How to get into the classic car industry
While they’ve always been popular, classic cars are having something of a surge right now – and there are several factors at play.
One of the main reasons for this is due to the pent-up demand since being released from lockdown, a trend that’s similarly driven up sales (and prices) in the standard used car market. In addition to this, there has also been a rise in online auctions, which have allowed buyers to snap up their dream vehicles at the click of a button. There has also been a notable shift in classic cars being fuelled by those with a passion for cars from days gone by, as opposed to simply investing in a classic car to own as a commodity.
Many more people will still be keen to get behind old-school wheels and enjoy a taste of yesteryear. So, if you’ve got an interest in classic cars, now might be a good time to get into the industry.
Attend classic car fairs
The classic car events calendar is back up and running after experiencing a couple of enforced quiet years due to COVID-19. And even now we’ve passed the halfway mark in the year, there are still plenty more classic car events listed for 2022.
Whatever events and locations catch your eye, you’ll get the opportunity to feast your eyes on a wide range of classic vehicles from different eras. Their owners will no doubt be more than happy to tell you all about them too, so you can really get to know their heritage, value and performance.
Wheel and Deal
The next logical step for any budding classic car enthusiast is tocommit to buying their own classic vehicle, before selling it on to make a profit. A restoration project will come cheaper than something that’s just had a fresh makeover and is ready to hit the road.
You will likely need to make repairs to your classic car before putting it up for sale. Often classic cars which need many repairs will be more difficult to sell, they imply the buyer will need to invest time and money into repairing the vehicle back to a working state, so it can be a good idea to ensure the car is fully functioning and looking great before selling. Similarly, classic cars in well kept and working condition can be more expensive to purchase, to spread the cost you could use a car loan to spread the total cost over a longer period of time. However, always ensure you are able to meet the monthly repayments on a car loan and accommodate your budget for the interest rate on the lending plan.
Speak to other enthusiasts
Whether you’re successful in finding your dream car right away or not, one of the key perks of the classic car community is meeting and speaking with like-minded people. Whether at in-person events or over online forums, there are plenty of ways to connect.
Being a part of these groups is a great way to find out about events and sales opportunities. You could get tips and ideas for restoration and maintenance too – as well as having potential buyers ready and waiting should you decide to sell up and buy something new further down the road.
Are classic cars fast becoming your new passion? Follow these tips to jump on the bandwagon.