SINGAPORE: You might not think of a car as an investment. After all, depreciation is a car owner’s biggest cost after fuel.
“The first thing you should look for is something that you want to drive, that you feel comfortable driving. Do not just buy a car you think has investment value. If you put it in your garage and you don’t run it, it will just fall apart. So look for a car that you would like to drive, and put it on the road. The second criteria is the rarity of the car, and the condition that it is in,” he added.In the world of classic cars, this means buying cars that require restoration.
"I’ve seen values go up tremendously over the years. I would say 250 per cent, 300 per cent," he said.It means restoring everything to original condition, down to the last bolt. “We have to ensure that the paperwork tallies with the car. It’s like a birth certificate. And then, getting it shipped to Singapore. It will then go to a bonded warehouse and customs duties must be declared, and the paperwork needs to be in order. The car is then sent to a workshop to prepare it for inspection by the Land Transport Authority ,” said Mr Yong.
A concours restoration could take about six months or more, and cost anything from S$25,000 to S$180,000. “A lot of people buy these cars and don’t drive them, which is a shame. These cars have to be used weekly, if possible. Or at least once a month because with older cars, rubber seals and gaskets do dry up over time," said Classic Car Club member Yong Wee Loon.