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"Classic Car Restoration Business": How to Get Started

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Old and classic cars will always have their own customer base, and can be sold at a very high price point depending on rarity and condition.

Thus, buying and repairing old cars can be a very viable business with a promising earning and profit potential.

Not to mention, if you love cars, the business can be very exciting and can allow you to meet more people with the same interest. The trick is to try to find bargains of old cars, and repair it to near mint conditions to sell for a huge chunk of profits.

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Interested to start this business? Here are a few tips to help you get started.

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1. Startup Investment
The core process of the business is the restoration process itself, and will also be the largest part of your investment. Old cars can be bought at various prices, depending on rarity and condition, there are those below $5,000 and even below $2,000. You can do the repairing process at home if you have a spare space to save rent costs.

For the restoration process, you will need all sorts of car repair equipment and supplies, which might be costly. To save some money, you can try to look for second-hand equipment and tools. However, make sure they are still in good conditions to save you from repairing or replacement costs later on. You can safely start with around $50,000 and above.

2. License and Permit
Most locations in the U.S. and worldwide won't require a special permit before you can engage in this business. However, it may vary with your location. Consult your local authority to get a better picture regarding the legal requirements before you can start the business.

Getting an insurance will also be a great idea, even when it's not a legal necessity. Contact your local insurance agents to get the best option for your business.

3. Marketing
Join local classic cars community to market your cars, you can also get a bargain for old cars that way.

In this digital day and age, any business can benefit by having an online presence in the form of a website and social media. Build a proper website showcasing your cars and run a blog centering on old cars and the restoration process to build your reputation and credibility.

4. Research
Not all old cars have the same value, and the trend is constantly changing with each passing year. Keep yourself up to date with the trends to always have a head start at finding bargains, and you know when to raise or lower prices of your cars.

Earning Potential

Classic cars can be sold for as low as $10,000 and as high as above $1 million. The rarer the car, the better the restoration process, and the better your reputation, your earning potential will also be higher.

The key to success in this business is your restoration process, your eye in finding good deals, and how you maintain good reputation throughout the community.