase them.
You Need to Know When to Admit Defeat
Cars can sometimes be unpredictable, and you will likely never know in advance when a vehicle in your collection might start costing you more than what it’s worth. However, if you find that a vehicle that you’ve purchased constantly requires costly repairs, then you need to know when to accept defeat. Sure, it will hurt in the beginning, to realize that you’ve purchased a car that is not worth all the maintenance and repairs that it needs, but you need to know when to stop. If a car is costing you this much money, then it’s best to sell it as soon as possible.
Determine What You Want to Spend on a Car in Advance
By setting a budget for yourself prior to meeting with others to negotiate deals, you won’t spend more money than a car is worth. Also, if you take the time to research a certain car beforehand, you will be aware of how much that car should cost and how much is too much. It’s easy to be in the middle of negotiations and end up agreeing to purchase a car for much more than you want to pay or can afford.
This is why setting up an advance maximum amount to spend before negotiations begin is important, because it’s easy to get so focused on winning a bid on a car that you lose control. However, if you have a set number in your head already, then the seller of a vehicle won’t lower the price to that set number, you will know that it isn’t the deal for you. Your goal is to collect cars and hopefully make a profit, not purchase cars just so you can say you own a certain collectible, because that could end up costing you money.
Ensure That You Purchase Insurance
A person can never predict when or if an unfortunate event might occur that might damage one of the cars in your collection. That’s why it’s imperative that you insure them all, even if they’re never driven. Therefore, if any of them were to sustain any damage, regardless of the type, you can easily file an insurance claim and have that vehicle repaired. Without insurance, you could lose hundreds, if not thousands of dollars repairing a damaged car or truck.
Refrain from settling for the first insurance plan that you receive a quote for, as there are many insurance companies and many types of plans, and it will pay off in the end if you take the time to see what’s out there before making a commitment. That way, you will increase your chances of choosing the best insurance policy possible, for the lowest cost.
Determine the Type of Collector You Desire to Be
Knowing what type of car collector you want to be before beginning is important. There are pros and cons to each type of car collector, so you obviously want to choose the type with the fewest disadvantages and the most advantages. By making this determination before you start collecting, you can prevent yourself from purchasing cars just for the sake of owning them, and it also allows you to remain focused on your goals so you can achieve them quicker.
If your true desire is to become a rare and exotic car collector, then you need to focus on learning as much as you can about being this type of collector. Of course, if you opt to collect rare and exotic cars, then you will be limited as to the types of cars you can purchase. However, it’s better to be limited rather than waste your time (and money) buying cars in all categories and then getting stuck with them.
Find Out What Other Collectors Are Purchasing
Before you make your first purchase, be sure to take an adequate amount of time to do your homework. You want to find out what other collectors are buying, how they go about doing so, and any other aspects of the business that can be helpful. Don’t be hesitant to befriend other collectors because car collectors are people that love to ramble on about their prized collections. This will enable you to potentially meet some great friends while simultaneously learning as much about the business of collecting cars, which could help you become as successful as possible.
As you can see, it’s not difficult to start a car collection, but you just need to go about collecting your vehicles in the proper way. You certainly don’t want to make certain mistakes that could cause you to lose money, because that will take the fun out of collecting cars. Once you’ve learned everything there is to know about starting a car collection, hopefully, your collection will bring you the enjoyment that you desire.