The Ten Commandments of Automobile Collecting and Investing.

1. Buy a vehicle that you are knowledgeable and passionate about, and always buy the absolute best example of that vehicle within your budget.

2. You can easily overpay for a good car, but you will never overpay for a truly great collector car.

3. When buying an all original Collector Car the key variables are:

• Mileage
• Condition
• Desirability
• Originality
• Provenance
• Documentation

4. If a good example is not within your budget, either hold off until you have the necessary funds, or focus on the acquisition of a more attainable vehicle.

5. Budget accordingly for the necessary cost of maintenance. Be sure you have the resources, the people and the ability to properly maintain the vehicle both mechanically and cosmetically.

6. Restore a good car when it makes sense. Thoroughly evaluate exactly what is needed and if anything, overestimate the costs of the restoration.

7. You can never go wrong seeking the unbiased advice of a trusted professional before buying a collector car.

8. Don’t get caught up in market trends. The collector car market is susceptible to “bubbles” just like the real estate Market and the stock market.

9. Buying a collector car privately has many advantages over buying a vehicle at a collector car auction or online auction. Auction buying is a lot like gambling and with live auctions, the house always wins.

10. Be patient, but know when to act fast. Be glacial and calculating when seeking out an excellent example. Don’t settle thinking that this car is the best I am going to find. You will unequivocally know when you found “right car” and you must able to move fast to secure it.

— Dean Laumbach