If you have been following our blog, you know the great information Rick Drewry has been sharing with us about collector car insurance, and his personal experiences with restoring cars. As we promised earlier in the week, here are some great tips from Rick on choosing the right car to restore.
So if you’re new to the restoration game, or if you’ve been at it for years but just can’t seem to get the upper hand, these great tips can help you make the most out of your restoration job:
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When you’re looking for a car to restore, don’t jump in with the first car you find. Take your time and plan the details before making your purchase. You’ve wasted your time if you find out you’ve purchased a car that no one in your area knows how to fix, or if you’re sinking your money into a car no one wants to purchase.
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Don’t buy what’s known as a “belly button” car (meaning, everyone has one), unless you get a great deal on the car or if you plan on keeping the car and never selling it. Rick said the market is absolutely flooded with first generation Mustangs and Camaros, as well as the tri-fives (’55, ’56, and ’57 Chevys).
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Your best bet at a restoration may be for something unique. Look into purchasing a street rod or a custom; something you can customize and add a lot of power to. Often the largest returns come on the cars that have no twin.
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Some of the most beneficial returns also come on vintage and luxury cars. Vintage Ferraris and Pro-Touring Corvettes are currently very hot auction items. Yes, they can be expensive up-front investments, but it’s not very often that one of these cars doesn’t double or even triple a return.
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Don’t shy away from buying a partially restored car! Sometimes you can find a car whose owner couldn’t finish it, and get a great deal in the process.
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Remember that your homeowner’s insurance does NOT cover the items in your garage! Especially when you are in the midst of a restoration and you have parts laying everywhere, you homeowner’s coverage is not responsible for any of those items.
The most important thing you can do to save money and even make money when you’re working on a restoration is to secure a quality stated value policy that will cover any parts and pieces included in your restoration. Once you get your restoration near its finishing point, you can upgrade to an agreed value policy and make sure the full worth of your car is covered, no matter what.
Call Classic Auto Insurance today to make sure you have the right coverage for your classic car. The collector car investments you’ve made can be wiped away in an instant without the right coverage. All it takes is a garage fire, a flood, a tornado, or even some vandalism to ruin everything you’ve worked hard for. Don’t let your investment go down the drain; put Classic Auto Insurance in your passenger seat and let us protect you while you drive!
