Today, antique cars in South Florida are a precious jewel. For many people, owning a classic car in Florida is a pleasure and a fortune because diversity is in its design that will not return. The resistance and style make classic cars in South Florida a highly prized by collectors and lovers of classic pieces.
The correct restoration of an antique car can make it reach a value of up to a million and a half dollars in the collector market. The Barrett-Jackson index shows that classic cars can generate cumulative returns of 10 per cent per year. Therefore, if you are thinking of investing a large sum of money in a classic car, below we will tell you what the main advantages and disadvantages of classic cars in South Florida are:
How Much To Invest And Wait?
Before you rush to fix any “clunkers,” you need to know all about the antique carsand classic cars in South Florida.
Classic cars are always going to have a higher cost than any vehicle of the same brand, simply because of their special manufacture. Some cars from 1928 to 1940 are classics, but usually have certain characteristics. The investment amount depends on the size of the interested party’s pocket. There are classic cars in South Florida that have a high value regardless of the year, depending on the make.
Buying a Rolls Royce is usually expensive. On the other hand, a Volkswagen of the latest edition is inexpensive, today it has a value of 115 thousand to 120 thousand dollars, and they are highly desired.
Therefore, what is the investment trick?
The trick is to buy a complete car, preferably with intact parts and whose restoration may be minimal. The price will likely remain acceptable. However, an exclusive manufacturing brand requires spare parts ordered or made while maintaining a high value in the market, but with a large investment. Restoration can take three or four years, with an investment of one and a half million and give a return of 3 to 5 million in some cases. Cars from brands as if Ford and General Motors can reach a good resale value but in ten years.
TIPS:
- Investigate
All investment requires knowledge, so experts recommend extensive documentation on the subject.
- Make a budget
Consider that classic cars require much more investment than just a vintage car.
- Beware of deadlines
An investment in this type of asset is long-term. Do not expect a return before ten years, so take into account the time and investment amounts.
- Additional costs
Garages, maintenance and insurance expenses keep your investment afloat.
Advantage of buying classic cars in South Florida:
- Exclusivity and customization
The exclusivity of these vehicles is undeniable since it is clear that there are not many vehicles of this type that travel through the city, which makes them the focus of all eyes.
- Insurance price
Some insurers offer lower prices than usual for this type of vehicle, due to its age and mileage.
- Some standards do not apply
Some standards do not apply to these vehicles due to their design and internal operation. In other cases, these are a little more flexible when the model requires it, for example, concerning polluting gas emissions.
- Older means a higher price
The older the vehicles are and if their condition is good, they usually cost more.
Disadvantages:
- Circulation requirements
There are special requirements for this type of vehicle, and they must all remain up to date to circulate naturally.
- Costly maintenance
Due to the age of these classic cars in South Florida, finding original spare parts repair and maintenance costs are usually a bit high.
- Traffic limitations
Due to its size and design, driving on very congested roads can be complicated, since the bodywork of these is usually wide and very rigid.
Time to close the deal
If so far, everything has gone well; the only thing left is to try to negotiate the price of the car and close the deal. Review the conditions of the contract and, especially the guarantee part. The clearer everything is before signing and paying, the fewer problems you will have afterwards.