Starting a Car Collection? Consider these Tips
While many people desire to have a car collection, only a few get to achieve it truly. There are numerous reasons car enthusiasts fail at building their collection. One of them is the lack of proper knowledge when it comes to collecting cars. Gene Bernshtam, a real estate investment and development professional, is an accomplished car collector. On this blog, he shares a few tips on how to get started.
Before acquiring the first car for your collection, know why you want a collection. Is it for display or investment? Don’t be afraid to ask yourself hard questions. Keeping a fleet of classic cars requires commitment, patience, resources, and more. Define the space for the collection. Proper storage matters as this will potentially protect a car owner from spending too much on maintenance. Gene Bernshtam reminds his readers to carefully consider the logistics of the storage for the car collection. The dedicated area must be close to a collector’s home, well-maintained, and can be accessed easily by the collector in case of emergency.
Pick a focus for your collection. Car enthusiasts generally choose to collect cars manufactured by the same maker or cars that are built from the same era. Knowing exactly what kind of cars to collect will add more value to the collection. Connect with other collectors to receive credible technical advice about the starting a car collection. Building your network in the car world is always a good idea. Longtime car collectors know a thing or two about the best shops and the best deals. While personal research and study matters, belonging to a group with solid collectors has invaluable benefits.
Know your commitment level. With a car collection in mind, and with advice from expert collectors, it’s time to know just how hands-on you want to be. Employing a professional mechanic to maintain a collection will certainly cost more, but being a DIY collector can be time-consuming. When purchasing cars, know where the cars have been. Every accomplished car collector knows the importance of provenance. Clear provenance provides a collector the information stating where the car has been, what kind of maintenance has been done on the car, where it was stored, and which parts are still original. Every detail about the car is a consideration. A reminder from Gene Bernshtam: Set aside enough money for maintenance—keeping a car collection in top shape means going above and beyond the usual tune-up.
Gene Bernshtam is a CEO, commercial real estate developer, investment professional, and car collector. To know more about Gene Bernshtam and his interests, visit this blog.