If you’ve never bought a classic car before or you just want to do your due diligence before deciding on your next purchase here are the top things to consider before choosing your perfect classic car.
Do your research
Step 1 is of course to do your research. Since you’re reading this, you’re well on your way. Always do your research before buying any car whether classic or not. However, there are some classics that are always going to be safer choices than others. Research the market and the car before purchasing and always consider the value and approximate value over time of the vehicle. While most cars normally depreciate over time, certain classics actually appreciate. Of course, it’s always going to be a better idea to buy a car that will appreciate over time, rather than cost you, however buying the perfect classic car isn’t just about the money, it’s about the love of the car so you’ll need to carefully consider its value to you in terms of sentimentality and actual monetary value.
Be careful choosing a classic no one else has
Car collectors love having cars that no one else has. That being said, you should always be careful buying a one-of-a-kind car. Whether you’re looking at a concept car or a car someone notable owned. While these cars can be appealing from an investment standpoint, the market you can resell the vehicle in is much smaller. If you’re looking to do up the car or if you ever need replacement parts (which let’s face it, you will) you’ll be looking at having them specifically manufactured for you which can get very costly. You’ll have to consider this when considering the true lifetime value of the vehicle.
Make sure you know what you’re doing
On the flip side of having to have replacement parts specifically manufactured for you, is buying a car that many have in order to easily be able to find replacement parts. If you’re looking at restoring a vehicle then you’ll want to choose a classic that you can easily source parts. You’ll also need to consider your knowledge in the area very carefully and even if you’re an expert you’ll still need to factor in the cost of tools, parts and trips to the mechanic to get your vehicle in working order. According to Bill’s Backyard Classics, only 30 per cent of all vehicle restoration projects are ever completed.
Make a list
Before choosing the perfect classic car it’s always a good idea to create a list of your favorite classic makes and models and carefully consider their pros and cons. Create a spreadsheet with costs, repair estimates, replacement parts needed, etc. to truly consider not just the value of the car but also the amount of time and money you’ll have to spend getting it in working order. As with most classic car lovers there is probably a long list of classics you’d love to get your hands on. Keep your list handy and be prepared to compromise and negotiate with any sellers.