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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Are you passionate about cars? Are you interested in collecting, rebuilding, racing,

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Speaker 2: or showing them? Have you ever considered having more cars

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Speaker 2: than you could reasonably drive in a given week or month?

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Speaker 2: Classic cars have been appreciating rapidly, and if my emails

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Speaker 2: or anything to go by, quite a few of you

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Speaker 2: have caught the fever. If you've ever wondered what it's

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Speaker 2: like to build and own a car collection, well then

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Speaker 2: I have the perfect guest for you. Hannah Elliott is

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Speaker 2: the supercar reviewer for Bloomberg. She's been covering cars, the

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Speaker 2: auto industry, and exploring car culture for over fifteen years.

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Speaker 2: She also drives in nineteen seventy five Rolls Royce Silver Shadow.

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Speaker 2: So Hannah, let's start broadly. How does a person who's

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Speaker 2: passionate about cars find themselves with a collection. Is this

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Speaker 2: an ill advised idea?

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Speaker 3: That's a great question. I think the quick answer is no,

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Speaker 3: it's not an ill advised idea. If you like cars

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Speaker 3: and you want to have joy in your life, buy

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Speaker 3: an old car, buy a vintage car. It's fun. Now.

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Speaker 3: If you are hoping to that this is going to

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Speaker 3: bring you a lot of money along time down the road.

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Speaker 3: Probably not the best investment class, but there are a

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Speaker 3: lot of other values that you get from owning old

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Speaker 3: cars that aren't just about the money.

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Speaker 2: So, since you brought up the money, what separates a

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Speaker 2: passion project from an asset class for the average car

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Speaker 2: guy or car gal? Is this a hobby or is

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Speaker 2: this an investment?

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Speaker 3: For the average person, this is a hobby for sure.

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Speaker 3: There are a lot of expenses associated with owning old

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Speaker 3: cars on top of the initial purchase price that you know.

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Speaker 3: Of course, you've got to think about storage, You've got

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Speaker 3: to think about insurance, you've got to think about maintenance, repairs, gas. Obviously,

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Speaker 3: there are lots of things that are going to come up.

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Speaker 3: I think it's important to think of it as a relationship.

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Speaker 3: This is a give and take thing. There may be

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Speaker 3: a little bit of dysfunction. It's not just going to

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Speaker 3: be you know, right off into the sunset and you

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Speaker 3: pay upfront and you never pay again. For most people, yes,

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Speaker 3: it's a hobby. It costs money, but you have a

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Speaker 3: lot of fun.

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Speaker 2: So where does one begin. Do you go with the

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Speaker 2: models that excite you, or do you try and pick

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Speaker 2: those cars that are going to appreciate over time.

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Speaker 3: For somebody just getting involved in owning old cars, I

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Speaker 3: would really strongly recommend you buy things that you genuinely like.

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Speaker 3: Buy things that genuinely excite you. Sometimes, if you're really lucky,

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Speaker 3: maybe those things will retain their value. Maybe they will

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Speaker 3: even gain value over years if you hold something for

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Speaker 3: a long time. But here's the thing. If you buy

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Speaker 3: something that you really like, even if it loses a

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Speaker 3: bit of value over the years, you still get the

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Speaker 3: value of owning something that you genuinely like. Whereas if

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Speaker 3: you buy something simply because you think it might gain value,

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Speaker 3: if it loses value, you're kind of out because you

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Speaker 3: didn't necessarily like it and you didn't make a lot

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Speaker 3: of money on it, So it's kind of a lose lose.

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Speaker 3: At least, if you buy something you like, you know

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Speaker 3: you will enjoy it, and if you make a little

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Speaker 3: money on top to even better.

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Speaker 2: Let's talk budgets. What do you need to become a

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Speaker 2: hobbyist and what are some of the costs that you

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Speaker 2: should budget going forward.

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Speaker 3: Okay, I would like to say there is a vintage

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Speaker 3: car for every price point. You can buy an old

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Speaker 3: Porsche now I'm not going to say an air cooled

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Speaker 3: nine to eleven. But you can buy an old Porsche

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Speaker 3: from a swap meet in Pomona, California for eight grand

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Speaker 3: ten grand. It's gonna need some work, but you know,

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Speaker 3: I buy old rolls choices. I have bought them for

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Speaker 3: ten grand. Now that maintenance costs a little bit more

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Speaker 3: on that, and we can talk about that, but I

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Speaker 3: just want to illustrate there is an entry price point

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Speaker 3: for every budget, of course, and I would say I

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Speaker 3: don't think there's necessarily a correlation between spending a lot

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Speaker 3: of money and having a lot more fun on a

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Speaker 3: car that's perfect, and spending less money and you're gonna

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Speaker 3: have less fun and the car's gonna need a lot

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Speaker 3: of work. There's not necessarily a correlation. You can spend

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Speaker 3: a lot of money on something and it's not great

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Speaker 3: to drive and it requires a lot more maintenance. Obviously,

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Speaker 3: registering a car is a one time thing. Insuring a car,

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Speaker 3: there are many vintage cars insurers like Haggerty for instance,

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Speaker 3: that have pretty great insurance policies, and you can even

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Speaker 3: get less expensive insurance policies on classics if you don't

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Speaker 3: because you don't drive them as much because they're not

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Speaker 3: daily drivers. So it's worth going with a insurance provider

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Speaker 3: that specializes in classic cars that will charge you less.

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Speaker 2: When people used to ask me for suggestions for a

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Speaker 2: fun car to start with, I used to say, hey,

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Speaker 2: check out the Honda S two thousand convertible stick shift,

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Speaker 2: ton of fun. But those have been appreciating, So now

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Speaker 2: the answer I give people is find a well sorted

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Speaker 2: out Mazda Miyada, also with a convertible, a stick shift.

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Speaker 2: So much fun for so little money, and you could

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Speaker 2: go from there if you want.

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Speaker 3: You know what, As you said, Mazda Miyada, I was

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Speaker 3: typing Mazda Miata, so we are completely tracking. You're so right.

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Speaker 3: It's it's such a fun car. Parts are readily available.

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Speaker 3: It's very predictable. You know, it's not gonna need a

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Speaker 3: lot of maintenance. You can get a manual and I'm

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Speaker 3: looking right now on Haggardy's price values. You can get

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Speaker 3: one and driving condition for eighty one hundred dollars.

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Speaker 2: That's amazing. You get a nice one for ten twelve

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Speaker 2: thousand dollars. They're very reliable, they're very tossible. It's just

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Speaker 2: a beautifully balanced car. And they have some history. That's

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Speaker 2: the car that sort of brought back the resurgence in convertibles.

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Speaker 2: So the other question I wanted to ask is how

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Speaker 2: important is it to have a theme or a focus

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Speaker 2: for your interest or collection. And I ask that knowing

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Speaker 2: your husband specifically collects air cooled nine to elevens from

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Speaker 2: the sixties and seventies. Some people have a broad assortment,

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Speaker 2: like Jay Leno, But for the average person thinking about

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Speaker 2: adding a car or two, where.

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Speaker 3: Do they go? You know, it's nice to have a

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Speaker 3: theme or a focus because it creates efficiencies. For instance,

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Speaker 3: if you have a great mechanic who works on your Mercedes,

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Speaker 3: he'll be able to take on more Mercedes vehicles, Whereas

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Speaker 3: if you bring him something else a Miata, for instance,

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Speaker 3: there may not be as much of It's kind of

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Speaker 3: nice to have a specialist. You know, I've also got

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Speaker 3: a seventy seven C three Corvette. You know that car

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Speaker 3: goes to one guy, The rolls Royces go to another guy,

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Speaker 3: the Porsches go to another guy. So when you do

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Speaker 3: have a theme, it creates more efficiencies. You can send

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Speaker 3: them all to the same person to work on him.

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Speaker 3: You can swap parts. That's also a nice efficiency. Also,

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Speaker 3: you can get involved more deeply in the local culture

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Speaker 3: of whatever that make is, which is really fun because

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Speaker 3: when you start talking to other people who own similar makes,

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Speaker 3: or even if you're just going to say all British

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Speaker 3: cars or all you know Alfa Romeos for instance, you

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Speaker 3: kind of it's fun to get involved in a culture

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Speaker 3: that focuses on that thing. You talk to old timers

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Speaker 3: who have a wealth of knowledge who can give you tips,

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Speaker 3: You start to learn who the trusted mechanics are. It

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Speaker 3: just makes it easier. So I do really like the

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Speaker 3: idea of having a particular theme to it.

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Speaker 2: So you men earlier the local car community or the

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Speaker 2: enthusiast community. How important is it to get involved with

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Speaker 2: your local bing MW or mead or Porsche club in

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Speaker 2: your neighborhood.

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Speaker 3: It's important. I think it's a nice value added thing

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Speaker 3: to get involved with other like minded enthusiasts in your

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Speaker 3: era I think area. I think you know that is

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Speaker 3: some of those clubs can be really picky, of course,

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Speaker 3: I'm thinking of Rolls Royce people.

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Speaker 2: You know.

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Speaker 3: I sort of deliberately avoid some of the Rolls Royce

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Speaker 3: clubs in Los Angeles because those guys are They know

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Speaker 3: their stuff, which is great and not great. They I

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Speaker 3: don't drive mint conditioned cars, so you know, they certainly

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Speaker 3: are friendly. But they also can tell me everything that's

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Speaker 3: wrong with the car. So you know, I tried. It's useful,

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Speaker 3: it's useful. The broader answer is yes, of course, get involved.

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Speaker 3: The more people you have around you, Hey, at some

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Speaker 3: point you're going to break down, you need to phone

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Speaker 3: a friend, and triple A is great, but you know,

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Speaker 3: you just want people around you who are a network,

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Speaker 3: a support network. They'll lead you to again, the right mechanic,

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Speaker 3: the right place to find a part. Maybe you end

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Speaker 3: up getting a second car, and the same theme. They're

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Speaker 3: gonna they're going to know who wants to trade, who

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Speaker 3: wants who can you know, lead you down a path

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Speaker 3: deeper down the rabbit hole of whatever your drug of

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Speaker 3: choice is.

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Speaker 2: And you mentioned garages, but there are other options for

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Speaker 2: storing a car. It's not just your own garage. What

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Speaker 2: are some of the other storage car clubs.

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Speaker 3: Car clubs can be a little bit expensive, but again

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Speaker 3: it's an investment in the hobby. There are many car clubs.

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Speaker 3: I just know Manhattan and LA because that's where I live.

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Speaker 3: But there are some great car clubs, of course, across

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Speaker 3: the south. In Arizona. Car clubs are great because again

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Speaker 3: you pay a price per month for them to store

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Speaker 3: your car. Often they will also maintain the car for

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Speaker 3: you in house, which is a great benefit. And again

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Speaker 3: you get exposed to similar people, like minded enthusiasts who

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Speaker 3: are keeping their cars there. It's all, at the end

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Speaker 3: of the day, about building this community of people, friends,

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Speaker 3: colleagues who enjoy what you enjoy.

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Speaker 2: So you mentioned Haggarty and you mentioned bring a trailer.

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Speaker 2: What other resources should potential car collectors know about.

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Speaker 3: The third one that comes to mind is K five hundred,

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Speaker 3: which is an index that Simon Kitson runs out of England.

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Speaker 3: Very good on really high end. Now this is like

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Speaker 3: an advanced move K five hundred. You need a membership

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Speaker 3: to subscribe, but again they have amazing data on values, trends, history,

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Speaker 3: They will have specific pedigrees and lineages of particular cars.

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Speaker 3: This is for the really high end stuff. But I

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Speaker 3: also look at K five hundred just as educational. They've

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Speaker 3: got they cover all of the auctions, they've got analysis,

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Speaker 3: they've got experts. Steve Wakefield is Simon Kitson's sort of

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Speaker 3: top analyst. Those guys are really great. They're out of England.

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Speaker 3: I recommend it ever.

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Speaker 2: Play with auto Tempest as a web sole now. So

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Speaker 2: it's just a giant relational database that lets you search

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Speaker 2: for any year or group of years for any marquee

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Speaker 2: and specific car and specific variants, and then you can

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Speaker 2: refine that search for all. Right, show me just the convertibles.

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Speaker 2: I want to see, just the cars with the sticks.

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Speaker 2: Just show me this color and it really allows you

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Speaker 2: to hone in and it pulls in stuff from tons

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Speaker 2: and tons of other celles Auto Tempests auto Tempests. So

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Speaker 2: last question, let's talk about documentation. How important is it

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Speaker 2: to make sure that you're not only getting clear title,

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Speaker 2: but seeing the service history of any vehicle you're thinking

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Speaker 2: about purchasing.

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Speaker 3: I think it's important. Obviously, you want to make sure

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Speaker 3: you see the title with the seller's name on the title.

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Speaker 3: For some older cars and race cars, a bill of

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Speaker 3: sale is also used. Some cars don't have titles if

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Speaker 3: they're really old, so a bill of sale is used.

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Speaker 3: If you're buying a car from Europe, that can be

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Speaker 3: pretty complex to confirm. To transfer a bill of sale

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Speaker 3: into like an American style title, so you might want

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Speaker 3: to consult a professional about that. The more maintenance records

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Speaker 3: the better. Obviously, the longer ownership span that a car

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Speaker 3: has by a single owner generally the better. You don't

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Speaker 3: want a car that's been flipped, you know, every two years,

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Speaker 3: because generally that car there's a reason it's being flipped

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Speaker 3: and it may not have been maintained so lovingly as

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Speaker 3: someone who owned their special baby for twenty years. So

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Speaker 3: the more records you can have, the better.

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Speaker 2: So to wrap up, there's a lot of common sense

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Speaker 2: involved in this. You don't need a ton of money.

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Speaker 2: You could start with just something very basic like a

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Speaker 2: Miata or an old sl but find the cars you

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Speaker 2: really like, do your homework, get to know your local

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Speaker 2: enthusiast club or that particular BMW or Porsche club, and

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Speaker 2: learn from the experts how to make a good decision

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Speaker 2: with a car that will bring you pleasure and maybe

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Speaker 2: a little money for as long as you own it.

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Speaker 2: I'm Barry Ridolts. You're listening to Bloomberg's at the Money