Hidden Costs of Collector Car Ownership

Hidden Costs of Collector Car OwnershipAs most owners are aware, classic cars are a labor of love. While they may require more maintenance and care than a typical vehicle, there are also hidden costs associated with these cars. Considering the following expenses before you purchase your antique vehicle will help to minimize unforeseen CT Collector Car Liability.

Investment Risk- Although any car collector is bound to be passionate about the process and acquiring cars he or she loves, viewing your collection as more than an investment is advised. As most classic car prices vary from six to seven figures depending on multiple factors, it is important that you are able to find someone who can afford to pay you more for it to make any money. Experts recommend using Barrett-Jackson car auctions as a source of gauging collector car sales.

Overpaying- Condition, age, scarcity, and original features all play a role in determining the price of a collector car. Having your potential new vehicle inspected and gathering expert opinions on the make and model can help to ensure you are not overpaying. Comparing pricing through reputable websites such as the National Automobile Dealers Association is a key tool in the process, as well.

Insurance- While these vehicles have the potential to be very expensive, insuring them is dependent on how often you drive it and how well it is maintained and stored. Not driving frequently and properly maintaining your collector car can contribute to lower premium rates. Further, finding a company who insures specialty cars is crucial to protecting your investment.

Storage and Upkeep- Adequately storing your vehicle in a protected garage is the most feasible option for shielding your car. Although these facilities can be costly, they often contain air conditioning, heat, surveillance, and battery charges. Dependent on the economy, the cost for this service will fluctuate. To avoid a rusting engine and seizing brakes, Bank Rate suggests starting up and driving them every so often to “exercise” your cars.

Repair & Restoration- Warranties don’t exist on classic cars, so researching the car and educating yourself on the maintenance costs are ideal. Further, oil changes, tune ups, and transportation for your vehicle can add up, especially if you plan to show it in completions and car shows nationwide.

At Byrnes Agency, we specialize in providing customizable coverage for your collector cars. We understand the risks involved with your passion and strive to provide comprehensive coverage to secure your investment. For more information, contact us today at one of our three locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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