"Some things seem obvious," he says. "If a financial advisor has a client who wants to collect cars, tell him to buy something in the best condition possible. Buy ones in better cosmetic condition rather than mechanical condition. You can restore a motor easier than restoring an original paint or fixing rust.
"Look at segments of the market that are globally recognized, like European sports cars, or ones that appeal to Americans, like the muscle cars, Camaro and GTO from 1966 to 1972," he advises. Then attack the mundane issues like insurance.
"Go to someone like us that deals in insuring collector cars," he says. "We have 'agreed value' policies, which presumes the value will increase and that the car will not be driven as much as a normal car. We do our own claims and have trained people who know collector cars. Then house the car in an appropriate garage with the right safety features and humidity control."
The Hagerty Web site, www.hagerty.com, has numerous downloadable brochures with information for the beginner or experienced collector.
"Collecting, even if it is a good investment, has to be fun," Hagerty adds. "I cannot emphasize that enough. It is not like investing in art. It is hard to drive a Picasso around."