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Making Money with Classic Cars – If you own a classic car or two, you may have had other car enthusiasts offer to buy it. They may have offered you a very nice sum of money for your car, too. In fact, it’s possible to make a lot of money with classic cars just by buying and reselling them. There are two different ways of going about this: you can buy and resell cars that are in great shape, hoping the marking value increases over time, or you can buy clunkers and restore them to their original glory before reselling them for (hopefully) more money than you spent on the repairs. There are pros and cons to both methods.
Collecting and Selling Classic Cars
If you love classic cars, you may start out as a collector. You’ll find cars that you absolutely have to have, and you’ll purchase them. Some may need a little bit of work, but overall, many collectors buy cars that are in mint or near-mint shape. But as time goes on, you may decide you have too many cars. Then you start selling some of the ones you don’t love quite as much as the others. This can be very rewarding because you may find that some of your earlier purchases are now worth a lot more than you paid for them. However, you do have to be careful. If the market falls out or if a car you thought was a great deal turns out to have some major problems, you may end up not making money back. You will also have to spend some money on upkeep. You can’t let these vehicles get run down if you hope to sell them for a profit.
Buying Clunkers and Repairing Them
There are a lot of classic cars that haven’t been properly cared for. Some of these may have sat in someone’s garage (or, worse, outside of someone’s garage) for years. You can often buy these cars for very little, but getting them back into good condition can take a lot of money. Some, in fact, may simply be lost causes. However, you can often buy these for parts and use what you find to repair other cars that aren’t as degraded. When it comes to selling them, you won’t get as much money as you would if you were selling a mint condition vehicle. However, even rebuilt, these classic cars can fetch a pretty high price at auction. It all depends on what car you’re selling and how good you were able to make it run.
Protect Your Investment
It goes without saying that you’ll want to protect your investments as you wait for the price to go up or to find a buyer. According to classic car experts, Leland West, you need to make certain that you have insurance on all of your cars, but more than that, it needs to be insurance for classic cars. Yes, there is a difference. With classic car insurance, you will get the value of your car if something happens to it, while with standard insurance, you may not.
Author Bio: Matt Robertson is head Honcho at Leland-West Insurance Brokers, Inc. This role consists of being an Underwriter, car insurance old car, Programmer, Writer, Janitor, Fireman and Boss. An avid racer, Matt’s credo is “will work for tires”.
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