A recent article put out by CNN money, Cars: Flops then, collectible now, explores the world’s fascination with classic cars. The hobby of collecting these classic cars has been on the rise, and true collectors first and foremost love their cars, secondly they view them as an investment. CNN looks at cars that have become collectibles despite their failure in the public’s eye at the time of their release. In the late 1950’s Ford spent almost $400 million developing cars, in 1958 Ford released the Edsel line, hoping it would fall in between their Mecury and Lincoln cars. At the time Ford only sold around 100,000 cars, not even bringing in enough profit to break even. In all accounts the Edsel line was a failure. Today though Edsels in good condition can go for over $100,000, making it very desirable among car collectors.
CNN goes on to name a few more cars that were considered to be some of the automotive industries biggest failures during their time. All of these cars are now being highly sought after by car collectors due to their rareness and unique body types. One car we may all be familiar with is the Delorean DMC 12, the iconic car used in the Back to the Future films. Although the Delorean was a staple in one of the hottest movie series of the 80s the car was underpowered and overweight, creating problems for owners who purchased the car in hopes of getting a glimpse into the life of Marty McFly.
According to Private Wealth, most car collectors start out as teenagers tinkering with and repairing old cars in their garage. Rob Myer, CEO of RM Auctions recommends that before taking the plunge and investing in a classic car it is important to research exactly what you are purchasing. Focusing your collection on well-known cars helps to maintain your collections value. Cars such as the Aston Martin, Ferrari, and Duesenberg are household names and have a large support network in the classic car world. Myers also believes that is important for the owner to know the history behind their car, each car has a story, which is what makes that car unique. After you’ve done your homework and purchased your car you will want to insure the vehicle, with a trusted insurance collector that specializes in policies for collectible cars.
When researching where to store your classic car, consider investing in a car self storage unit. These enclosed garages are a safe and convenient place to store your classic car. Choose a storage unit that is climate controlled, to prevent the vehicle from rusting or molding. You may also want to invest in a car cover, which will keep your car clean and scratch free. Look for a fabric that will allow the car to breathe and air to circulate, such as a cotton flannel fabric, which will also be gentle against your car. Here are some more tips to help you placing your car into vehicle self storage.
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