Marc Spizzirri — Advice for Buying an Antique Car
For many car fanatics, buying a classic car is at the very top of their bucket list. Whether you’ve had your perfect vehicle picked out since you were 9 or began your love affair with cars later in life, there are many frequently overlooked considerations when buying a classic car. Marc Spizzirri, a Senior Managing Director for BRiley Financial holds more than four decades of experience in the automotive industry. Mr. Spizzirri has been the owner of seven franchised automotive dealerships, as well as the classic car dealership Family Classic Cars, featured on California Life. Marc Spizzirri’s love of all things cars has inspired him to share his expertise with other would-be collectors and enthusiasts.
An obvious tip looking for an investment grade classic, but still must be discussed for its significance, is the provenance of the classic car you are considering. Please be mindful that accurate and detailed records play a major part in both the value of the classic as well as its desirability. Find your vehicle’s paper trail and closely read it before your final purchase; you may be surprised by what you find. When purchasing a classic car, especially if purchasing from an individual seller, make sure the car is well-documented. Always ask if the vehicle has undergone any repairs and ask for copies of the receipts as proof. When buying from an individual seller, there are no ‘lemon laws,’ or protection from false claims by the seller, so be sure to double-check your investment as there will be no returns. Regrettably, many false claims are made by sellers. They may claim celebrity ownership, racing pedigree, concours awards and many other claims designed to increase the value of the classic. Do your homework.
When evaluating the investment quality of the classic there are many variables. Different collectors place varying weights on distinct collectible differentiators. Some only what original cars with original equipment. There are many different sources to run numbers for most classics and volumes of information on collector’s websites, videos and blogs explaining how to verify originality. The Restomod clan wants to see the classic body style with the most recent, high performance, creature comfort adornments possible. If you are considering this as an investment, make sure the new equipment is state of the art and avoid pedestrian makeovers. When it comes time to sell, uniqueness always raises value. Another notable and consequential variable is the production number of a particular model. Obviously, the lower the production the rarer the classic. The rarer the classic the more desirable to other collectors. Other value indicators may include transmission, body style, color and option package. It is always prudent to balance your preferences against the future collectability when purchasing a classic as an investment.
A classic car is an investment, pure and simple. With the proliferation of classic car websites, auctions, classic car dealers, television shows, blogs, etc. classic cars have become a valued commodity. This alternative asset class has been identified by some as the best performing asset class in the last 30 years. Collecting classic cars is a labor of love but be assured, there is labor involved. Old cars need care and can be unreliable. Know what you are getting into before you make your purchase. You will invest your time, money, and sweat. Notwithstanding these warnings, it has always been my experience that the reward is great and it is all worth it. Have fun!!
