Cornerstone Insurance Agency Blog
How do collections start? It can start without you knowing. You may own something so dear to you, that you grow fond of its whole world. You then begin buying little by little until you find yourself housing an extensive collection.
One of the best car collections started because one man could not throw anything away. He kept and kept, and the collection grew into something significant. There are many ways a collection can start, but how can you make it sustainable and increase?
Make Up Your Rules
If you own three cars, you have started a collection. Now if you intend to add onto this, think about your next purchase. Determine what you will be doing with your cars. Will they be for use, display, or even for racing? What type of car will you be collecting?
A wide variety may not be the best idea. You may be well versed for a particular make or model, or even line. However, you can't be an expert for all marques. Remember, there will be a lot of maintenance involved, so pick a line that you are well versed.
Your reason for collecting can also be a factor in the choice of cars you will buy. For every new purchase, always think about how it will fit into your existing collection.
Finance and Taxing
I don't need to tell you that collecting cars will be expensive. It does not end with the purchase of the vehicle itself. You will also need to account for maintenance, upkeep, storing, fuel, and many more.
For rare cars, you may want to keep a few spare parts as well. Above all this, a quickly forgotten expense is taxes. Each car collection does have tax implications. Talk to a CPA on how to best manage this.
It's never early to start planning about your collection after you have passed. Look into options on how to transfer ownership and who will be caring for your babies once you have gone.
Beware of Fads
I would not recommend collecting based on what is hot at the moment. Do you remember when muscle cars were all the rage? Collect based on your passion. Determine the type of car that you are passionate about and base your collection on that.
Car collecting is an art in itself. However, there are many details and intricacies on how to best care for your collection. Talk to us about how we can help care for you and your cars. At Cornerstone Insurance Agency, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (888) 661-8831. Get your free quote today by CLICKING HERE.