There’s no better time to buy a project car than right now.

It’s unfortunate that so many people are feeling the brunt of a full-blown recession, but there’s always a silver lining if you know where to look. With unemployment at seven percent and still rising, a lot of folks are out of a job, and that includes professionals who earned a good living before falling on hard times. Watching the newscast this weekend, I saw a story that showed some previously big earners—including CEOs, VPs, and upper-level managers—standing in line at a job fair handing out resumes. That started me thinking about all those play toys like boats, vacation cottages, airplanes, motor homes, and collector cars that are up for sale, and at fire-sale prices. Stuff that used to be an asset is now a liability as jobs are lost, and mortgage payments are coming due.

If you’re a home owner, chances are, you’ll probably get the Heisman maneuver from your bank if you try to get a home equity loan for a collector car. But if you’re one of the few with cash on hand, you stand to pick up a killer bargain on someone else’s completed project car if you’re a shrewd deal maker. Just remember that time is on your side, and it won’t pay to rush into a deal. If you’re looking for the muscle car of your dreams, keep your eye on several cars just over your limit. Make offers, and don’t be afraid to flash your cash, or circle back around at a later date. There aren’t a lot of cash buyers around, so sooner or later, you’re gonna get what you’re looking for at a steal!

I spoke with freelancer Steve Dulcich last week, and he told me about a deal he got on a 318-powered ’71 Satellite. Straight as an arrow and rust free (but with a small fender dent) this nice running car would’ve fetched $10k as little as six months ago. The owner had fallen on hard times, and had owned the cars for many years, but when Dulcich offered the guy $2,500 cash, he had to take it to pay his bills.