Why you should add an American classic to your collection!
We’ve recently featured the incredible stories from one of our clients who has been collecting classic cars since the 1960’s. Throughout this time, he has amassed a huge collection of cars including great British classics, stunning Italian supercars and even owns a selection of cars and motorbikes from movies and TV shows.
However, our client is a big fan of American cars and thinks that these are often not a consideration for serious classic car investors. Here, we talk to him about his reasons for buying American cars and some of the things you might want to look out for if you’re considering American classic car ownership.
American Classic Car Ownership
“My passion for cars grew as I became more successful in my professional life. I was working in America as I have business interests over there, so it made sense to start a collection over there. I was able to buy a large warehouse and could choose a car to drive around when I went over for a work trip, which was typically ever two months. Sometimes, I take some time off and go on a road trip. The warehouse was a great investment and as I was going through a divorce and didn’t have anywhere to store my cars, it worked out well.”
“Many British classic car collectors disregard American cars. Granted, they aren’t as well built as European cars because they are mass-produced and you might say ‘thrown together.’ However, the parts can still fall off a Ferrari, they are just better built parts! Many British classic car collectors have disregarded American cars, but you shouldn’t underestimate the values because they have shot up and, in some cases, will continue to shoot up.”
“The 1955/56 Caddy Convertibles are now going for crazy money. The big old American cars are also getting very collectible. The Bullit Mustang is popular – I have one in my collection. That’s a few hundred thousand to find one of those. Also the Shelby Cobras are now worth a lot if you can find an original, but be aware of the many copies around, that’s why you need to do your due diligence when buying a classic car. If it’s not the actual car then it could be a look alike, so it’s worth taking care.”
“I also own a white Dodge Challenger, which is one of the four cars from the movie Vanishing Point. The Dodge Challenger featured in the roadtrip around America. I’m a huge movie fan, so I like to own cars from movies.”
“The Americans love nothing more than seeing a Brit driving one of their old classics – pony cars. I realised this when I was driving through downtown Dallas in my 1970’s Dodge Challenger, on a seven-lane freeway. I was at the traffic lights and the gear lever came off in my hand. I couldn’t move and there was traffic all around me trying to get past. Luckily, the police turned up and they loved the car, pushed it to the side of the road and then towed me to a specialist garage to repair it, which I think was above and beyond what they needed to do. I think it helped that I was British and driving an incredible American classic!”
“At the moment, I’m looking into a few early American cars from the 1950’s and 60’s, such as Stingrays, T-Birds and a Buwick Riveria because they are great looking cars.”
Arranging American Classic Car Financing
It’s clear that our client sees a lot of investment potential in American classics and we have seen a small number of Fast Car Finance clients purchase cars from the United States. However, there are a number of factors you need to consider in order to secure the funding.
Fast Car Finance has arranged classic car funding for several customer who have imported cars from the USA, including a 1962 Corvette C1 race car and a 1967 left hand drive Ferrari 330 GTC. Arranging classic car finance for cars located overseas is a more complex process because the car must be in the UK before finance can be arranged for it. If you don’t have the funds available to purchase the car outright, there are other options we can discuss with you, including refinancing an existing car or asset or arranging alternative loans. Our recommendation would vary depending on your circumstances, so we would suggest an initial consultation call with us if it’s something you are considering.
To find out more about car finance for American classics, call us on 01635 785400 or contact us via the Fast Car Finance website.
