In Part One of this series, we reviewed the difficulties of assessing the value of a Classic based on limited knowledge and price guides alone. The conclusion? It's impossible. Yet we continue to observe the majority of owners discounting the importance of creating a vehicle dossier. Even more critical, this increasingly important necessity remains widely ignored by buyers.
In a previous post we featured a visit to Jay Leno's Garage, where he reminded people, "No, you can't restore a car in five days. It takes months, sometimes years." The reason TV shows continue to pretend "weekly restorations" are reality, is because it's TV. But they are doing a fine job of entertaining us, which is the objective. Fortunately they are also educating us on the pitfalls of buying a Classic without reviewing the details.
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| Example of an "eight day restoration" using body filler and old license plates |
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| Similar Mustang on Day One |
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| Similar Mustang on Day Eight |
"Let Me See Your Papers!"
Unfortunately, these two Classics fall into the disposable commodity category. There are no photos, no history and the "restoration" is undocumented. Although it may have also been scripted, the new owners demonstrated a common purchasing flaw, the "impulse buy". Based mostly on emotion and rapid completion of their acquisition. Had documentation been brought into the negotiations, it is very unlikely the above scenario would have concluded with the same results.
Educating the Buyer AND Seller
Spokespeople from the UK's Silverstone Collector Car Auction provide guidance to search for and acquire a Classic. A purchase that can be both an enjoyable hobby item and appreciable asset. While they focus on the buying process, they are also informing current owners what to do in preparation for a future sale; collect, organize, manage and protect your Classic's history and documentation.
"Any car can be restored, but a history file can never be repeated. It's always important to spend time looking at the documents."
Paul Campbell, Auction Manager Silverstone Auctions
"No purchase should be carried out without completing some due diligence. You need to understand what you're buying. And in the case of a car, you need to understand the strengths and weaknesses of the car you're looking at. Do your research beforehand."
Unidentified Spokesperson
In Conclusion
Owners ignoring the need to create a dossier of their Classic and the education provided to tomorrow's owners, that the value of a Classic is heavily weighted by the accompanying documentation, are creating unnecessary negative conditions:
- Permanently erasing automotive history
- Reducing the importance of your stewardship as a Collector car owner
- Decreasing the desirability of your Classic
- Diminishing the asset value of your investment
- For the owner-How to properly document a Classic, then manage the history within a secure and well protected environment.
- For the buyer-Put emotions aside, ask the right questions and confirm it's a "Registered Classic™"
What's the Value of My Classic? - Part Two - Investment or Commodity
What's the Value of My Classic? - Part Three - Restored or Preserved
What's the Value of My Classic? - Part Three - Restored or Preserved
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