It is 2016, and classic cars are everywhere. It seems as though you can't turn on the TV without seeing some sort of classic car auction or reality tv build show. Barrett Jackson and Mecum auctions are regularly shown on cable TV depicting cars selling anywhere from $30k up to several million! Shows like Fast N Loud, Chasing Classic Cars, My Classic Car, and Jay Leno's Garage have brought the hobby to millions of people who have never been exposed to classic cars, helping to increase the popularity of the hobby.
For the casual enthusiast and owner, this has helped increase the availability of aftermarket and performance parts. Mustangs, Camaros, Chevelles, and Impalas have an aftermarket part market that allows anyone to actually buy every part of the car. Theoretically, a person could whip out their credit card and order every part to assemble a brand new car from a parts vendor. While these non-original cars are beautiful to look at, they aren't the ones that sell at auction for hundreds of thousands of dollars. Only the rarest of the rare in excellent condition pull down the huge numbers seen on TV. But, that doesn't mean that a run-of-the-mill classic car can't be a good investment.
Ken Brauer listed 10 great tips for classic car investors that is a great starting point for anyone who is thinking about getting into the market for the first time. Ken's advice: do your research. Know what you are getting into before making any decisions and cut your losses if you get in too deep to make a profit on any single project.
If you are thinking about buying your first classic car for an investment, you'll want to get familiar with the popular price guides as a starting point. NADA Guides, Kelly Blue Book, and Hagerty are super helpful. Then, head on over to your favorite social network to what you can find out about the market for your particular car.
Still not sure if you're ready to invest in a classic car? Here's what other people are saying.
— SHILOWALTERWILSON (@Shilowilson) February 19, 2016
— Patrick Sanders (@1patricksanders) February 17, 2016
— Rprts (@_rprts) January 4, 2016
— Frank Driessen (@Egel27) October 30, 2015
— Crain's Wealth (@CrainsWealth) July 6, 2015