Putnam Leasing CEO shares critical advice for collectors eyeing vehicles at Amelia Concours

At the lawns of the The Ritz-Carlton, Amelia Island this weekend, the gleam of rare Ferraris, Lamborghinis and vintage classics will draw thousands of enthusiasts to the annual Amelia Concours d’Elegance. For some attendees, the spectacle may spark a familiar question: should a collector car be treated as an investment — or simply as a toy?

Steven Posner, CEO of Putnam Leasing, says the answer is less about market timing and more about discipline. After nearly five decades financing exotic and collectible vehicles, his advice to potential buyers is straightforward: set a realistic budget and buy the best-quality car within it.

“To anybody that’s looking to buy a car at these auctions: buy the best you can,” Posner told the Business Journal — a rule he says helps collectors avoid costly restorations, unexpected overruns and the frustration that can turn a dream purchase into a financial headache.

If a collector car needs restoration, Posner said, this does not mean that the vehicle is going to be a bargain. If anything, the purchase will likely be more expensive than its original restoration estimate. Restoring a classic car will require months of patience and, like construction, will likely cost much more than what is originally estimated. In the end, an exciting new plaything becomes a burden and any joy is siphoned away during months of uncertainty.

“These are toys. No one really needs them,” Posner said. “When we were kids, we got a new toy, we played with it. Then we grew tired of it, and it went back in the toy box. When buying an auction car, you want to be able to play with it when it’s here.”

This is sage advice from a man who has been in the luxury collectible car business for 47 years. Posner has risen to CEO and partner at Putnam Leasing since joining the firm in 1983. In that time, Putnam has grown into the largest independent lessor of exotic and collectible automobiles in the U.S. with a fleet valued at over $250 million and a team of specialists operating from coast to coast.

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