Can old cars really cost a lot of money?

Before we go any further, let me just say that old cars aren't usually bought for their safety features. If they were bought for their safety features those cars would be very cheap and some would even be priceless. These cars are bought for the pleasure of their owners and are currently known as "classics'. These "classics' are what many millionaires begin to collect. Here are the classiest cars that cost over a million dollars:

• Ford GT40 - $2.2 to $2.6 million

• 1961 Ferrari 250 GT "The Breadvan' - $3.5 to $5 million

• 1938 Talbot-Lago T150-C SS Lago Speciale - $3 to $4 million

• 1961 Aston Martin DV4 Zagato - $2.9 to $3.2 million

• 1938 Mercedes-Benz 540k Special Roadster - $1 to $1.4  million

I know what you might be thinking. Who in their right mind would possibly pay so much for cars and then pay such a large amount of money to insure them? Truth is, people do pay a lot of money for their auto insurance after purchasing such old vehicles. They also have to take great care of them which most auto insurance companies won't do without the proper coverage.

Here is why purchasing these sorts of cars is not a good idea:

• Need exceptional care

• Need great coverage

• Will cost a lot to get proper coverage

• Premiums will soar as the car gets older

• No safety features

• Unless it is taken care of, it won't be able to drive at all

• Fuel and auto body shops will charge a lump sum of cash to get your car into reasonable condition

• It isn't recommended to drive a car like that on the road

• Can't park the car outside - especially if you live in an "urban' area