Owning a classic car is not only something that can be a source of pride and something to satisfy your adoration of classic automotive engineering. Buying and maintaining a classic car can also be a significant financial investment. The value of cars generally drops over time, especially with modern cars that are mass-produced. This is because there will be so many of them, and nothing unique or special about one particular car versus another that came from the factory line. Whereas, with certain classic cars, their uniqueness and rarity actually cause them to appreciate in value, as the number of them will be far lower if they were hand-made classics.
These have become so popular as an investment opportunity that some people even buy part ownerships alongside hundreds of other people, taking a share of the profits if a sale is agreed upon. A classic car as investment falls under the category of alternative assets, similar to real estate, fine art, and even rare wines. Because your classic car is a physical object, however, you’ll need to find ways to properly protect it from damage, theft, and other risks that could befall it, leaving it worthless. Here are five ways you can protect your classic car today.
Document Your Vehicle
Your first step is to make sure that you regularly document your vehicle. What we mean by this is you keep up to date with any changes that you might notice, such as aesthetic scratches, changes in performance, and new noises that have been occurring when driving, for example. When taking your car out for a drive, note any issues you might be having with it, and take regular pictures of your car when checking it out so that you can refer back to previous images if you notice anything like a dent or a scratch. This will allow you to quickly deal with any issues early on before they develop into a worse and more expensive problem, such as having to replace whole parts of your car rather than repair them.
Insure Your Car
Sadly, it’s not unheard of for classic cars to be subjected to extensive damage, whether it’s out on the road or even where you expect them to be safe. There are countless problems that can befall your car that may be no fault of your own. You could get into a road traffic accident, in which damage will vary depending on the severity of the crash. Or something could go wrong at home with your car experiencing potentially extensive and irreparable damage from water, chemicals, or fire. This is why you should prepare for these moments, just in case, with some good quality insurance. After all, it’s better to have insurance and not need it rather than need it and not have it. A good quality insurer will pay out should your car sustain damage. While this won’t necessarily negate the emotional impact of your classic car being damaged or stolen, it will soften the blow financially, providing you with the funds to rectify the problem where possible. You can find specialised classic car insurance via lancasterinsurance.co.uk.
Research The Vehicle
Understanding all there is to know about your classic car is likely something you already strive to do. After all, most people involved with buying classics are often fanatical about collecting them and understanding how they work and were made. Doing your research is more than just something that’s a fun pastime, however. Getting a good understanding of the history of your car will provide you with better knowledge of things like replacement parts, how to install them properly, and what the car is supposed to look like for authenticity purposes. At the end of the day, many people own classic cars, but it’s arguable that there are very few that look exactly the way they are supposed to after being fitted with replica parts or being given a paint job that they’d never have had in the era they were built. The chances are that you’re going to want a classic car that looks as close to its true self as possible, and that can only really be accomplished if you understand the vehicle through and through.
Store It Safely And Correctly
One way in which you can keep your car as safe as possible is by making sure that it is stored correctly and securely. While there are no guaranteed methods to prevent any form of damage to your car, providing a secure area to keep your car away from the elements is ideal. A sturdy garage is a perfect place for this as it will reduce the risk of things like water damage if the room is properly sealed, and it will also reduce the risk of theft, especially if your garage door’s lock is difficult to circumvent. Of course, there are other methods you could use to store your classic car, including dedicated off-site storage in a specialist facility, but the chances are you’ll want to keep it at home to enjoy it properly.
Keep The Car Active And Well-Maintained
As well as keeping your car safe and protected from damage and criminals, you’ll also want to make sure that it stays in great condition. Leaving your car alone to gather dust is not as good for it as some might think. It’s more likely to develop rust, for example, if you leave your car stores away, as condensation could still get to it and damage the bodywork as well as the internal parts. Avoiding actually driving the car, whether through laziness or a general fear of damaging the car out on the road, will also diminish the integrity of the vehicle, especially the battery, tires, and engine. Certain parts that must stay lubricated to function properly will dry out, the battery will go flat, and your tires may lose pressure and develop flat spots due to having to resist the car’s weight on one particular area for long periods of time. Tires can also experience something known as dry rot, which can be prevented with some care. Dry rot can occur in a few different ways, including storing your tires incorrectly, having low levels of inflation, and even overexposure to sunlight. Tires with dry rot can easily fall apart while driving, increasing your risk of an accident significantly.
