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Three Tips on Buying a Classic Car

BOSS 429Owning 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.

If your classic needs a bit of restoration, do you have the tools, time and experience to do it or have it done by another party?

 

 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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