Owning a classic car is a passion of many. However, while there are benefits to owning one of these beauties, there are also some pitfalls. It’s always nice to drive around and be admired on a sunny day. Consequently, there are those days when the old mule doesn’t want to go. If you are in the market for one of these beloved classics, then here are some tips you should consider.
1. Identify The Vehicle You Want and Set A Budget
What kind of classic car do you want? Do you want a stylish two-seater or something that will accommodate the entire family? Additionally, many of these cars need work. Are you okay with doing some repairs, or do you want a vehicle that is fully restored? You must be realistic about your purchase. The price difference between one that needs work and one that is in pristine condition can be tens of thousands of dollars.
2. A Garage is Valuable
When it comes to insuring a classic vehicle, a garage can help with premiums. These cars aren’t suitable to leave outdoors 24/7. It’s better to have a covered space to keep them from rusting. Specialized storage might be needed for the winter months if you don’t have a garage.
3. Do You Have A Place For Restoration and Routine Maintenance
If you plan on doing most of the restoration of the vehicle, then you will need a space large enough to accommodate such a task. A small one-car garage or one you put up correctly for the automobile won’t suffice. You need lots of room to tackle such a feat.
4. Insurance Under The Agreed Value
Agreed value is a term that insurance companies use when determining how much your car is worth. Specialist classic car insurance companies have many options. Make sure you know any exclusions or limitations as well as your yearling driving limit. If you should ever need to make a claim, you want to make sure they pay what you need.
5. Use The Old Classics Price Guides
You can’t use Kelly Blue Book when it comes to finding the value of a classic. Rather, there are specialized guides, like Parker’s, that can value the automobile. Many things can alter the value, such as if a famous person owned it if it has specialized modifications, and if there is a strong historical paperwork trail that proves maintenance.
6. The Purchase Location Counts
Auctions are the best place to buy a car as far as price is concerned. The only downside is that you cannot test drive them, and there could be issues. Buying from an owners’ club gives you a bit more history and more cars to choose from, but some owners want more than the vehicles are truly worth. A private individual is still the best way to acquire one of these classic beauties.
Buying a classic car is an exciting adventure. Make sure you do your homework, and you set a budget that you can manage. An older car is an investment that can soon turn into a money pit if you don’t know what to buy and how to fix it. Take your time and make sure that you make a wise investment.
