It’s a lightning rod issue among the bloody knuckle set we BangShifters identify with. Yeah, car collecting for money. Some would say that the preservation of classic cars, hot rods, and muscle is a good thing while others would argue that placing those same cars anywhere but on the road is a travesty. We found a story that seems to say investing in cars is still a better bet than storing your money in a bank.
The story from Financial-Planning.com talks about the fact that many financial advisors forget to ask about assets like car collections and they can be an integral part of one’s retirement plan. It also contains the line, “With interest rates so low, why not put your money into something you can enjoy rather than have it sit in the bank and do nothing.” We’re down with that, assuming the cars actually get “enjoyed” every now and again.
There are some interesting tax strategies discussed and some of the reasoning behind passing your stuff down to family members instead of sending it to auction when you head for the big strip in the sky.
This is an interesting read and it raises the question, “Is it wrong to collect classic cars for a profit?”
Source — Financial-Planning .com — Jet Set: Cars Can Drive Estate Planning
