Today’s collector car hobby is not just alive and well, it’s growing. As the hobby continues its steady growth, the number of cars available increases slightly, as more cars are discovered and restored.
For some time now, the supply of quality cars hasn’t been able to keep up with the increased demand that comes with a growing hobby. As a result, finding and buying the right car is often the most challenging aspect of the hobby.
But it’s also a lot of fun.
The quest for a vintage car can be local, nationwide or international in scope. What’s more, there are more ways than ever in which you can acquire a vehicle, each with its own set of pros and cons. Here’s how they generally stack up.
PRO: Intimate knowledge of the vehicle for sale, probably has owned it for some time.
CON: Might be too emotionally attached to the car, which sometimes creates unrealistic expectations of the car’s true value given the current market conditions.
PROS: Knows the market very well and is able to bring the car to market at today’s value. Typically very skilled at finding good cars.
CON: Such expertise generally means you’re unlikely to get any vehicle “at a steal.”
PROS: Large selection of cars. Possibility of winning, getting a good price. Fun atmosphere.
CONS: Possibility of buying vehicle with more needs than anticipated due to limited viewing time and inability to properly inspect. Getting caught up in “auction fever,” can cause you to overpay.
PROS: Great source of vintage automobiles. Convenience of viewing vehicles from your home or office.
CONS: Difficult to thoroughly understand what is being purchased. Sellers in many online auctions might not have the necessary level of knowledge and/or experience within the hobby.
PRO: Fantastic source of vehicle prospects.
CON: Limited information that dictates buyers must do due diligence.
PRO: Ability to experience the vehicle in person.
CON: Limited selection makes finding rare cars a challenge.
Long Distance Purchase
PRO: Much broader array of choices creates opportunity to acquire a better car.
CONS: May require travel, not to mention the additional logistics and cost of shipping your purchase.
Of course, if you have further questions about the car acquisition process, you can always reach out to Mark, Shawn or anyone at Hyman Ltd. by calling 314-524-6000.