For most people, a car is only a means to travel from one point to another. However, to some, it is a hobby.
The ultra-rich collect the most expensive, most technologically advanced, and newest cars in the market. On the other hand, a select few find beauty and charm in vintage cars, especially those that became the icons of previous decades and have now been phased out.
Love for Vintage Cars
A few celebrities are choosing to drive a 1933 Ford Roadster over a Tesla Model X. Academy Award-winning actor George Clooney, Grammy-winning musician Beyonce Knowles, comedian Jerry Seinfeld, and late-night host Jay Leno have all been spotted in restored vintage cars in the past.
Most of the time, people love vintage cars because they are eye-catching. Rarely will you see a Chevy Corvette, a car that was popular in the mid-’60s, cruising down the highways nowadays. When they are around, it is always a treat to see.
Moreover, they cost a lot of money, often more than the newest models currently available in the market. The most expensive classic car sold at an auction was a 1963 Ferrari GTO, a car that won the Tour de France in 1964. Only 36 of these cars were made and, despite their track record, they never crashed. A German collector named David MacNeil paid $70 million for the vehicle.
Classic Car Refurbishing
For a vintage car to be sold at such a high price, it must be well-taken care of. The most expensive have all their original parts intact and in great condition. That means the seats, carpet, pedals, and other features have not been replaced. Moreover, the mileage should be at the minimum. If it has been used a lot, the value goes down, just like any used car.
The older the car, the more expensive it will become. A regular Ford Mustang from the ‘60s, for example, that is in good condition can fetch upward of $20,000.
It can be a lucrative career to sell old cars to collectors, but it is also a lot of work. You need to be an expert in vintage cars to recognize them when you see them.
And, if you want to refurbish, you will need to learn how to repair all types of cars. Most old cars need a lot of work to run again. You will also need to acquire parts and equipment to restore a car to its original state. You pretty much will have to create your own shop complete with a tire changer machine, air compressor, battery charger, and others.
It is not a requirement. Some people who refurbish and sell a classic car do so with the help of a mechanic and an appraiser. But, there is a sense of pride and fulfillment knowing that you brought an old car back to life.
An important thing to remember: factor in the cost of refurbishing the car before selling. Besides securing the parts needed, you will also need to charge for the time and energy spent on it.
With that said, you would not want to pour all of your effort and resources into a vehicle that will be expensive to repair but will not fetch you good money for all the work that you have done. It is important to note which cars are valuable and which are not.
In-Demand in the Vintage Car Market
Despite the pandemic that saw travel in most places limited, the sales of vintage cars continued to happen. In the past, according to an automotive broker, people went ahead with private sales where priced classics were auctioned and sold.
And, in 2021, with life returning to normal, sales of vintage cars are expected to also rebound. Bloomberg recently published a “Bull List” of cars that experts believe will double in interest and value in the next couple of months.
One of the cars mentioned was the 2011-2012 Lexus LFA, one of the supercars that Toyota has made. It is a two-seater with a 552-horsepower V10 engine and can go more than 200 mph. But, its exterior is what makes it so special. It looks like it drove straight out of a video game. Despite its age, it would not look too out of place in the present and the future.
The Volkswagen Vanagon Westfalia, the icon of the hippie movement of the ‘60s, is also, once again, popular among the hipster crowd. It was the car that started the “van life.” It is a roomy and practical vehicle that passengers can use to sleep in and, of course, travel the open road.
Hunting, repairing, refurbishing, or selling old cars is an interesting hobby, and it can be a source of income for those who know what they are doing.