While a challenging financial and economic landscape may mean that the concept of investing remains alien to some, there are some markets and assets that offer sustained profitability for individuals. Take the classic car market, for example, which recently hit the headlines after the historic Rolls-Royce 20hp Laundaulette used in the hit series `The Darling Buds of May` sold for an impressive £63,000 at a Duxford auction. But how can you value and maintain a classic car over time? Here are some steps to keep in mind:
#1. Store it Inside a Garage (Especially During the Winter)
Let`s start with the basics; as the cold weather and winter months can bring harsh conditions and heavy rain that wreak havoc on your car`s condition.
So, it`s imperative that you safeguard your vehicle from such elements, ideally by storing it in a private and secure garage between the months of November and February.
This will help to prevent your car from developing rust patches, while also avoiding the impact that cold and freezing temperatures can have on oil, antifreeze and transmission fluid.
#2. Check the Fluid Levels and Insure Your Car
Being proactive is crucial if you`re to protect and maintain your classic car, and with this in mind, you should take time to check the vehicle`s fluid levels on a regular basis.
In instances where fluid levels are low, you should also avoid switching on the ignition unnecessarily. The reason for this is simple; as it can cause catastrophic engine damage and completely undermine the value of your classic vehicle investment.
On the subject of being proactive, you should also consider investing in classic car insurance. Investment is the right word to use here too, as this will help to safeguard your vehicle in instances where you continue to drive this and take it out on the road.
Interestingly, if your classic car is 15 years old, it may receive reductions in policy price depending on its condition and how it`s driven by the owner.
#3. Run the Engine Frequently and Clean the Car After Every Drive
So long as your car`s fluid levels are adequate, we`d also recommend that you run the vehicle`s engine every couple of weeks or so (particularly if you don`t drive it frequently).
This certainly helps to recharge the car`s battery and enables its various fluids to circulate through the engine, while once again this can prove to be particularly beneficial during the winter months.
If you do drive the car frequently, you may notice that it becomes quite dirty in a relatively short period of time.
To negate this challenge and keep your car`s exterior (and interior) in good condition, ensure that you clean it after every drive and remove any excess dirt or debris.