Top 10 Collector Car Buying Tips

Tip 5
Investment potential is also important unless you have money to burn. It doesn't make good financial sense to spend more on a restoration than the vehicle is worth unless you plan on keeping it forever. By forever, hopefully it should appreciate to match your cash outlay and make your great-grandchildren wealthy.

Tip 6
Be sure to check the cost of adequate insurance and have protected storage available. Collector car insurance normally limits yearly mileage to an average of 2,500 and is inexpensive. A family car insurance company might not cover the vehicle at all or be prohibitively expensive. Have a professional appraisal done to present when filing for your insurance.

Tip 7
Consider how you want to use the vehicle. If you're buying a driver, then a few paint chips and other wear and tear are acceptable. A show car should be pristine top and bottom, but both versions should reflect the asking price.

Tip 8
Just because a car is rare (i.e., low production) doesn't mean it's desirable or necessarily valuable. Interior and exterior color, drivetrain, options, and other factors all have a large bearing on the price. Beware of spending big bucks for rarity—you just might be throwing money away.

Tip 9
Decide how much work you are willing to do yourself. If you burn out on a project, it usually results in selling for a loss. If you aren't familiar with restoration work, buy a finished vehicle, turn the key and enjoy!