A lot of finance-savvy people consider cars an unwise investment unless they otherwise help you make money by providing a means of transportation. Like a lot of material purchases, automobiles are considered a depreciating asset because the more you use them, the less usable they become. Cars accumulate mileage and that's used as a measure to calculate their shelf life.
That's pretty much the picture most people have of commercial goods that depreciate. But for a select few that bear the skill set and knowledge, you can actually appreciate the value of goods that usually depreciate. Just as a restored piece of antique furniture can sell for numerous times its original value, a restored and well-detailed car can be a prize collectors revere and will pay for. The problem with restoration projects is that they take time. Many people don't finish them and they become a hobby that was once interesting, but now seems more of a hassle.
But why does this happen? Well, the answer is more simple than you may think. Your reason for quitting a car restoration project may seem random, say more demands at work or the desire to spend more time with your family instead of engaging in hobbies, but it's actually a lot more simple than that. For most people, it's a question of happiness and economic comfort.
Think about it: when do people adopt new hobbies or actually finish long-standing projects? When stress is low, things go well at home, work isn't demanding, etc. we look to fulfill ourselves in other ways like learning about that one subject that was always interesting, but we just didn't have time to do. All those requirements come with economic prosperity and comfort in life, so it's not a wonder that when the recession hit, all aspects of the automotive industry were hit hard. Not only are cars the means of transportation that take us to our leisure activities, but those involved in automotive trades became discouraged at the apparent decrease in demand. Even someone who restores cars professionally wouldn't take it seriously would lose momentum in a grim scenario.
Now that we're clear of the recession and the economy is picking back up again, industries that involve restoring assets that depreciate, like cars, are back on the way up. Actually, business is more than just picking up, it's exceeding what it used to be. Workers haven't been this confident about their ability to find a new job since 2006. Need evidence? Just see the graph above that completely turns around after the recession! The graph depicts the interest people have displayed in restoring cars based on what they search for on Google, millions of searches were tracked.
So what does this mean for you? Well, if you love cars, and detailing and restoration is something you've had an interest in, dabbled in, or even done professionally in the past, it might be time to dust off your tools and get back in the swing of things. It's been said that the best way to love what you to is to take your hobby and make it into a profitable profession. Now that's probably not automotive restoration for everyone, but at the very least the fact is that other people are doing it, and there's definitely a growing market for restored cars once more.