What’s Your Advice on Buying a Classic Car?
If you’ve ever found yourself captivated by the chrome glint of a '57 Chevy or the unmistakable rumble of a Mustang from the 60s, you’re not alone. Classic cars have a timeless appeal. They evoke nostalgia and symbolize freedom on the open road.
For many enthusiasts and collectors, owning one is the culmination of a dream. It’s like owning a piece of automotive history or a rolling artwork. But buying a classic car today isn't as simple as picking up a new ride from a dealership lot.
You may be surprised that the process actually involves a lot of passion, knowledge, and a careful eye. And because you are not the only one trying to acquire these iconic vehicles, you may also need a fair bit of patience.
If you're considering buying a classic car, whether for the first time or as a seasoned collector, here's some advice that might steer you in the right direction. From determining your budget to inspecting for rust, we'll cover the essentials. Let’s take a closer look.
Define Your Reason for Buying
Before entering the classic car market, it's important to consider why you want one. While this may seem obvious, your motivation can greatly influence your decision. Are you drawn by nostalgia, seeking the car your parents drove or one you admired as a child?
Perhaps you're looking at it as an investment, hoping the car will increase in value over time. If this is the case, you need to keep in mind that not all classic cars appreciate in value. You will have to do your research on which classic cars are still highly valued today.
Some people buy classic cars because they have a passion for restoration. They enjoy the hands-on process of bringing a vintage car back to life. If this is your reason, then you may prioritize finding classic cars that are not in perfect condition or something that can give you a challenge.
Maybe you even plan to use it as a daily driver or show it off at occasional events and car shows. In any case, understanding your reasons will help you narrow down your options.
If you're buying with investment in mind, you'll want to focus on models known for retaining value. However, if your purchase is driven by sentimental value or casual weekend use, financial returns may be less of a priority.
Do Your Homework on the Car Model
Every classic car has its own story and quirks. Extensive research is essential before making a purchase, especially for the specific model you're considering. The best way to do this is by engaging with online forums, reading buyer’s guides, watching YouTube videos, and consulting either vintage car experts or current owners.
During your research, you should focus on certain key aspects like the availability of parts. Some models have easily accessible replacement parts, while others might require a lengthy search for rare pieces. Be aware of common problems, as certain classic cars are notorious for specific issues. Some models from the 70s, for instance, are known for electrical problems or rust.
If you are an investor, it is important to understand the car’s popularity and demand. Knowing whether it's rare or highly sought after can provide insight into its potential value and future appreciation. The more knowledge you have about the model you're interested in, the better prepared you'll be to recognize a good deal or avoid purchasing a problematic vehicle.
Set a Realistic Budget
Classic cars come with a wide range of prices, from affordable to extremely expensive. When determining your budget, it's important to be realistic and account for not just the purchase price but also ongoing expenses. Owning a classic car means paying for insurance, maintenance, storage, and the cost of restoration.
Insurance for classic cars differs from regular car insurance and is often cheaper if the vehicle isn't used daily. However, insurance costs can be high for certain models, especially rare ones with high replacement values.
Maintenance and repairs are another important consideration. Older cars typically require more upkeep, even when in excellent condition. Components like tires, brakes, or the exhaust system may need regular servicing.
If you don't have a garage, you will need to factor in the cost of proper storage to protect your investment from the weather.
Finally, if you're purchasing a car that needs restoration, the costs can quickly add up. Be sure to have a clear understanding of what parts and labor will cost before taking on the project. While it's easy to get caught up in the excitement of owning a classic car, stretching your budget too thin can turn the experience into a burden.
Decide on Original vs. Modified
When buying a classic car, one of the major decisions you will have to make is choosing between an original (or "stock") car and one that's been modified. Both options come with their own advantages and drawbacks.
An original or stock car is as close as possible to the condition it was in when it left the factory. These cars tend to retain their value better and are often more desirable among collectors. However, they might lack modern conveniences, making them less practical for daily use.
On the other hand, modified classic cars have been altered for improved performance, aesthetics, and comfort. This could include upgrades like more powerful engines, better brakes, or a modernized suspension system. While these changes can enhance the driving experience, they may lower the car's value in the eyes of certain collectors.
If you're purchasing the car for personal enjoyment and intend to drive it regularly, making a few tasteful modifications could make it more enjoyable. However, if you're looking to sell the car for profit in the future, sticking with an original model may be a smarter choice. At the end of the day, it’s all about what you are planning to do with the classic car.
Inspect Thoroughly (or Hire an Expert)
Inspecting a classic car is not the same as kicking the tires on a modern car. The older the vehicle, the more likely it has experienced wear and tear. Here are some critical things to look for:
Rust
Rust is the enemy of classic cars. A little surface rust might be manageable, but structural rust can be a deal-breaker. Check under the car, around the wheel wells, door sills, and the trunk for any signs of corrosion. Rust can spread quickly, and repairing it is often expensive.
Mechanics
Even if the car looks great, it’s essential to ensure it runs well. Start the car from cold, as this will show any issues with the starter, choke, or engine. Listen for unusual noises, check for smoke from the exhaust, and ensure the transmission shifts smoothly.
Interior
The condition of the interior can give you clues about how well the car has been maintained. Look for wear and tear on the seats, dashboard, and carpets. Check that all the instruments and switches work as they should.
Documentation
A well-documented car is a huge plus. Look for a detailed service history, especially for any restoration work that’s been done. This can give you peace of mind that the car has been well cared for and give insight into any potential issues.
Hire a Mechanic
Unless you’re highly knowledgeable, it’s a good idea to hire a mechanic who specializes in classic cars to inspect the vehicle before purchasing. They’ll know what to look for and can save you from buying a car with hidden problems.
Consider Maintenance and Restoration Effort
Even if a classic car is in good condition when you buy it, you’ll likely have to perform maintenance or restoration work at some point. Remember that classic cars don’t have the same reliability as modern cars. It may even be a challenge to find parts or someone with the specialized set of skills needed to work on them.
Join a Community
Classic car communities can be a valuable resource. Whether it’s an online forum, a local car club, or a Facebook group, connecting with other enthusiasts can help you find parts, share advice, and even discover good deals on cars for sale.
Specialized Shops
Not every mechanic can work on a 50-year-old car. You’ll need to find a shop that specializes in classics, particularly for more obscure models. These mechanics understand the quirks of older cars and have the tools to work on them.
Think About Future Value
If you’re buying a classic car as an investment, it’s important to consider the potential future value.
Some cars appreciate over time, especially if they are rare or hold historical significance. However, it’s not entirely possible to predict the future market. Trends and popular culture may influence what is and what isn’t considered valuable today.
Generally speaking, rarity is one of the most desirable qualities of a classic car. However, rarity alone does not guarantee worth. Certain models are rare because they weren’t initially successful, so thorough research is essential to determine whether the car's rarity actually enhances its value.
The condition of the car is another important factor to consider. Cars in pristine condition generally retain their value better than those requiring significant repairs. However, buying a car in need of restoration can be a more affordable way to enter the market, as long as you're prepared to invest in the restoration process.
Monitoring market reports and auctions can provide insight into which models are currently in demand.
Understand Insurance for Classic Cars
As we mentioned earlier, insurance for classic cars is generally cheaper than insuring modern vehicles. This is largely because these cars are driven less frequently.
Still, it is important to be aware of the different coverage options available for classic cars. One common type is Agreed Value coverage, where both you and the insurer agree on the car’s value upfront, and in the case of a total loss, you’ll receive the predetermined amount.
Another option is Stated Value coverage, where the insurer pays out the stated value, which may be less than the car's market value due to depreciation.
Take note that many classic car insurance policies come with mileage limitations. This could be an issue if you plan to drive the car regularly. Because of these potential limitations, it's crucial to shop around and find a policy that best meets your needs. Understanding the available options will help ensure that your classic car is adequately covered without unnecessary restrictions.
Work with Classic Car Deals to Find the Best Classic Cars for Sale
Buying a classic car can be one of the most fulfilling automotive experiences you’ll ever have, but it’s not without its challenges. From research and inspection to ongoing maintenance and insurance, it requires dedication, patience, and a clear understanding of what you're getting into.
That said, with the right preparation, you’ll not only find the perfect car for you but also enjoy the process of owning a timeless piece of automotive history. If you are determined to have a classic car of your own, there are several options to choose from.
You may attend classic car auctions or visit online marketplaces. But if you want an even bigger selection of classic cars for sale, you should consider consignment.
Consignment cars are vehicles that have been entrusted by their sellers to a dealership, broker, or consignment company. These companies take care of marketing and selling the vehicle, giving owners peace of mind throughout the process.
Work with Classic Car Deals and they will help you find the classic car that fits your exact needs and preferences. After all, they are the world’s largest online consignment company.
Located in Cadillac, Michigan, Classic Car Deals has consignment cars all over the country. You can visit their showroom to view all the classic cars (and trucks) that they personally have in stock at their headquarters. You may also check out their website to view all the available classic cars online.
Call Classic Car Deals once you’ve found your ideal classic car to double check on the location. They provide an easy and hassle-free way for you to shop classic cars for sale nationwide, offering the widest selection of vintage, exotic, and collectible cars and pickup trucks.
Your first step to buying your dream car is to contact one of their reps today. Visit their Consignment page today for more details.
*While every reasonable effort is made to ensure the accuracy of this information, we are not responsible for any errors or omissions contained on these pages. Please verify any information in question with Dealer.