You’re actually seeing more car collections for really good reasons!
In my 15+ years of making car show boards, I’ve ran across several people that have some pretty impressive car collections. Some are just 3-4 cars that they’ve enjoyed through the years, and others that have 10+ rare and exotic cars that are extremely valuable. No mater the size or their rarity, they all have one thing in common. And that is a lot of people who see them walk away asking themselves “how in the world can they afford it?”. But surprisingly, it is very obtainable.
Looking at it from the proper perspective
I think in order to really grasp this, you need to look at it from an accounting perspective. Besides the values of the cars, the big factor is that the cars are assets. It’s not like you just blow 60k on a car, and the money just disappears. That money is still there in the form of a car and not in the form of a stack of hundred dollar bills. If times get tough, they can sell a car to pay the bills. This is probably why people get the misconception of people just “blowing money on cars”. Because in reality those cars still have value, and with the right car those values increase!
Letting it snowball
Theres a lot of people who have a car collection thats really based on a car dealership model. They are the people who buy a car, hold on to it for a few years, and sell it. Or they will buy a car, do a few repairs and then sell it. It’s all about profit. Yeah, they might hold on to a few that they can’t live without, but it’s all about turning a profit to invest into more cars, and letting it snowball. That’s probably 90% of what collectors do, making investments and sell for a profit at the end. And it’s usually the case that the ones that are successful have a longer list of cars that they can’t live without!
Enjoying what you’ve earned
But more recently you’re seeing a lot more retirees adopt a different model, which to them is more of a “It’s time to party” model. Say you’re in your 40’s-50’s, kids are out of college, and the house is paid off. You still got a few years of work left in you in a job that doesn’t suck, or your retired and have a decent pension. Why not take advantage of it? You’re seeing a lot of people re-morgatge their house, build their garage-mahall and throw 5-6 cars in it! And really with the low interest rates that we’re seeing it’s not really that dumb! You get your dream garage and the cars you’ve always wanted for under $1000 a month. I think anyone that could swing the payments would do it in a heartbeat! And above all you have assets to lean lean against if times get tough!
In the end, it’s not about how much money you leave behind, but how much fun you’ve had along the way! That’s why you’re seeing a lot of people taking their hobby of cars and taking it up a few notches! Whether your in it for making money or re-aquainting yourself with a few cars that you’ve driven in the past, having a car collection is really something that is obtainable. It’s just a matter of knowing what you want and what you can afford.