If you are like me, you are probably thinking – why would someone need more than one car in their garage, right? Think about it, there is simply no way of driving more than one at a time! Obviously, the reason behind collecting cars is not for their practicality, but rather…. something else.
I have a friend who likes to say that we don’t buy a car for ourselves; we buy it for the neighbor, or whoever else is watching. The first time he mentioned it, it didn’t dawn on me how right he was. The more and more I think about the collector car market, the more and more I think about his words. Why do they do it? Out of passion? Love for cars? Are they just snobs or smart investors?
There are a lot of economic papers written on the topic of how wealthy people like to spend their money, and quite few analyze the psychology behind it, none of them however can give you a definite and generalized answer on why people collect cars. I believe that even though there might be some common ground for generalization on the topic, it is still extremely individual.
Just like when you are little and you want to have more than one car in your toys collection, you “drive” them, polish them, arrange and rearrange them. When you are an adult, and you have the means to go and buy as many cars as you want, why not do it? It is just as fun, if not more. After all if you have a taste for cars, you should know how hard it is to pick just one.
If you have been following our blog, you have probably noticed the article about “Ten of the most desired classic cars”, well one thing is for sure it wasn’t easy to narrow that number down to ten, imagine if you were to buy ten of the best cars in the world, how do you make up your mind?
May be that’s what it is, when you have the money and passion for cars, you cannot limit your choices. You might start buying cars based on power, or design, or even year, but eventually you would want to diversify them a little and that’s when a collector is born. You have probably noticed that many collectors open their own car museums at one point, some people think that it is because they like to brag and show off, I’d rather think that they just ran out of space…
When you take a look at the “Ten Biggest Car Collectors in the World”, one thing stands out – the list consists of ten MEN. I don’t think that the reason behind it is simply the fact that men are into cars, because plenty of girls get the shivers when a nice car passes by. If I could have a clothes collection and display it in a museum, I would be more than happy, however it is not a wise investment, at least not compared to investing in cars.
Not only that if you are able to choose wisely, you can get a great car that holds its value well, but you can also have it on display and it will slowly start paying you over the years. Of course, being smart is important when it comes to collecting cars, you cannot buy any old or rare car that comes along, simply because it is there or you got a good deal on it. When it comes to cars, you don’t want to get it cheap; chances are it’s not what it looks like. If you manage to get a good quality car, even if the condition is not that great, you have to make sure you have an original, at least then you know that it can hold its value over the years.
So, how can we understand the collector car market?
Maybe it’s not that easy. It all depends on how much you are into cars. However, think of something you love and can’t get enough of……No, I’m not talking about ice cream! Each and every one of us has something they want, now imagine there are thousands of options for it and you can afford it, would you think twice of whether you want to get it?
Some collectors do it just because they can, without any extra meaning put into it, others do it because it is trendy or gives them a certain status in society, but then we have those other kind of car collectors, who do it simply because they love it. They know every single detail about each and every car they own, as they know the fingers on their hands.
If money wasn’t the problem, would you join the collector car market?