Eddie Patella loves collecting classic cars and knows it is a great investment option for many people. But, if you live in Winston-Salem and have never invested in vehicles, you might think you’re behind the curve. That’s not quite the case, according to Patella. He recently discussed ways that residents of this area can get into car investing in improving their portfolio and becoming more financially successful.
Eddie Patella Highlights a Few Car Investment Options
Eddie Patella started his collecting career by examining the various car dealers throughout the Winston-Salem area. These companies may provide you with a few different buying options, but they’re likely to focus on new or newer used vehicles. These cars might be a good bet if you buy cheap models for cash, fix them yourself, and sell them for a profit. However, that’s a lot of extra work that some might not want to do.
If you do want to check out these options, you can visit places like Thoroughbred Auto Brokers, Auto World of Winston-Salem, Volvo Cars Winston-Salem, Flow Value Center, and DriveTime of Winston-Salem. These dealers are all less than three miles from Winston-Salem or are right in the town and have very high customer review ratings. Talk to them about fixer-uppers and see what you can do with them.
That said, Eddie Patella strongly suggests moving into a more classic car collection, as this is where the real money is made in investing. It’s not unusual to find a traditional model with some minor problems, fix it up with a professional, and potentially double your investment. Of course, it all depends on the models you buy and how available they are in the area. Success also varies depending on how far you want to travel.
For example, the GAA Classic Cars Auction is a great place to buy many classic cars and isn’t too far away, operating just out of Greensboro. Sites like these typically include classic cars likely to go up in value and some rougher models you may have to invest in to turn a profit. Therefore, it is essential to diversify your options here to find the best possible models for your needs as an investor.
You might need to travel if you want to visit these destinations. For example, Leland Little Auctions is one of the top classic car auction centers in North Carolina but is an hour or more drive from Winston-Salem. Eddie Patella also highlights C & A Auctions, a center in nearby Ramseur that’s just about 45 minutes away. This option may be more manageable for some people, particularly those people who need to plan their trips around their job.
Patella strongly suggests joining mailing lists for these groups and getting alerted to auctions that may interest you. Set up alerts so that you know when specific classic cars are coming up for sale. Doing so can help to make this experience smoother and help you better identify options that make sense for you. It can also help you better plan your trips and minimize any work complications you may otherwise experience