Taking The Leap
Hi Friends!
Over the past couple of weeks, we’ve been getting a large influx of calls and messages from people who are looking to purchase their first collector car. I love it when folks reach out to me like this. I very much enjoy the excitement that people express when they’re reaching out this way, I’m glad that they want us to be a part of that and I’m always excited for new people to get into the marketplace. This said, I tend to have the same conversation pretty frequently with folks like this, they oftentimes ask a lot of the same questions and at the same time, they also overlook a lot of fairly significant things that could lead to a very unfavorable and potentially unpleasant ownership experience. Of course, we don’t want anybody to come into this and then fail. We want people to get into collector cars the right way, have a great time and an awesome experience and not only continue to enjoy the hobby themselves, but to pass that enjoyment along to those around them, properly preserving this history down the line.
Here’s a couple of things to consider prior to purchasing your first classic or collector vehicle…..
1. What do you actually want, what are you trying to accomplish and is any of that actually possible?
This is the first thing that I ask anybody who reaches out to us looking for advice or looking for us to help them find a collector car. I would say at least 70-80% of the time, this question sort of catches people off guard. They have an idea of what they’re looking for, but they don’t actually know what that breaks down to in the real world. What engine are you looking for? How about your transmission? Do you have certain colors or options in mind? Why do you want any of this stuff? This is all pretty general and basic, but even little things like “do you actually fit inside one?” is something that gets frequently overlooked.
Additionally, you need to make sure that what you want actually exists. I’ll never forget, a couple of years ago, I got a call from a gentleman who was looking for a 1994 Ferrari F40 in factory Grigio Argento and under no circumstances would he consider anything else (something about the year he graduated from medical school and silver being his favorite color or something….). Obviously, anybody that’s done even a shred of homework knows that this is not a real car and it’s never existed anywhere in history. When I politely informed him of this, he threw several four-letter words at me, told me I had no idea what I was talking about and then told me that he was going to write a letter and complain about me to no other than Jay Leno (I wish I was joking). Point is, do enough research to figure out if it’s something that you can actually, realistically own and then know enough to be able to put together a check list of options that meet your expectations. This better helps you get the car you want and it keeps whoever is helping you from having to waste time throwing Hail Marys in your general direction.
It’s also not a bad idea to do a little data gathering and figure out how much what you want actually costs (for example, the gentleman mentioned above said he had a hard budget of $200,000 for this mystical Ferrari – even though at the time, F40s were trading hands at about a million dollars).
2. Owning a classic car isn’t like owning a new Toyota
Fun fact: Old cars do old car things. This means they break A LOT. From the perspective of a first-time classic car owner, be ready for it to happen either right after you drive it home or shortly thereafter. All old cars have gremlins that only an owner will experience and often collector cars sit for a few months prior to sale. Classics don’t like to sit and this can also lead to an exacerbation of issues that could likely clear up on their own, with a slight tune up or with a minor degree of use. Keep in mind that this is part of the charm of old cars. They are quirky, unreliable and they don’t come with a 3-year, 36,000-mile bumper to bumper warranty.
It’s also worth mentioning that old cars are generally poor daily drivers. If you’re not mechanically inclined or are inexperienced in the care and maintenance of collector cars, the stress of daily use on modern roads and with modern traffic can lead to significant expense, long down times and an overall unpleasant ownership experience. The idea of getting a classic is to love it, not hate it and people that tend to try and daily collector cars almost always have a really bad time with it (trust me on this one. I’ve done it, it was dumb and I won’t do it again). Make sure you’ve got your Camry or your 4-Runner lined up and ready to go before you decide to go out and pick up that big block Corvette that you’ve always dreamed of.
3. Most old cars are not fast
For many of us (myself included), we strike up mental images of things like a Ferrari Testarossa with a howling V12 when classic performance is mentioned. The crushing truth however is that a Testarossa does 0-60 in about five and a half seconds. This is actually quite a bit slower than that modern day, Ford Mustang EcoBoost rental sled that you splurged on when you visited your sister in Houston a few years ago. It’s certainly fun to envision yourself like Vin Diesel taking a ’68 Charger into space, but chances are, its going to take some real deal, actual rocket propulsion make that happen.
The rise in popularity of Restomods certainly speaks to the desire to have something old that preforms a little newer, but that can cost hundreds of thousands of dollars to achieve and more often than not, it still can’t keep up with newer offerings that are right off the showroom floor. If high performance is your primary motivation, buy a Hellcat, a GT500, a C8 or something along those lines instead.
4. Vintage cars feel different to drive
If you are looking for something tight and quiet with a spacious interior, great AC and 48-way power seats, most old cars are probably going to let you down. If you want to hear, see, smell and feel things when you drive there’s nothing like a vintage car. Old cars connect all your senses to a surrounding environment in ways that technology has all but eliminated. As people crave safety over experience, we also receive isolation. Of course, physical appearance, investment potential, history and coolness factor into why people want to buy old cars, but those shouldn’t be the exclusive angles.
Driving an old car is different and you’ll either love it or you won’t. Make sure you know which side you are actually on before you throw down your hard-earned cash and take that plunge.
5. Collector cars can appreciate, but they can also depreciate……. HARD
When was the last time you bought an awesome new toy, enjoyed it to its fullest and then sold it for more than you paid? It happens all the time with collector cars and sometimes with shocking profits attached. Take this with a bit of warning, however. It can go the other way ever faster. Of course, you initially want to buy smart, but if you can’t make a commitment to the maintenance and stewardship required to be a proper caretaker, it doesn’t matter how well you go in. It will become a financial liability.
I have a friend who’s a mid-century real estate specialist and she has a saying that also applies here: “Every great house is only one misguided owner away from becoming a terrible one.”
The same is true for collector cars and you don’t want to be the person that becomes that owner. Good news is, you can avoid this, there’s lots of great, knowledgeable mechanics out there and if you can do the work yourself, it’s rewarding and fun!
Admittedly, this seems like a list of reasons not to buy an old car. The reality is that old cars are impractical, expensive, unreliable and time-consuming. So why own one? Simply put, the reason you own a collector car is because you love it. Part art, part history, part therapist, part friend, old cars possess something that very few other things on earth can match. They have real soul, and it’s that soul that gets under your skin.
It’s that feeling when you fix something you didn’t think you could. It’s the way you have to have a seat near a window at the restaurant, so you can stare at your car the entire time you eat. It’s knowing that you are saving something wonderful for people in the future to enjoy, long after they can no longer enjoy you. As new cars become more and more homogenous and appliance like, this stuff gets underscored even further. I often say that despite the endless frustrations that have been thrown at me over the years by my Alfa Romeo, it’s like the dog. It stays….. period. Collector cars are love and that’s why you want one.
That’s it for this week…
Darin Roberge