For enthusiasts, classic cars represent more than just a hobby; they embody a potential source of substantial income. Whether you already have a fleet of Classics or you’re an aficionado looking to invest in your first classic car, you can use these 5 Classic Car side hustles to boost your earnings, or even create a passive income stream.
Flipping
Car flipping is perhaps the most obvious means of generating some extra income using your knowledge of Classic Cars. This involves identifying valuable cars that require some love, restoring, and re-selling them. This model is potentially highly lucrative if you are able to consistently spot Classics that are in high demand and require some, but not vast amounts of restoration work. Remember, every pound (or hour) you spend on restoring the car will hit your profit margin.
The drawbacks of this side hustle are that it does require a very strong knowledge of the Classic Car market, and an ability to sort the gems from the lemons. Additionally, if you are planning on doing the restoration work yourself, you will need to find a place to work on the cars which could be costly!
Long Term Investing
If you’re not in need of short-term cash and want to invest your hard earned money in an inflation beating asset, then purchasing a Classic may be for you. Additionally, unlike the model described above, this side hustle doesn’t necessarily require the time investment of restoring the cars. Rather, identifying with increasing demand will be essential making steady returns over time.
Consider cars that featured in films, such as the 1967 Ford Mustang from Bullit, or iconic cars that have been at the top of their game in motor sport, such as Colin McRae’s Subaru Impreza.
You may also consider changing demographics in the market for Classic Cars. We often associate Classic Cars with the Baby Boomer generation or Gen X, i.e. those with the money. However, the data suggests an increasing demand from Millennials and Gen-Z, perhaps looking for more exciting ways to invest their money given the state of the economy. Furthermore, Millennials and Gen-Z want to invest in the cars that they saw growing up, such as Paul Walker’s Too Fast Too Furious Nissan Skyline. Here at AVID Automotive we recently worked on bringing back to life both a 2004 Mazda MX-5 and Toyota Soarer.
Renting Out for Special Occasions
If you already own a Classic Car, then the quickest way to start earning a passive income is by renting it out. Websites such as BookAclassic.com, hailed as the Airbnb of Classic car sharing, allow owners to earn money renting out their Classic Cars short term. Demand for such services has increased with the rise of social media, with users competing to appear in the most luxurious and expensive cars.
This is a trend not only fueled by individual users but also by professional photographers, event planners, and film production companies seeking that perfect nostalgic touch for their projects.
Before jumping into listing your beloved Rolls Royce, make sure you understand the risks involved with lending your car.
Brand Your Car
Companies these days are always looking for innovative ways to get the brand out there. If you own a Classic that you’d be happy to temporarily wrap with the brand design of a local company, then this Classic Car side hustle could be for you. To do this, get in touch with a local company that is looking to grow, and offer to put their company branding on your car. Classic Cars are head turners, and so this marketing strategy is a no-brainer for businesses. You could even get the business to pay for your entry to local classic car shows, giving them even more visibility to potential customers.
Organise an event
The last of the Classic Car side hustles is for those of you with access to a considerable amount of land. Offer the possibility to local car owners and enthusiasts to display their cars in your space. You could market the event as networking for high-net-worth individuals, or even host an auction or competition. If you’re not too keen on doing the organising, then contact a professional Classic Car events team to let them know about your available space.
So there you have it, 5 Classic Car side hustles to exploit your knowledge, passion and expertise and boost your income. Please remember that the information above is for informational purposes only and is not intended to be personal financial advice.
