1.2: Reasons People Collect Cars
People buy cars for myriad reasons and it pays dividends to understand why you’re buying before you actually start the process. If you clarify why you’re buying a car it will help you also understand what you hope to get out of that ownership, likely how long you will own the car, and what you’re likely to do with the car over time. This may seem obvious, but every person I interviewed for this book admitted they had bought at least one of their cars simply “because they could” and without any type of real plan for the car, which often led to issues around ownership and eventual sales.
Because of the Sheer Joy of Driving
“Because I love driving” was easily the most popular answer to “why did you buy that car” during the interviews conducted for this book. It makes sense, right? You wouldn’t spend thousands (or millions) of dollars on something you never intended to drive unless it was purely an investment, and even then, you’d probably want to drive it at least a little just to see what it was like! Even if you are simply an investor there are hundreds of other ways to make money … but few that let you experience the wind in your hair, the growl of a well-tuned engine, and the whole je ne sais quoi that comes with cruising on the best roads in something special.
Honestly, while I personally have purchased cars for many of the reasons listed below, it still always comes back to the joy of driving for me. I am fortunate to have free time, and more fortunate to live on the West Coast in the United States which has some of the best driving roads in the world, and so driving is more or less what I do. Anytime I buy a new car I try and put it through it’s paces, focusing my time on that specific car to the detriment of the collection as a whole, just to learn what the car can do well and where it’s limits are … safely and legally, of course.
Depending on how many cars you will eventually own in your collection, buying cars for the joy of driving creates an odd risk/reward challenge. If you only have one car it’s not so much an issue, but as you add cars to your collection you may discover that something you purchased because it seemed fun to drive … may end up being less fun to drive as you buy more and more cars. This doesn’t have to be a problem per se, but in my experience if you’re a multi-car collector it can lead to cars that sit and don’t get driven.
Because You Have Passion for a Brand
Following “because I love driving” in expressed reasons for buying a car, passion for a specific brand was the second most cited reason for buying a particular car during the interviews I conducted. The brand didn’t matter — Porsche owners were just as likely as Ford owners and Ferrari owners and BMW owners to describe the reason they owned multiple reasonably similar cars in their collection as “brand loyalty.” And I am not one to talk or disagree with this reason given that half or more of my collection has always been Porsche; once you find a platform you love to drive it makes perfect sense to explore the variation within that brand if you have the means.
What this leads to, again using myself as an example, is often times a garage with several similar looking cars that have unique (and potentially arcane) differences that only a brand loyalist would appreciate. This can lead to awkward conversations with non-brand loyalists that start with questions like “why do you have seven of the same car?” but also amazing conversations with brand loyalists who appreciate the fact that you have a 1972 Porsche 911T with an external oil fill that was a single year option for 1972 only and so is oddly rare … I’m sure you get the idea.
The nicest thing about buying cars based on a passion for a specific brand is that often times car communities are centered on brands. In any city of size in the world you will find a Mustang club, a Porsche club, a Ferrari club, and so on. Which if you’re new to car collecting — and in theory you are reading this book before you go down the path — creates an amazing opportunity to connect with like-minded individuals and collectors simply by showing up. Especially for the big brands — Ford, Porsche, Ferrari, etc. — there are amazing social opportunities both regionally and nationally that are afforded to owners simply by virtue of ownership.
Because You’re an Impulse Buyer
While “passion for driving” and “passion for a brand” are both generally positive reasons to purchase a car, my interviews also found that lots of times collectors will buy a car simply because they could. While not necessarily a bad thing, at least if you can afford it, being an impulse buyer for something as potentially expensive as a car has the potential to create problems down the road, especially if you couple impulse buying with a lack of awareness about the broader market for the car.
Case in point — and for those of you keeping score, this is an example of where I made a costly mistake and I hope that you will be able to learn from that and save yourself a staggering multiple of the cost of this book — in 2014 BMW released their first exotic sports hybrid, the BMW i8. The car looked incredible, sweeping lines, scissoring doors, a brilliant looking infotainment system, and more. It was immediately a hit with buyers … despite nobody other than automotive journalists had actually seen or driven the car … and buyers and collectors immediately began to clamor for allocations, present company included.
The fervor around the i8 meant that, perhaps for the first time in the brand’s history, BMW was able to sell out the full first year’s allocation for the car and, more importantly, add something called “additional dealer markup” (ADM), to the initial purchase price for the car. Across the United States buyers were reportedly paying as much as $50,000 USD in ADM on top of the i8’s ~$140,000 USD MSRP, leading to a very expensive car that again, nobody had actually driven.
This all would have been fine, of course, if the BMW i8 was worth $190,000 USD — which it strangely was for a few months while early cars were delivered to buyers. Given the fervor around the i8, savvy buyers decided that they would part with their brand new delivery, often with tens or hundreds of miles, and cars were selling for well over $200,000 USD which if you paid MSRP was quite a return on investment. Our own car, which we kept (more on that below), was appraised at $180,000 USD, more or less a month after we paid $139,000 USD for it at the dealership.
Unfortunately, at least for buyers who held onto the car, the BMW i8 ended up not living up to the hype. While the car looked cool it wasn’t really that much fun to drive — the steering was muted, the tires were thin and so traction loss was common if you pushed the car, and BMW’s attempt to make a 2.0L turbo augmented by electric motors sound like a proper sports car via internal speakers making “sports car noises” ended up being silly.
Thusly, at least for yours truly, the BMW i8 went from being a highly sought after “hypercar killer” to a rapidly depreciating asset very quickly. I held onto mine way too long and felt lucky to be able to trade it in as part of a deal to purchase a new Mercedes-Benz AMG GT C, also somewhat of an impulse buy, for $85,000 USD, a $54,000 USD loss. What’s more, I absorbed that loss with less than 5,000 miles on the car and I was not alone: a lot of early buyers realized it really just wasn’t that fun to drive, leading to lots of i8’s on the market further depressing used prices, and BMW actually dropped the i8 from their lineup in 2019.
All of this is not to say it’s bad to make impulse purchases, and I will cover aspects of this example throughout the book, but the takeaway message is to recognize that you’re making an impulse purchase and be mindful of the market at all times. If I had done that, which is to say, if I had read this book before I bought the BMW i8, I may have been wise enough to recognize that I had a no-ADM purchase on a car that I immediately recognized didn’t live up to the hype … and I would flipped it for a potential $50,000 USD profit, not my eventual loss.
Because You Want to Own Something Unique
If you’ve spent any time at all around car collectors you will have invariably observed the power of uniqueness. “One of ten”, “limited to 2,500 examples Worldwide” or “the only one in this color in all of New York” are strangely powerful words when it comes to perceived value and overall desirability. Why would you want to have a car that everyone else has … when you could have a car that nobody else has, or that such a select few also own that you end up in exclusive company?
Auto manufacturers know this and have successfully used the concept of uniqueness and highly limited availability to their advantage from a sales perspective. While there are countless examples at the super-high end — Ferrari LaFerrari (and it’s even more rare Aperta variant), the McLaren Speedtail, the modern Ford GT (and it’s even more rare Carbon variant), and so on — uniqueness can manifest in much more affordable ways across the universe of collectible cars without necessarily being tied to high purchase costs. Uniqueness of color, engine displacement, transmission type, interior options, … the list is endless when it comes to boxes that can be checked that transform an average car into a unique collectible that has value beyond it’s initial price tag.
While uniqueness can confer additional value on an automobile, often buyers will look for unique cars and configurations just to own something different. My own collection is heavily weighted towards Porsche 911, I own a 1994 Porsche 911 964 (“964” being the brand’s designation for the car from 1989 to 1994). But I don’t just own a 964: I own a 964 “Carrera 4 Wide-body” car which is 1 of 267 that were imported into the United States in 1994, cool huh? One of 267 Porsche in a year that thousands of Porsche 911 Carrera models were sold in North America! But wait, I don’t just own one of 267 cars … because my car is Metallic Black, of which there were only TEN cars delivered to North American in 1994 in the wide-body configuration.
One of ten cars in all of North America with the particular configuration, that’s pretty rare. So when I had the option to buy the car — at a dramatic premium in cost over a normal Porsche 911 964 I might add — I jumped at the chance. Because why own a common, run of the mill 964 … I’m sure you get the idea.
My experience with the 964 is ironically not unique; nearly every older collectable car has a variant or combination of options that was either unknown or unloved, was expensive, or sometimes was problematic when the model was introduced that ended up not being widely purchased and thusly, years later, ends up being rare, unique, and in many cases oddly desirable. Some car collectors go out of their way to look for these cars and, upon purchasing, proudly display them at Cars and Coffee events hoping that someone else will know (or will be willing to hear all about) the rare beast.
There is nothing wrong with wanting to own a unique car. With modern supercars it’s more or less a guarantee that you will make money, potentially lots of it. Using the Ferrari LaFerrari as an example, which Ferrari originally only planned on making 499 hardtop cars each costing roughly $1.4M USD, after a two year “lockup” on sales enforced by Ferrari’s contracts with their initial buyers, the LaFerrari was selling for roughly double the original price. For those of you bad at math, that is $2,800,000 USD, a 100% increase in value over two years … during which time you were driving a Ferrari LaFerrari!
Not a bad deal, huh?
Not every unique car produces the same result, however, and there are lots of examples where buying or building something unique can become an issue if when it’s time to sell. Case in point: one of my local Ferrari collectors has very specific tastes when it comes to colors in the cars they build. He builds beautiful cars, no doubt, but he uses somewhat polarizing colors and lots of them. It’s fine because he is building cars that he wants to own and drive … but it has led to several of his cars languishing on the showroom floor when it’s time to sell while the dealership looks for that one buyer who shares his unique tastes. He finds them, eventually, but it’s far more complicated than it would be if he simply ordered his cars in “resale red over black.”
Because You Love the Build Process
While this is not the case for every car collector, if you are buying new cars often times you get to select various trim levels and individual components, essentially designing your own “unique” automobile. While this can create its own challenges the process of making these types of decisions can be awfully fun and addicting in it’s own way. If I could get the hours back that my wife and I have spent changing subtle things as we built new Porsche — tweaking stitch color on seats, going back and forth between aluminum and carbon fiber interior components, vacillating between yellow carbon ceramic brakes, red steel brakes, or having the calipers painted black to better blend into the entire wheel — we would have an awful lot of time back.
What’s more, because every one of these changes comes with an increased or decreased price, designing your own unique build forces you to play the “how much do we really want to pay” game which can be fun as well. If you have a target price for a car it’s possible to manage design elements to minimize sacrifice and end up with a car you can live with if not fully, 100% love.
If you’re not sure what I am talking about with respect to the build process, Google “Porsche 911 configurator” and click the links to build your own car. You’ll be able to choose the base model to start from … and from there you’ll be asked to choose an exterior color, your wheel types and colors, and then a seemingly endless number of options and variations on interior and mechanical components. For bonus points do this over cocktails with a loved one and see how long it takes before you’re at odds over a single color change or selection … in house it’s usually sometime during the second round of drinks.
Because You Think Cars are a Great Investment
When I am discussing my car collection it’s pretty common for someone to say something along the lines of “well, you’re a Porsche collector so no doubt you’re doing it to make money off the cars.” Over the past decade there has been much written about how some cars and indeed some entire categories of cars (e.g., “air cooled Porsche 911”) have gone from being unloved and priced as such to being the darlings of the car community and seeing their asking prices skyrocket. And to an extent it’s true, some cars have become dramatically more valuable than they were as they normally depreciated for somewhat arcane reasons. But trust me, cars that gain value is very much the exception in the broader collector community, not the rule.
Cars are in nearly all cases depreciating assets; they become less valuable with every passing day and every passing mile. And when you think about this it makes perfect sense, a car is never in as good a shape as it was when it was new, at least not without dramatic intervention (which we will discuss in the chapter on “Maintaining Your Collection”). You’d be crazy to expect that any object that is subject to the absolute pounding that most cars endure when they are properly driven would increase in value over time. Cars are not like fine wines that are kept under strict temperature and light conditions as they age, and most cars aren’t like property, which is a finite resource in most regions of the world and so subject to the law of supply and demand. Cars are mass-produced and built to be worn down over time — thusly reducing their value.
Except that is not always the case, and because the exceptions make headlines, car collectors have a tendency to forget the real nature of an automobile. Especially in the last decade, car manufacturers have clued into collector passion for owning something unique and have started producing limited production series of otherwise common cars. Sometimes the series is an extremely high-powered variant or model as in the case of the modern Ford GT, the Ferrari LaFerrari, the McLaren P1, or the Porsche 918 Spyder, each of which were made in limited numbers and at a nearly (or over) seven figure price tag. Other times the series is a more slight variant that is only made in limited numbers like the 2016 Porsche 911R, a car limited to 991 examples worldwide and offered first to individuals who had originally purchased the company’s 918 Spyder. In both cases the resale value of the cars went well above the original purchase price, offering buyers the potential of a healthy return on investment if they timed the market correctly (the LaFerrari, for example, currently produces as much as a 100+% return with well kept examples fetching double or more than the original purchase price.)
It sounds great, right? Just buy whatever rare car the brand offers, drive it for a bit, and make a bunch of money.
Except it’s nowhere near that easy.
In order to purchase the rare variants you need to be playing the game (which we will discuss later under “Playing the Game: Buying Your Way to the Top”), need a near endless supply of money, or need to be incredibly lucky. The day and age of just rolling up to a dealership and buying a limited run car are over and have been replaced with an incredibly complex system of buying your way into the best cars, nearly always at your long-term expense. The average car collector just doesn’t have access to the types of cars that are likely to produce a positive return on investment from day one: you need to be somebody, know somebody, or both to have a chance unless you’re willing to play a potentially long and expensive game.
What’s more, dealers and brands have become adept at making cars seem rare and thusly more likely to hold or gain value over time … only to have them depreciate normally or worse (see, for example, every McLaren built in the modern age save for the P1 but including the Senna. McLaren are notorious for announcing “ultra limited” variants that have original buyers vying for the opportunity to own since “this time it will be different, this car will definitely hold its value” … only to lose 30% or more of the car’s value at every transaction.) And it is definitely not limited to McLarens: nearly every GT variant of Porsche released since the Carrera GT that was “widely available” for purchase has lost value over time, the same for GT variants on the modern Mercedes-Benz AMG (although at the time I was writing this paragraph the long-awaited GT R “Black Series” had not yet hit production), and this list goes on and on and on.
Now, it’s not to say that if you have the means and the time you won’t be able to find older cars that are well-kept and under valued which, with a little clean up might not be able to produce a profit. Clearly that happens, and the stories of “barn finds” are legendary, producing dramatic returns for the lucky recipient. Perhaps the best list of barn finds can be found at Classic and Sport’s Car Online: https://www.classicandsportscar.com/gallery/greatest-barn-finds-all-time
And of course it’s not just barn finds that can produce a healthy return for the lucky collector. As mentioned earlier, there was a time that air cooled Porsches were largely unloved cars that had been driven, had been modified, and had been left sitting outside because despite being Porsche they were old, slow, and prone to overheating when compared to their water-cooled big brothers. But suddenly in the early 2000s car collectors decided that air-cooled cars like the 930, 964, and 993 were the Porsche to own and their values rocketed. Hagerty reports that between 2014 and 2017 good condition Porsche 993 rose in value 31 percent with some examples increasing more than 70 percent. This trend happened across other air-cooled models, fortunately for yours truly, when the 1979 Porsche 930 that we had purchased from a local collector in 2013 for $47,000 USD was independently appraised to be worth nearly $250,000 USD in 2015! While the value of my 930 has since declined, it was certainly exciting to see a 530% return on investment in just two years (much to the sellers dismay, which he mentions every time I see him to this day.)
The truth that cars are largely depreciating assets leads to inevitable disappointment for car collectors who believed in their heart of hearts that “this was the model that would be the next Ford GT” and would immediately be ultra-collectable and thusly increasingly valuable. The truth, and this is a very important piece of truth to consider when it comes to this book in general and the art of car collecting specifically, was put eloquently by one of the most prolific collectors I interviewed for this book when he said “Cars are about as bad as it gets financially. If it isn’t throwaway money for cars, you probably shouldn’t be into it.”
Every collector I interviewed for this book repeated this sentiment: collecting cars is expensive and you’re not guaranteed a return. Some of the collectors said that if they took out the cost of storage, maintenance, and insurance they were doing a little bit better, but of course taking out the ongoing maintenance costs attributed to an asset to make the return look better is commonly referred to as “cheating” and so when pressed every collector I talked to admitted that they had lost money collecting cars over the years …
… but none of them indicated any regret whatsoever.
None of the collectors seemed perturbed at their losses any more than they would be upset by losing some money in the stock market or at the craps table in Las Vegas. What’s more, they all more or less said that despite the losses they would do it all again and still had a real passion for owning cars. Now, clearly this is a function of their level of financial success — every one of them are considered “wealthy” by traditional standards, a few phenomenally so, and so they could afford their losses even if they stung a little bit.
The reality is that, providing you have throwaway money to use collecting cars, you’re likely to have the same amazing time that my wife and I have had. And this is one of the key lessons I hadn’t really considered in detail before I bought that first “fun car” so many years ago that is part of the reason I wrote this book:
You are more or less guaranteed to lose money as a car collector. As long as you understand that and treat any financial gains as a “happy accident” you will have a dramatically better time than you will if you expect to make money buying and selling cars for fun.
I admit I had not really stopped to consider this simple and seemingly obvious statement before I made the jump from long-time ownership of a “driver” Porche 911 to my first “collector car”, my 2006 Ferrari F430 F1 Spider. And to be perfectly honest, I am pretty sure I may have told my wife at the time “it’s a Ferrari and has already depreciated, I am not going to lose money.” So yes, I lied to my wife to buy a Ferrari, but to my memory I believed that statement at the time and she has since forgiven me she says (and see “The Good Husband Strategy: Diamonds are a Girl’s Best Friend”.)
I am dwelling on this topic at this point and we will revisit it multiple times throughout the book so I will move on. But until then keep in mind that if you’re absolutely convinced that you can start collecting cars tomorrow and make a profit doing so … you’re wrong, potentially disastrously so.
Because Cars Are BEAUTIFUL
Perhaps the most obvious reason to begin collecting cars is simply because, at their best, they are beautiful works of art. The lines, the colors, the attention to detail and interplay between materials can be absolutely breathtaking. So much so that I personally struggle sometimes with taking my cars out simply because I know they will pick up dust and bugs and the such … although it does give me an opportunity to clean them which can be a joy in itself.
Because You Love Cool Technology
In addition to the sheer beauty of some of the most collectable cars, one comment that a handful of folks interviewed made was that they appreciate the technology that has gone into modern sports cars. While some of the most desirable cars are still hand built, the technology that goes into the assembly lines in Europe is truly amazing and reflected in the build quality of these cars. Between that and the engineering that goes into engines, transmissions, and aero packages in modern super- and hyper-cars and it’s no wonder that collectors can spend hours discussing the subtle nuances of technology and the advantages that they are able to confer and pass along to the driver. Cars today are faster, more planted, and entirely more capable than they have been at any point in the past, and that statement will continue to be true every year into the future.
Technology is, however, ultimately a contentious issue for car collectors, and not everyone appreciates the advantages provided by the modern age. At its core there seems to be a schism between “old” and “new school” collectors — with the former preferring cars that forced the driver to really know what they are doing when driving at speed and speed being relative and the latter enjoying the seemingly never-ending chase for more horsepower, more speed, and more capability.
In the old school we see collectors looking for, unsurprisingly, older cars that largely lack computers — no anti-lock brakes, no traction control, often lacking power steering and other modern features designed to make cars generally faster and safer for the driver. While slower and less safe, driving these cars is absolutely exhilarating regardless of speed, forcing the driver to constantly pay attention to the car and its surroundings. What’s more, older cars are generally easier to work on compared to their modern counterparts with engines that are accessible and that don’t require special computers and tools for diagnostic work, just in case you are going to work on your own cars (which I will cover later under “Are You Going to Be Your Own Wrench?”)
Conversely, in the new school you find collectors who are usually chasing either the most advanced technology, the fastest and highest horsepower car, or both, and while horsepower is an odd thing to chase it is also the current bar that auto manufacturers continue to set and raise. New cars are fast, often dangerously so, but they come with a wide array of computers, sensors, and alarms designed to protect the driver while simultaneously enhancing the overall driving experience. And while I understand the need for this technology, personally I find it a little un-nerving to have a car brake suddenly and without driver input because the system has decided that the operator is a little late on the brakes when coming into a tight turn.
New cars also, for better or worse, also increasingly come with advanced transmissions that are, at their core, automatic. There are a lot of fancy names for it — Ferrari calls it their “dual-clutch 7-speed F1 gearbox” and Porsche the “Porsche-Doppelkupplungsgetriebe” more commonly referred to as “PDK” but at the core most sports-, super-, and hyper-car manufacturers are pushing a seven speed, dual-clutch transmission which is basically just really smooth flappy paddles on either side of the steering wheel. Don’t get me wrong; there is really nothing technically wrong with a dual-clutch transmission. Having separate clutches for odd and even gears allows the car computer to smooth the transition between gears out tremendously and, objectively speaking, makes the car faster overall by removing the gap in engine engagement during shifts … but a lot of folks believe that the modern transmission sacrifices speed for driver engagement.
All of that said, I know plenty of car collectors who are, at their core, technology junkies who see each increase in automotive capability as an excuse to explore buying the latest and greatest examples. Much like needing to have the most recent technology in a computer or the highest resolution television, there are definitely collectors who can’t stand having “last generations” engine and transmission combination. Interestingly it seems that the modern sports car builders have realized that and, as a result, the marketing focus of subsequent generation cars usually focuses on increases in horsepower and the addition of technology, most recently in the form of electric engines added to already turbocharged cars adding “instant on” power and torque … along with a commensurate increase in overall complexity of the car.
Because You’re Addicted to Speed
Related somewhat to the appreciation for technology, some collectors are in it for the sheer capability of the machines in their totality, basically the need to have the most outrageous car possible. Examples here include the modern super- and hyper-cars — the new Ford GT, Pagani Huyara, Ferrari LaFerrari and SP90 Stradale, Porsche 918 Spyder and GT2 RS, McLaren P1, Senna, and Speedtail — each of which are amazing on all levels and priced accordingly. Each of these cars boast high-horsepower engines, many of which are coupled with electric motors, and aerodynamic packages that add down force as the cars go faster, improving the overall handling of the car.
Without a doubt these cars are incredible to drive, although I say that anecdotally to be honest, and no doubt if you have the financial means the appeal is obvious. And I think that almost any car collector, if they were being truly honest with themselves, would love to be able to own and drive the highest horsepower and most capable machines available for sale, despite the challenges associated with owning a seven-figure car (covered soon under “What is your “Comfort Price” for an Automobile?”) No doubt there is a tremendous allure associated with driving into a car show in the most expensive, most powerful, and most rare car in town, and certainly the owners of these cars are treated differently within the car community, both locally and globally.
That said, elsewhere in this book we cover the concept of “Buy The Right Car for Who You Are and Where You Live” which explores the reality of super-high capability cars and the ability of their owners to really appreciate the value proposition those cars are supposed to confer. Now capability may not actually factor into the equation given that there is definitely a category of collector who really just liked to “own” their cars and doesn’t actually plan to drive anywhere near the limits of the machine. Still, my general thesis for writing this book is that collectors will actually drive their cars, and so it’s worth considering the relationship between car and driver.
Because Car People Are Generally Awesome People
One of the first things you will discover when you start collecting cars is that it’s very much a social endeavor! Assuming you’re collecting unique, interesting, or particularly fast cars, you will be amazed at the sheer number of people who will stop you at the gas station or in a parking lot and want to talk about your car. It might be because they used to own a similar car or perhaps because their parents or grandparents had one, or maybe just because they themselves have always wanted to own a similar machine — doesn’t matter, collectable cars attract people.
What’s more, because car collecting is a social endeavor, entire car clubs exist to further the passion for whatever car you might own or even just for cars in general. If you own a Porsche there is a Porsche club that no doubt has your name and will be sending you an email asking if you want to join other Porsche owners for Porsche-related events. Same for Ford, Dodge, Ferrari, BMW, Mini, … the list is endless, and each club will offer roughly the same types of events and gatherings designed to create a private community of folks who own the same brand of cars. I certainly recommend joining a brand club and participating in their local events; depending on the type of car owner you are, these clubs can lead quickly to life-long friendships that have the potential to transcend the cars you may own at the time.
In addition to brand-specific car clubs there are an endless number of brand-agnostic car clubs and events popping up across the globe. These range from annual rallies and concourse events to local clubs that target car owners regardless of brand or type. An example of the latter is “Avants” whose motto is “Drive Everything!” Avants was started in Seattle, Washington but has started to spread across the Western United States at the time of this books writing and for $99 USD per year you have access to scheduled private events, discounts on track days and a wide range of services, and a private online community of folks who just love cars.
Regardless of which groups or events you choose, if you’re a social person, car ownership and collecting is a great way to meet other, like-minded individuals. Your auto will give you an immediate connection to the car community and bridge that uncomfortable gap that most adults experience when meeting new people. Instead of “Hello, what’s your name?” it is “Oh my gosh my dad had a ’67 Chevy just like this one in almost the same color. What engine do you have in it and how long have you had it? It’s beautiful for sure … my name’s Eric, what’s yours?” It may seem silly but I promise you it works and again, assuming you’re sincere in your own passion for cars, you will be amazed at the connections you will make with people. These connections aren’t without complication (covered later under “The Reality of Owning a Car Collection”) but on a whole the camaraderie of car collecting is perhaps the single most gratifying aspect of the entire thing.
Because You’re an Addict
While the topic of addiction is, broadly speaking, unpleasant at best, I would be remiss to not point out that one reason some people purchase cars is because they are addicted to the high associated with the process. Oniomania is the fancy term for compulsive shopping, a type of materialism and image seeking — according to the Web site Verywell Mind a “behavioral addiction that involves compulsive buying as a way to feel good and avoid negative feelings, such as anxiety and depression. Like other behavioral addictions, shopping addiction can take over as a preoccupation that leads to problems in other areas of your life.” While it doesn’t sound pretty, and certainly it’s hard to imagine someone compulsively buying cars given their price and all that goes along with their ownership, oniomania applied to automobiles is really just a matter of scale.
Imagine if you suffered from purchase addiction but were limited by your finances and could only compulsively buy purses, shoes, or even trading cards, you would end up with a lot of purses, shoes, or cards, right? And think about your personal social network for a little bit — you probably know someone who has entirely too many purses or shoes and who, again if you were being honest, put a little too much emphasis on the brand or cost or rarity of said item. So much so that if I said “well, perhaps that person simply enjoys the feeling he or she gets when she makes that purchase and the way they perceive others see them when they wear or display the item” that you wouldn’t have a strong argument otherwise. We all know people like that, and while we probably don’t think of them as an “addict” given the negative connotation put on that term, one can make the case that nobody needs twenty seven purses or forty three pairs of shoes …
… or more than one or two cars.
If you think buying an expensive purse or some fancy shoes can generate a high, what do you imagine buying a new Ferrari is like? Let me assure you, it’s an amazing feeling to know you’ve put yourself in a position, hopefully legally and not at the expense of others, that is allowing you to purchase a car worth hundreds of thousands of dollars and that you’re about to drive off the lot in something rare and beautiful. And it doesn’t have to be a Ferrari — any car purchase has the potential to generate that rush of adrenaline and “high” that again, if you’re reading this book I am sure you have experienced at least once in your life, and that has the potential to become problematic if left unchecked. Fortunately cars are expensive, some fantastically so, and thusly mere mortals aren’t likely to become addicted to buying cars — but again, it’s a matter of scale.
Recall back to types of car collectors I outlined in an earlier chapter. Some of you reading this book will have one or two cars and that will be it, and maybe you will keep those cars for a really long time. But others of you will have the means to own more cars than that, perhaps dozens, and may become adept at buying and selling those cars … or possibly worse, just continuing to buy cars without ever selling any. In those cases, where buyers have either unlimited funds or, and this is the problem case, where they are willing to take financial risks when buying cars, there is potential for trouble, the potential for car addiction creeps in.
Now I am not a psychologist by any means, and if I am being honest I have to admit I personally love the chase associated with finding the perfect car and love the feeling I get when I am able to complete a transaction, so I’m definitely not the right person to say you, as a reader, may be addicted to buying cars; that would be up to you do decide, and if you decide you may be addicted, for you to decide what you want to do about it. But it’s worth noting that oniomania is an issue in the broader population and that buying a car is just like buying a purse, shoes, or trading cards … except that it also comes with a whole host of ongoing expenses.
I’ll return to the topics of impulse buying and addiction later in the book but for now let’s explore some other topics associated with buying cars: spouses, budgets, and the relationship between actual driver capability and the ever increasing amount of horsepower put into modern automobiles.
