When many of us see the classic 1930 Roll Royce phantom, we see the classic wedding car. It has been in many photos, movies and is a staple of the industry. Many owners of classic cars are in a catch 22. On one hand restoring, storing and maintaining these cars can cost a lot of money, yet also often owners don’t like the idea of people renting their precious car. I know a person who owns a DB5 and while his daughter used it as her wedding car, to rent it to strangers would cause a fit.
Buy to rent
If your searching for your next investment, buying a car to rent is a very good idea. One because you know you intend to rent it, you will feel better about it. Also, by buying the right car, you can guarantee a good income every weekend which will help pay for the car and future investments. It may seem odd but less people want to hire an Aston Martin DB5, worth £900,000 pounds than a Phantom.
Wedding hire is the staple of the business and here is the math. For a person working full time, this can be a great extra income. First don’t spend anymore than $100,000 on this car. This is one of those moments, where you will make money in the buying and not the selling. If you pay too much, you will be hiring this out for years until you break even. If you want to maximize your return, you could hire direct but I would just email ore phone a few hire companies and ask them for their cut to hire it out for you, they want cars to hire and will already have, drivers, insurance, photographers and mechanics.
Depending on your commission to the hire company, you could be looking at £250 – £500 pounds per day.
400 weeks – resale
Those of you who are good at math see that £100,000 divided by £500 is 200 hires, which would be a few years, given that most weddings are weekend affairs. This is where an investment shines. People do this as a business, as once the car is paid for it’s all profit, but also as an investor, with a normal job, this is money for jam. At the end of two years, at the lowest you would have earned £50,000 but you would still have the car, which is worth the same if not more, than before.
They are not making any more vintage Rolls Royce and every year less and less of them are in the private market. The car could also be offered for day hire, and to movies and films. The BBC is always filming period piece and like a vintage rolls in the background. If your lucky enough to get your car in a film or show it also increases the value in leaps and bounds.
If you own a classic car and you want some funds for a fast cash loan, Suttons and Robertsons offer pawnbroking on classic cars and all premium assets.