One of the main reasons you’ll want to invest in car storage is because it provides ideal security. Leaving your car parked in the driveway or on the street will only go so far regardless of the insurance you have in place and any other provisions you may also have too. Whatever the monetary value of your vehicle, to you, it’s an investment: of time, of energy, and yes, of hard-earned money too. This is for sure something that always needs to be remembered and factored in.
Luxury cars are by no means cheap, so it only makes sense to invest in its protection. Storage facilities often offer climate-controlled units. Car storage is rarely a luxury and usually more a necessity. It is also a service that is most effective if you may be living an expat type of lifestyle of sorts too. For example, it can help in no end of ways if you may be living and working abroad and it can also ensure your car won’t succumb to the elements either.
The current market
The managed car storage business in the UK is now worth more than £19 million a year, with nearly 15,000 cars currently in facilities around the country. It’s an industry that’s expanding for reasons including lack of space at owners’ homes. There is also the pressure to switch to an EV for daily use and the increasing popularity of affordable classics.
When you take your vehicle out for the day, returning it back to a drive-ready state can take time. Maybe you’ve been to the beach. Or eaten snacks inside along the way. Someone needs to clean up sand any garbage left inside, vacuum, wash the exterior, and make sure the interior is back up to par as well. This involves an investment of your own time or paying one of your own staff, who may already be busy with other responsibilities, to do it.
When you store your car in a luxury storage facility, your car is returned to its drive-ready state for you as soon as you need it next. This involves detailed cleaning and the application of protective sealants to the glass, interior, and exterior. These all ensure your car looks its best whenever you want it. Long-term car storage comes with services that can be difficult to beat.
Your vehicle is always going to be protected
Because luxury car storage involves applying that extra degree of care and kindness to your vehicle, it helps protect its health and longevity. Your car is a joy to have, and it’s also an investment. Car storage that pays attention to the fine details like ensuring dust stays off your vehicle and the tires don’t wear in an uneven fashion, means you better retain the value of your car over time.
What makes a car of a collectible worth to an new owner
Cars with historical importance—ones that pioneered new technology or raised the bar for consumer expectations—can become collectible, especially if they are rare and beautiful. (Being good-looking is an advantage.) A racing history adds to a car’s allure. As can association with a respected designer, racer, or builder. These are characters such as the likes of Raymond Loewy or Carroll Shelby. Prior celebrity ownership can also help. This is the case especially if the individual is associated with cars. This is with characters such as Steve McQueen, Paul Newman, or James Garner.
The most expensive collectible cars combine these attributes. As a basic rule of thumb, if teenaged boys have its picture taped to the wall, you’re looking in the right direction. When those boys grow up, they want to buy the things that made them happy in their youth. The car market mirrors the market for art. It’s an investment you enjoy aesthetically and it can also provide a currency hedge. This is since vehicles can be transported to countries with favorable exchange rates.
The risks of investing
Just as most investments carry fees, so too do classic cars. This is tangible personal property, and you’ll owe capital gains tax if you sell at a profit. Is your collectible in bad shape? Restoring a seven-figure car to concours condition—generally considered bringing an older car to showroom-new condition using original or exact recreations of parts, paint, and bodywork — can cost another seven figures. Then there are ongoing maintenance costs, storage expenses, and insurance.
Profits from the eventual sale of the car will also likely incur commissions/consignment fees, transaction fees, and transportation costs – because chances are you aren’t going to tow a Bugatti behind a U-Haul. Buying a new or newish car because you think it will be collectible someday is risky. Sure, you could get lucky, but chances are you aren’t going to be able to buy a cheaper car and expect it to be worth millions in a relatively short period.
An overview at this point
Becoming a collector of high-end cars can take a pretty significant investment and comes with not-insignificant carrying costs. As tastes and economics change, what was once worth a king’s ransom could depreciate to a mere princely sum, so choose carefully. Red and Italian tend to be good bets, but be aware of over-frothy markets. For example, wealthy Japanese buyers couldn’t buy enough Ferraris in the second half of the 1980s. Prices saw an unbelievable spike and then a bubble. When the Japanese stopped buying those prices dropped by a big percentage. Buy quality (a prime example will always be marketable and command a premium). Also, know your demographic and market factors, and make sure you’re not buying while in bubble territory.
Other key points and ideas
Perhaps you’ve just taken out a car loan for your dream vehicle; it’s a good idea to protect that investment with insurance. Dashcams can also help in case anything happens. They will allow people peace-of mind knowing they’re covered by their own camera footage even if something does go wrong. A car is one of the most valuable properties that you would want to protect. Cars are important, and they need a safe place to be stored in. Storage facilities are one of the best ways to store your car. They have the highest security at the lowest expense possible.
Indoor car storage
For high-end, expensive model cars, you would want only the best in terms of protecting them. Car owners pay a lot for maintenance — dyno tuning, forced induction, custom fabrication, etc. Luxury cars cost hundreds of thousands of dollars. This means that you would want only the best type of Storage Unit for your car. A Covered but Outdoor Storage Unit does not protect your car from dirt and other outdoor elements. Indoor Car Storage Units provide maximum protection from elements. Storing your car inside a storage facility will protect it from the sun, precipitation and from dirt and dust. You can even rent a climate-controlled storage unit to store your car in. This can be done to avoid even extreme temperatures from hurting your prized possession.
If you are planning on leaving your car in for a long time, an Indoor Car Storage Unit is still the best way to go, as environmental damages can pile up. The best thing about renting an Indoor Car Storage Unit is that it doubles up as a storage facility for your items. Storage Companies will allow you to store your items as you would a personal storage facility. This way, not only are you storing your car but also giving you a space to store your stuff in when you want to declutter.
If you know you won’t be using your car for a while it can be difficult to know what to do. Perhaps you’ve started working from home or want to look after your car during winter. It may be that you are moving abroad or about to being a new expat life abroad. Either way, it can be a wise idea to invest in car storage. With this in mind, it is key you take your time and go for the very best solution.