Americans love their cars. It’s estimated that over 90% of American households own a car, and about 24% own more than one car. Many of these people are collecting cars as a hobby.
A car collection is a great way to invest money, have fun, and show off your great taste. Whether you only collect classic cars or mix them up with modern luxury vehicles, there are many benefits to starting your car collection. Here are five of the best reasons to get started on your collection today.
It’s a Great Investment
A car is not like other investments, such as stock certificates or even paintings—with a car, you can use and enjoy your investment while it appreciates. A quality car will only go up in value over time, so starting a car collection now is a great way to secure your financial future.
A good example is the Ferarri 250 GTO which was sold for $48 million at auction. Imagine having a few classic cars in your collection. You can practically sell them for your retirement.
You Can Have Some Fun
Collecting cars can be a lot of fun! Hunting for the perfect addition to your collection, taking them out for spins, and showing them off to your friends are great ways to enjoy your hobby. Plus, if you invest in classic cars, you can even enter them in competitions and exhibitions—now that’s something to look forward to.
You Can Show Off Your Style
You can show off your style and good taste with a car collection. Whether you prefer classic automobiles or luxury vehicles, people will take notice of your impressive collection. A well-curated collection will turn heads and start conversations wherever you go.
You Can Meet Like-minded People
When you start collecting cars, you’ll quickly meet other people who share your passion. Joining a club or attending events is a great way to make new friends who share your interests. Before long, you’ll have plenty of people to talk to about cars—and maybe even show off your collection too!
You Can Learn Something New
A car collection is a great way to learn about history, mechanics, and other exciting topics. If you take the time to learn about the cars in your collection, you’ll be amazed at how much there is to know. You might even find yourself teaching others about the cars you love so much!
As you can see, collecting a car is a great choice, but you also need to know how to keep them safe. Here are some of the best options.
You need somewhere to store your collection, and you’ll need some space for it. One of the best places to store it is in multiple carports. This will protect your cars from the sun, rain, snow, and other elements. They are also fairly easy to build. There are some great kits available that come with everything you need to build one.
Don’t Advertise It to Everyone
While it’s tempting to show off your cars to friends, family, and neighbors, keeping your collection on the down low is best. The fewer people who know about it, the less likely someone will target your cars for theft or vandalism. The rule of thumb is only to advertise when you’re about to sell. This way, you can be sure that the people who come to see it are serious about buying.
Ensure your homeowner’s or renter’s insurance policy covers your car collection in the event of theft, vandalism, or damage from a natural disaster. One good insurance policy you need to have is a collector car insurance policy. This will give you the coverage you need at a reasonable price.
Take pictures of your cars and keep the documents in a fireproof safe. This way, you have documented proof of your collection in case something happens to it.
Keep Detailed Records
Keep careful records of each car in your collection, including make and model, VIN, pictures, and any modifications or repairs you’ve made. This information can come in handy if one of your cars is stolen or vandalized.
Know the value of your cars
Be sure to periodically assess the value of your collection and adjust your insurance coverage accordingly. Cars can increase in value over time, so it’s essential to ensure you’re adequately insured in case of theft or damage.
Some simple precautions can help ensure your car collection stays safe from harm. This will ensure that your car collection is ready for sale when the time comes.