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A Guide to Starting Your Exotic Car Collection - Henderson Edition

2024.5.31

by: White Wolf

Becoming a car collector is not an easy task. In order to become one you have to start somewhere. Here is some advice on how to begin and what to be careful about.

Define Your Goals

You have to ask yourself a few questions before defining goals. You can ask yourself if you would like to collect old classics or modern cars? Do you prefer both? Maybe you would like to focus on a specific time period or only one brand? Goals should be clear to you. They are important for a good car collection. Choice is yours and making sure picking what you like is most important.

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Research and Educate Yourself

Educate yourself and do a lot of research before considering buying your first car. You can subscribe to car magazines and attend car shows. At the car shows you will get a chance to speak in person with experienced collectors. Their information is priceless. The Internet and forums also present great sources of information. It is important to gain as much knowledge as possible before making any final decisions.

Set a Budget

Price ranges can vary. Cars can be relatively affordable or crazy expensive. It is important to set a fixed budget for your car collection. Do not forget to factor additional costs they appear with the car collection. Some of them are storage, maintenance, insurance, etc… With all the costs taken into account stay fixed to your budget to prevent any unwanted headaches in the future.

Start with Accessible Models

Being a new to car collecting starting with accessible models might be the way to go. A lot of exotic brands offer less expensive models. Starting with these models will help you gain experience and confidence in building up your car collection. 

Building Connections

Establish connections with different sources. Car dealers, collectors and auction houses just to name a few. Connections can lead to better deals, rare finds and receiving expert advice. Try attending car events and joining collectors clubs in order to expand your network.

 

Inspect Before You Buy

Thoroughly inspection of the car is a money saver. You do not want to end up with something costing more in repairs than you can afford. If not mechanically inclined, consider hiring a professional for pre/purchase inspection. Pay attention to wear, any previous damage and verify the history of the car.

Consider Storage and Maintenance

Your investment should be stored properly. Exposing it to weather impacts will cause harm to your precious collection. Consider a storage, big enough to comfortably fit your collection. In areas with extreme climates, like we have in Las Vegas, an HVAC unit might be a good idea. Maintenance is another thing to think about. Exotic cars often require special care and tools. A good mechanic equipped with knowledge and correct tools will be your best friend.

Insurance

Policy for your car collection differs from standard car insurance. Typically they offer coverage for agreed value meaning the car is insured for the full appraised value. Shop around, pay attention to the insurance companies specializing in exotic cars and find the best deal for you.

Stay Informed About Market Trends

Price of collectible exotic cars fluctuates over time. Staying informed about market trends enables you to make strategic decisions about when to buy or sell a car.

Embrace Diversity

Having a diverse collection of cars can be very exciting. If you do so, you can compare them neck to neck and experience the differences between them first hand. You can try mixing classic and modern, European, Japanese, American, different types of vehicles, etc… There are no rules, as long as you like it.

Have Fun

At the end of the day, collecting exotic cars should be a fun and rewarding hobby. Your passion for these cars will shine through and make your collection unique. Enjoy the process of hunting for your next car.

 

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