Investing in vintage cars can lead to financial gain when done carefully, and you can drive your investment around to impress your friends.
"The No. 1 reason you should be buying is because you truly enjoy the classic or vintage cars," says David Schultz, executive director of the Glenmoor Gathering, an invitation-only car show in Canton for the best vintage autos in the country. "If you are buying a collector car as an investment, I strongly advise you to do your homework, just as you would in any other investment that you would make.
"It's much more fun to drive a '31 Bentley than gaze at stock certificates."
Car investing draws many parallels to investing in stocks. Certain cars get hot, everyone chases them, the price goes way up, then the bubble bursts. Other cars steadily rise in value with little fanfare, and some only have value to a select few who can appreciate their inner beauty.
"There are speculators in the vintage car hobby just like in other investment fields," says Schultz. "Do your due diligence. If it's a restoration, then check out that the restoration done is authentic and thorough."
If you enter the vintage car market, do it slowly, with a lot of information in hand. Avoid going to a car auction and making an impulse buy because you like the look of the car. Schultz advises that if you don't have time to research a car and have it checked out, hire someone to do it for you.
"You might find out it's a Frankenstein car," says Schultz. "Maybe it has the wrong engine in it, or maybe the body and interior have been restored but the engine and drive train have never been touched. Maybe the body has been removed and had a reproduction body put on it.
"Also, consider what the car was when it was new. If it was a lemon when it was new, it's probably a lemon today. What was the reputation of the car when it was new? Showing up at an auction with a checkbook and no homework is not the way to buy a classic car." How to reach: David Schultz, (330) 966-3600
If you ever wanted to see an art show on wheels, check out the Glenmoor Gathering Sept. 14 at the Glenmoor Country Club in Canton.
The event features 200 vintage and classic cars from manufacturers around the world, along with gourmet cooking demonstrations, an automotive art exhibition and a vintage pedal car display. Hours are 10 a.m. to 4 p.m. and tickets are $10.
Featured cars include:
* The only surviving 1963 Chrysler Turbine in running condition
* A unique 1932 Lincoln KB Speedster
* A 1955 Mercedes-Benz 300SL Coupe, the first passenger car with pure fuel injection and featuring the famous gull wing doors
* The original 1909 Ford Model T Racer that was the winner of the 3,000-mile New York to Seattle race in 1909
* A 1927 Stearns-Knight Roadster built by the F.B. Stearns Co. of Cleveland
* A 1962 Plymouth Belvedere Super Stock 413 Max Wedge, one of the scarcest muscle cars ever built
* An 1899 Freedonia, a pre-production prototype model that is one of the earliest Ohio-built cars in existence today
* A 1911 Rolls-Royce Silver Ghost
The event benefits the Canton Community Clinic.