Edward Paul Patella Provides Tips for Investing in Classic Cars
Edward Paul Patella loves collecting cars and believes classic car collectors provide a tremendous historical service. They restore older vehicles that would be lost to time or the junkyard and make a little money along the way. Those interested in this investment must follow his advice to get ahead.
Getting Into Car Collecting: Advice From Edward Paul Patella
The first step to consider is what kind of cars are worth collecting. Edward Paul Patella states that most old cars are worth little more than the price of metal. Remember the golden rule of antique collecting: old doesn’t always mean antique. Sometimes, it just means old. How can you tell if a car is worth collecting? It needs to create an interest in potential buyers.
For example, a 1955 Ford is old. But what about it is worth collecting? Was it a rare car produced in limited numbers? Is it highly desirable from collectors due to its unique design element? Did it get showcased in movies or films? Just think of James Bond’s classic Aston Martin. Though a beautiful car, it’s often highly sought after due to its connection to this movie series.
Next, you must know why you’re getting into classic cars. Do you want to make fast cash? Most people collecting cars don’t make a lot of money very quickly. In a sense, classic cars require a waiting game. You need to give them time to age, like a fine wine. As other similar vehicles are purchased or age out, rarity rears its head. In this instance, you want your car to be rare to drive up its price.
Therefore, Edward Paul Patella strongly suggests protecting your car with climate-controlled garages. These garages keep your classic cars at room temperature (70 degrees Fahrenheit) and minimize excess moisture. Storing them in this way helps to reduce rust and other types of damage. Beyond that, it helps to keep the original body more vital. Avoid adding new parts, if possible, to keep the value high.
That said, restoration costs must be spent. Find a specialized mechanic who restores classic vehicles like yours. They’ll utilize various steps to improve your vehicle without adding new parts. These include upgrades to the paint, extensive electrical wiring, and much more. To get the best results, a classic car should look as close as possible to its original state, Edward Paul Patella says.
Lastly, buying more than one classic car helps improve your investment possibilities. Think of your vehicles like a stock or a financial investment. Would you put all of your money into one company and hope for the best? Of course not. It would help if you didn’t do the same with your classic cars. Some people buy hundreds of classic cars for their collection. You might not need that many, but more than one classic car is essential.