A VINTAGE MACHINE: Nick Mason with his Ferrari 250 GTO. Gareth Phillips

WHETHER IT'S THE SMELL of leather, the sound of a powerful engine or simply good looks, vintage cars inspire the deepest of passions among petrol heads around the world.

"We are all completely nuts," says Nick Howell, a collector who has owned more than a dozen vintage cars since 1974. He says a fascination with the engineering unites vintage car lovers.

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"When the automobile first started out, it was marketed for the wealthy. It wasn't for the man on the street," the 61-year-old says. "Their craftsmanship is far better than modern cars."

Nostalgia also plays a part. "As people get older, buying cars reminds them of the cars they loved and watched when they were children," says Charles Henry Gordon Lennox, the Earl of March, a longtime vintage car enthusiast. Rarity is another appealing feature, adds the 58-year-old founder of both the Goodwood Festival of Speed and Goodwood Revival, the latter of which takes place later this month. "Rarity gives cars an intrinsic value, so the fewer the better."

"Cars have become something people easily identify themselves with," says Lord March, who bought his first vintage car—a 1930s Morgan Three-Wheeler—when he was just 16. "Because a car is a man's toy in a way, they become very attractive."

But buying vintage isn't necessarily a Sunday drive. To get a handle on the basics, we spoke to collectors about how they got started and asked Bonhams auctioneer and motoring expert James Knight for tips on building your own collection.

Nick Mason: A Love of Racing

Mr. Mason driving his Bugatti Type 35 at a VSCC historic GP race at Silverstone in the '80s. Martyn Goddard/Corbis

Nick Mason is a rock legend. The only constant member of Pink Floyd since its beginnings in 1965, he helped influence generations of musicians and sell more than 250 million records world-wide.

The drummer is also something of a racing nut. He got the bug from his father, Bill Mason, a documentary filmmaker with a passion for classic cars, who is perhaps best remembered for "The Shell History of Motor Racing." "He used to race himself and he used to take me racing," says Mr. Mason. "He would take me to some of the Grands Prix in the early '50s, so I saw [Formula One champion Juan Manuel] Fangio and [Italian driver Alberto] Ascari and people like that racing at Silverstone."

Despite now owning about 40 vintage cars, Mr. Mason says he never wanted to become a collector. "I got into it because I wanted to go motor racing," he says. "I worked my way until I had a car that was suitable for racing. But then I was just lucky that I could afford to keep that and buy another one." He has raced almost every one of the cars he owns.

Mr. Mason's Ferrari 250 GTO Gareth Phillips

The 69-year-old English musician says every collection is "a visualization of someone's particular taste." In his case, his cars reflect his love of racing: a 1960 Maserati T61 Birdcage, a 1927 Bugatti Type 35B Grand Prix, a 1983 Tyrrell 011.

His collection is "always fluid," Mr. Mason says. "As I get older, there are [cars] that I know I am not going to race again and those might get sold. So I might buy something that we can use for rallying or for touring, but that's less committed for proper racing."

However, there are cars that he has had for a long time that he would like to hang on to. "The value is in the individual car," he says. "It's not like collecting stamps, when you get the entire set."

Mason's 1970 Ferrari 512S at his aircraft-hanger garage Gareth Phillips

Mr. Mason says the last car he would sell is his Ferrari 250 GTO, one of the most expensive of its kind. (A 1962 model made for Stirling Moss sold last year for about £22.7 million.) He'd keep it for the price tag, of course, but also because of its great racing history.

"It's the race car that finished third in Le Mans in 1962 and it has quite a competition history," he says. "It's such a good all-rounder. It's a car that you can use in nearly every motor show. You can rally the car, too."

It has also acquired a more personal history. "I've used it to take my girls to their weddings," he says. "For a lot of people, history tends to make the cars much more important," he explains, before adding: "It's probably the jewel in the crown."

Gérard Lopez: Driven by Passion

DRIVEN BY PASSION: Gérard Lopez with his Lotus Esprit S2 JPS Justin Leighton

Like most men, Gérard Lopez's love affair with cars started when he was in his teens. Though his father only bought secondhand cars, he dreamed of one day owning a new Peugeot 205 GTI. "It's a cheap car but it always ranks as among the top," he says.

Now, the 41-year-old founding partner of Genii Capital is surrounded by the best of the best when it comes to cars. Not only is he chairman of the Lotus F1 team, which is owned by Genii, but he has a personal collection that includes everything from a Ferrari FF to a Jaguar XJ220—and, of course, a Peugeot 205 GTI. "It started with six or seven cars, but then I decided to have a bigger collection with my two business partners," he says. Mr. Lopez now owns or co-owns about 100 cars.

Peugeot 205 GTI John Colley/Magic Car Pics

Despite the more expensive models, the Peugeot is still his most precious. "I buy cars that connect with who I am and where I come from," he says.

"People that start to buy to make a business out of it might make money but they run the risk of losing some," Mr. Lopez says. "If your choices are driven by passion instead, you are actually having fun."

The technology is also part of the draw—as one might expect from a man whose firms have been key investors in tech ventures like Skype. "I like beautiful things but I also like mechanical things," he says. "I like cars because of the history of the technology. It doesn't have to be the most phenomenally expensive car in the world."

Viper racing cars Justin Leighton

His collection includes a 1967 AC Cobra 427, also known as the Shelby Cobra. "It's one of the most beautiful cars in terms of shape, but at the same time it's a very brutal and fast car," he says. The 1973 Porsche 911 RS is another favorite. "I'm a huge Porsche fan," he says. "It's probably my favorite brand. And the 911 is the most iconic Porsche, and the '73 is the most iconic 911. It's the holy grail of 911s."

How To: Buy a Vintage Car

James Knight knows a thing or two about buying vintage cars. As group head of motoring at Bonhams in London, he has been involved in some of the most expensive sales ever—including the record-breaking auction of a rare 1954 Mercedes-Benz W196 for £19.6 million in July.

Robert George/Magic Car Pics

John Colley/Magic Car Pics

Robert George/Magic Car Pics

Gareth Phillips

Before even thinking about what to look for in a vintage car, he says the first question you should ask yourself is what type of car you want. "It starts with the simple things like what's your budget and do you need a car that's left-hand drive or right-hand drive? A manual gearbox or an automatic gearbox?" says Mr. Knight, who owns a 1954 Austin-Healey 100 Roadster. One other thing helps, too: "You need to have the desire to own an old car." Here are his tips for those thinking about building a collection or expanding on an existing one.

Know the pecking order. It's important to understand what the market perception of each brand is. "There is a food chain," says Mr. Knight. "If you are in Italy, the pecking order is Ferrari, Maserati, Lancia, Alfa Romeo. In Britain, it's Aston Martin, Jaguar, Austin-Healey, Triumph and MG. We all have our upper-middle-class, middle-class, lower-class band and that's where we stay."

Aim for uniqueness. The more original a car is, the higher its value. "Try to aim for the car with as [few] changes as possible," he says. If you have to choose between a car in better condition but with modifications and one that's not in such great shape but with original features like left-hand drive, go for the latter. "You can buy condition, but you can't buy originality," Mr. Knight says.

Look for low mileage. "A car that has not spent many miles is better than the car that has traveled a huge amount of miles," he says, but adds: "The older the car, the less important the mileage is."

Know the car's provenance. Look for cars with detailed files on their history, both in terms of servicing and previous owners. And be sure to look for prominent owners, which can increase the value. "Fewer owners on the car and more famous owners on the car make a difference," says Mr. Knight.

Write to Javier Espinoza at javier.espinoza@wsj.com