The passion for vintage cars, has swept many countries around the world. Is it possible to make money on the restoration and resale of classic cars? Models, facts, cases of entrepreneurs and the specific amount – let’s sort it out together.
In the States, there are a large number of specialized ateliers and private amateurs who specialize in the restoration and resale of old cars.
And so on this wave it is quite reasonable to ask the question – is it possible to make money on the restoration and resale of old classic cars? Models, facts and specific amounts – let’s sort it out together.
The essence of the business idea
Briefly about how the business of retro cars (or oldtimers, as they are also called) can be seen on numerous entertainment shows on the Discovery or BBC. On camera, everything looks colorful and a little pathos – enterprising writers buy a rare wreck in the garage from the gray-haired owner and after numerous searches of spare parts in local dumps and suffering in the custom-atelier roll out the shiny sides of a masterpiece, which is then sold under the hammer for a tidy sum.
In today’s review, we’ll move away a bit from the usual format with the financial figures and give as an example of several cases of entrepreneurs already successfully working in this area. The fact is that both the investment, the efforts made, and the final income may very much depend on many different factors – from the car model to the experience of the entrepreneur.
So, having communicated with different people who have one thing in common – love for old equipment, you can make brief conclusions in the form of theses:
- Business on retro cars is not worth opening on the last or, especially, borrowed funds – the project may require far greater investment than originally planned.
- A niche in the market is still virtually empty. To understand the scale of similar projects, do not be lazy and get acquainted with the activities of major companies in the restoration and resale of retro equipment – you will be amazed! For example, the Byrnes Motor Trust Restoration Facility now «brings to life» about 400 iron «old men» of retirement age, and the company employs about 200 people! If you feel in yourself the strength and ability to start such a business – do not hesitate, in a dozen or two with a successful set of circumstances will be the market leader in Russia.
- Consider the business on the retro-technique is possible and not having a deposit of 6-7 zeros.
- Often, the possibility of making money can literally «lie on the surface» – do not be lazy to monitor foreign auctions for the purchase and sale of cars. The difference in technique in different regions of the world can be very substantial. Do not be afraid to think globally.
- In parallel with the purchase-sale restoration of old cars thrives business on the sale of spare parts for classic cars and all kinds of disassembly equipment. Investments in such a business is significantly lower, while the rates of profitability at times simply colossal. Affluent owners of rarity «iron horses» sometimes willing to overpay a lot of money for a part for your favorite, which is extremely difficult to find.
- Really big earnings on oldtimers are possible only in the long-term outlook. For this purpose you will need not only good understanding of old cars, but also to have a flair of investor. Then over several years you can earn millions. But that’s not certain.
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