HOWTO MAKE A SMALL FORTUNEWITH COLLECTIBLE CARS AS THE SAYING GOES, STARTWITH A LARGE ONE
(another $9,800), licensing and registration (at only $100 per year, that’s $4,900). Then, of course, cars fall apart even when they’re not driven. Rubber rots — tires, hoses, wipers, belts. Fluids turn to syrup, bearings seize, and gaskets degrade into confetti. Your collectible car has to be started at intervals and, oops, now it needs a fourth battery, and why aren’t the turn signals working? So, let’s add maintenance at, say, $500 per year, a fair estimate. At which point, to get that 1970 Boss 302 to a 2019 auction, an owner could easily have stuffed $84,770 into a car worth $68,000.
Investing in cars is like Russian roulette but with more to lose. The man who bought a $5,200 Ford Mustang Boss 302 in 1970 now sees the same car selling for $68,000 and regrets selling prematurely. Missed an opportunity for big bucks? Not really. For starters, $5,200 in today’s money is $34,249, but let’s not even factor that into the equation. Let’s instead consider the 49 years he had to pay for garaging the car ($2 per day equals $35,770), insuring it ($200 per year equals $9,800), insuring the premises
By John Phillips III
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