There is something so thrilling and nostalgic about taking a ride in a classic car. According to the American Collectors Community, a classic car is one that was manufactured before 1990 or more than 20 years old. Classic cars can often be confused with vintage or antique vehicles, which have different manufacturing time frames. Your state law may have a specific manufacturing time frame for a car to be considered a classic. Price and insurance vary with each type of collector car. It is important to know the distinctions between the three types before you move forward with collecting.
So why go through the trouble of fixing up or buying a classic car? You may want to do it to fulfill your teenage dream, or you may have the urge to start a project to restore a rundown classic. You may be interested in the classic car events held in your town and to socialize with others. There could be an investment benefit to collecting a classic car, or you may want to pass it down from generation to generation. Whatever the reason may be, here is why you should go for it.
Teenage dream fulfillment
You may remember growing up and staring out the window as your neighbor started up their Ferrari F355. Since that day, you told yourself you would have that car. Fast forward to your retirement, and you now have the money to purchase one of your all-time favorite classic cars. You can check out several online sites to help you find classic car sellers. Once you find the one you have been dreaming of, you can purchase it and cruise around town.
If you enjoy working with your hands and restoring broken down things to their original state, you may think about purchasing a classic car. Since classic cars are at least 20 years old, they are likely to be a little beat up if they were not kept in mint condition. If you combine the urge for a restoration project with a classic car like a Dodge Viper GTS, you may have found the perfect way to spend time during retirement. It may take some time to get the car running like it is brand new, so this project will keep you busy. Working with your hands can also increase your mobility and coordination.
The classic car events may spark your interest in trying the car collecting hobby. It can be a great way to spend your weekend parked with other collectors and socializing as bystanders admire your classic car. You can even participate in your town’s parade during the summer. Socializing in retirement is critical for your mental health, and these car events can help give you a purpose and keep you active.
Classic cars can also be an investment. If you have some extra money put away and desire to own a McLaren F1, it can bring some excitement into your life for a short time until you sell it. If you don’t need to spend a lot of money on restoring it, there could be potential profit.
Pass down to generations
Owning a classic car can be something you eventually pass down to your children and grandchildren. You may purchase one and have a family project in restoring it, then pass down and keep it within the family. It can be something your children and grandchildren can enjoy in the future.
If you have the time and money to put forward on a classic car and it has been a dream for you to own one, retirement can be the right time for it. You can take the time needed to restore it and even show it off at local car events. Your children, grandchildren, or friends may grow a similar interest and help with the project.
Danielle Roberts is a Medicare expert and the co-founder of Boomer Benefits, a licensed insurance agency that helps baby boomers navigate their entry into Medicare in 48 states. She and her team have helped more than 50,000 Medicare beneficiaries make their transition to Medicare at retirement. She is also the author of the best-selling book 10 Costly Medicare Mistakes You Can’t Afford to Make, which helps beneficiaries avoid critical but all too common Medicare pitfalls. Danielle is a member of the Forbes Finance Council and a past president of the Fort Worth chapter of the National Association of Health Underwriters. She now serves on the state board as its Medicare chairperson.