Owning a classic car is a special experience for any avid auto enthusiast. However, purchasing one has just as many pitfalls as buying a new or used vehicle. If you have your heart set on buying a classic, there are three essential tips you should know before you make your purchase.
1. If you don’t like a particular classic car, don’t buy it
Don’t buy a classic just for the sake of having one in your driveway. Instead, take the time to look around and gain a clear idea of the kind of classic car that strikes your interest. Knowledgeable friends and fellow gearheads are a great source of information and classic car magazines can help you narrow down your search.
The worst mistake you could make is buying a classic car as an investment. Very few classics appreciate in value over time, and you could easily find yourself funneling large sums of money on a car that’s not likely to ever increase in desirability and value.
2. Don’t bite off more than you can chew
Anyone who goes into a classic car purchase with rose-tinted glasses will invariably be brought back to reality in a variety of ways. There are plenty of considerations to make before you seal the deal on the car you want:
– Do you have a safe place to store your classic? A climate-controlled garage is the ideal place for a classic car.
– Can you afford it? Not just the purchase price, but also the cost of registration, insurance and maintenance, too. The rarer the car, the more expensive and harder to find a crucial part may be, for instance.
– What condition is it in? For instance, rust is a sure-fire sign of a classic that’s in need of extensive repairs.
3. Expect to pay for the sentimental value on a classic car
Many classic car owners attach sentimental value to their rides, whether it was their first classic car, the first car they’ve bought period or one that belonged to a beloved family member or friend. Chances are you’ll run into a seller who’s pretty reluctant to give up their classic. These sales often happen out of sheer necessity; the owners must take care of unexpected medical bills or need extra money to get through a rough patch. Either way, you can expect to pay an added premium for the classic car you want.
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