This is part three of our Invest Smart series. In the first part we discussed classic car prices. In the second part we talked about what drives the market. In this installment we will explore investment strategies. Any type of investment requires research and careful thought. Whether you are investing in stocks, real estate, or collector cars, the approach is very similar.
There are three areas that you want to examine prior to making a purchase.
Provenance – This includes things about car regarding its care, such as records detailing who owned the car, where it has been parked or stored and how was it stored. You also wind to find out what kind of work has been don on the car as well as who did it. How much it has been driven is another important factor. Was it a daily driver or was it only taken out on the weekends?
Pedigree – This shows where the car came from and will have manufacturing information as well as the original purchase. You want to obtain original documentation on these items or at least certified.
Value – In this series we have mentioned that some cars wax and wane in popularity. Just like playing the stock market, you have to know which cars are hot and when. You should also have a good idea what is driving the market at any given time and have an idea of some projections for the market.
In our next segment we will talk about best practices for approaching an investment so check back!
At Woodside Credit collector car financing is what we do. When you are ready to purchase your car we want to be there for you. Investing is not a frivolous pastime and we take it as seriously as you do. Visit Woodside Credit’s collector car page today and see how we can help you add to your collection and make a wise investment.