This is a follow up to the conversation Jim, Chad and I had for So You Want to Buy Your First (Old) Car. I wanted to expand on a few thoughts I had based on that discussion.

For the first collector car: Keep it relatively modern and pick a popular model — if one strikes you. (Check out our discussion with guest Nick Jaynes for our thoughts on specific cars to start your classic-car journey on.)  There will likely be more general knowledge and a greater parts supply from you to draw from. Buy the best example you can afford. Keep up with the paperwork.

You can get more complicated with subsequent cars as you gain experience. Think starting with a Volkswagen Beetle and working up to a Bugatti Veyron.

Two things to understand before you do anything else: 

• Entropy is inevitable. 
• Insurance is not optional.

Entropy: Parts degrade and fail through use and non-use wear items were meant to be replaced. Life is a battle against entropy; welcome to the universe.
Insurance: The only optional part is the terms to which you agree. Collector-car insurance policies are not for every-day driving. Regular insurance does not value your car the same way as collector-car insurance does.

Do Your Research!

• Learn everything you can find about the model and make — if you want to be a nutjob.
• Search or decode the VIN.
• If you’re paying what you feel is a substantial amount, and there is time, get a professional inspection. This can be leading up to the auction or when you start talking with the dealer. It’s harder to do this for online sales and random Joe Blow sellers, but it is not impossible.
• Do the math: What are your annual upkeep costs? You might also want to figure in that they’ll increase every year.
• Where is the maintenance getting done? Where are the repairs getting done? How much can you reasonably handle?

Biggest Question: Why?

• Why do you want a collector car? Is it for you? Is it to possess? Is it to experience? Is it an asset class acquisition to increase in value?
• Are you trying to be cool? Pretty sure trying defeats the purpose.

Next Biggest Question: Where?

• You’ve gotta have the space to store things. Ideally, it’s covered by roof and walls.
• The further you live from where your car resides, the more difficult it will be to enjoy it, work on it or show it off.

What to Ignore:

• It’d be nice enough to afford anything and everything, but few of us ever reach those heights. Remember just having one collector car is a commitment way beyond having a regular daily driver.  An old car shouldn’t be your only car.
• Ignore the bullshit about how you’re not a collector until you have four cars or whatever such nonsense. Or that a “collector” is one with a high-end, photoshoot-worthy grouping of cars. Those are attempted gate-keeping attitudes by folks with so little control over their own existence that they try and force these absurd notions on others so their perceived place in their tiny world seems secure.
• Somebody thinks that your car is basic, lame, common, has no rizz, whatever. Who cares? They don’t own it, you do. 

How to Keep It Appropriate:

• Don’t take a clean, stock SS, STi, or HEMI and chop it up for a weekend racer. Take a rusted beater to build up.
• Avoid JC Whitney junk; same with the shiny parts from the parts-store aisle. It screams bargain-basement investment in your car. Those who know will know.
• You might not want to drive something to the doctor’s office with open headers or no roof in a rain storm.

DO NOT FORGET: This is all for you, and possibly your family or those closest to you. Have fun, keep driving forward, and we’ll see you out on the road.