Bitten by the vintage motorcycle bug? Whether you’re thinking of starting a collection or adding to the lineup you already have, doing it the smart way will help you avoid regrets and expenses later.

Here are 16 tips every motorcycle collector should keep in mind.

1. Attend as many vintage motorcycle meets as you can

Bike shows, concours d’elegance and swap meets are put on by various clubs and membership organizations. There you will find before you a great array of bikes for comparison, you’ll be able to talk with owners, possibly learn about parts supplies and personal stashes of hard-to-find parts, understand the values of specific parts and machines and make some acquaintances who will become friends.

2. Determine your favorites, then join the club

When you have narrowed your focus to the kinds of motorcycles you like, whether British, American, Japanese, early or later machines, it’s good to join the clubs associated with that category. The clubs’ newsletters and websites are invaluable resources for parts, services and information, and they also offer schedules of events where you can access parts you need and gain additional knowledge.

3. Reading materials

There are several American and British magazines that are excellent resources for service and parts information. They also re-test older bikes and interview collectors. They are also good for keeping your spirits up when, if you live in a cold climate, you cannot get out and exercise your machines or spend time in an unheated garage.

4. The three-year rule

Over the last century “mechanics” with good intentions have disassembled motorcycles (and cars) they have just bought with the intent of restoring them. A little paint remover and some hours of sandblasting later, they have reduced a great original machine to a pile of raw, sterile parts. Then they disassemble the engine, and spread it over their bench. Months later, they put it into, err, baskets… or boxes.

At that point, the project is overwhelming and forever more the machine remains a basket case. So, unless you are a complete expert on the particular bike you have just purchased, the first thing you should do is wait. Study it, talk to fellow collectors about it, and show it to experts over a three-year period before you do anything rash.

Unless you are extremely well versed in the make, model and year of motorcycle, do not touch it for a few years while you learn about its characteristics, what is rare about it, what is unique to that model year and not interchangeable with other model years, etc.

Original, unrestored motorcycles and cars are finally being appreciated by collectors. Try gently cleaning the plating and paint on the bike before deciding to rip it apart and restore it. Even if it needs an engine rebuild, sometimes this can be done with the “patina” left intact.

Remember: You can restore a motorcycle many times, but it is original only once.

5. Questions to ask

As you look at bikes at events or in response to ads, make a detailed and analytical examination of what you are viewing. Is it all there? Does it turn over, or even run? What’s its history?

“Why are you selling this bike?” is a perfect question to ask, as is, “If you were keeping this bike, where would you spend $500 or $1,000 next on it?” You would be amazed at the honesty of responses you get sometimes!

6. Avoid basket cases

Basket cases are to be avoided unless the machine is quite rare or there’s value in the pile just for some of the parts, not as a restoration. While the guts of everything are laid open for your review, which is an advantage, except in rare situations parts will be missing, and it may be a challenge to locate them. That’s why they are still missing.

7. Know the value

After you have focused on the few machines you are seeking, learn the value of the bikes, the parts for those bikes and also what is rare and unobtainable for them. You might guess that a simple plastic tank badge for a Honda Superhawk would be a $5 item. Actually, an original is creeping toward $150. Speedos for Vincent Black Shadows are very expensive, as are rebuilds. If you have a hankering for an early Honda ATC90 three-wheeler, know that recently a rear tire (new) sold for $2,500. Ditto an early CBX exhaust system. The condition of certain parts will heavily affect the value of a good restorable machine.

8. The cost of a rebuild

After considering a number of bikes in various levels of condition or originality, place high value on a running machine. An engine rebuild on a simple parallel British or Japanese twin is in excess of $1,500, as much as $2,500 if there are problems with major components. Carburetors are expensive to rebuild as well. Electrical systems can be complete nightmares to sort out and magnetos, generators and alternators very expensive to rebuild or replace. A running, sound engine and good charging system mean you’ll avoid associated expenses for awhile.

9. Don’t get excited

Sooner or later, you are going to look at a bike or locate one at a meet, and get excited about the find. Now’s the time to kneel down and take a hard look at it. Discuss it with the owner. Make mental notes of the parts, paint, plating and hours of labor it may need to make it look perfect. Understand the availability of damaged or missing parts. Then decide whether you should buy it, but keep that information to yourself.

Now, walk away for at least 30 minutes.

After chewing on the details (and probably Jonesing pretty bad) come back to the bike and do it all over again. It is easy to “improve” the machine in your mind while you are away from it and fool yourself. If all seems to look good in the deal, buy it. If it is sold when you come back, sure, kick yourself. But remember that being careful pays off in the long run.

10. Corollary to Rule 9

If the bike is in great original condition, is exactly the model you have been seeking for some time, you’ve asked the right questions about its condition, the price is retail or less, get your wallet out and ask the owner what his best price is. There is no point in dickering for something that is exactly what you want, especially if it’s in original condition. Pay the money and be proud of your soon-to-appreciate investment.

11. Buy and trade the parts

While you are in the market for parts that you do need for your project, buy some good ones you may not need, especially if you know they are hard to find. It is not unusual to find seasoned collectors with parts you need who will barter for parts you have, but find your cash relatively worthless. Plus, parts you don’t need new may fit a bike you will own later.

12. On-line and live auctions

On-line and live auctions will help you understand current values of bikes and can be a good place to sell, because you can set a  reserve as a means to protect yourself as the seller. Buying at auctions can be good as well. If you are considering it, make sure you have the machine started and perhaps demonstrated by the auctioneer. On-line, study the seller’s ratings. In general, one-on-one “live” sales are safer bets.

13. You can learn quite a lot from collectors

Given the opportunity to talk with a collector at an event or through an invitation to his “museum,” graciously accept and have your questions ready. He may be able to steer you toward a good machine or parts you need. Remember to listen more than you talk.

14. Networking

Value and nurture the friendships you make. While motorcycles are great fun to ponder as objects and to ride, the best part of motorcycling is the people in the sport. As you spend time around people who share your areas of interest, collect their contact information and file it for later. Keep their needs in mind and pass along bike or parts opportunities you come across. Send them internet stories or links of interest. When you look back after five or 10 years at how you have progressed in collecting, you will see that relationships probably got you there.

15. Keep it moving

Ride your motorcycles at least a little each year. It will give you a chance to enjoy the machine and actually helps the preservation process to keep the fluids flowing and parts moving. Change the oil every other year, or more frequently. Ditto brake fluid.

16. Insure your collection

There are two or three insurance companies that specialize in vintage vehicles. Though you will be limited in how you use the machine, a $10,000 bike can be covered for about $30 a year for a “stated value” policy. Unlimited use will cost what an equivalent modern bike would cost.