Your Guide To Buying A Classic Car
Is there anything better than buying a classic car?
No.
(But don't tell the Mrs).
However, it can be challenging to choose what car and model you want to invest in buying.
That's why we made this guide for you, to help you purchase your classic car.
Choosing the right vehicle
Classic cars come in all shapes and sizes from different years and companies.
Knowing what you're looking for is essential for picking the right classic car for you.
When choosing the classic car you want to invest in, you should first consider the vehicle's purpose in your life.
Why do you want this car?
What are you most looking to get out of owning a classic car?
And do you have a particular style, era or manufacturer that you've got your eye on?
Have you thought about a classic car becoming your daily driver, and if so, perhaps you need to consider the additional costs of classic car restoration?
A lot to think about.
You may be looking to purchase, to restore...
If so, you need to either be competent or know someone who does.
Many people choose a vehicle that requires improvements.
After all, classic car restoration is a part of the enthusiast's lifestyle.
Do your research
Once you've outlined the critical elements for choosing a classic car, it's time to start your research.
Purchasing a classic car requires you to do serious background research before fully committing to the cause.
Things to research include:
Classic Car types
Typical running and maintenance costs
How easy it is to find parts for restoration and repairs and
Common issues in classic cars and how to fix them
Getting a good grasp of what kind of a challenge owning a classic car brings is excellent for getting yourself prepared.
Set a budget
Your budget will determine how much you can commit to owning and maintaining a classic car.
Many people mistake not factoring in all the additional costs of owning a classic, outside of just the initial upfront costs.
To ensure you buy the right car for you, you should look to set a monthly or annual budget for maintaining and running your classic car.
These costs include:
Storage if you intend on paying for a private, secure storage facility
Insurance costs - see our insurance blog here.
Maintenance costs
Parts and work: older classic cars may need restorative work sooner than modern cars
Preparing your classic car for restoration & restoration (if required)
Looking to keep costs down? Avoid one-of-a-kind classic cars.
We advise steering away from unique vintage vehicles, especially for your first classic.
Whilst you might want a retro car that stands out, you don't want to risk investing in a vehicle that would go significantly over your budget.
If this isn't your first rodeo, ignore that😉
Find the right insurance
There are many insurance options for protecting your pride and joy when it comes to classic cars.
Generally, classic car insurance is cheaper than insuring modern cars; this depends on the use of your classic car and how frequently you intend to use it.
Talking to several specialist classic car insurance brokers will be essential to obtaining the best coverage for the best price; this might include agreements on the extra cover during any restorations and repairs.
Join the Owners Club
One of the best parts of owning a classic car is being a part of the classic car community. (The best community, we'd argue...).
Inside the community, they offer:
> Advise
> Insight into the latest classic car news
> They share new events
> Putting in great deals they find
and more!
Even better, if you buy directly from another owner, they will be able to pass on all the history and information about that specific car.
Take a test drive
You'd want to test drive a modern car, so why not a classic?
Half of the reason people invest in classic cars is for their superior drivability and feel on the road compared to today's vehicles.
Test drives will help you understand which classic car feels right for you!
If you want to test drive a classic yourself, you must get the owner's explicit permission and get temporary insurance cover on the car to protect you, the owner, and the vehicle on any test drives.
Buy Seasonally
Our penultimate piece of advice may be a strange one but buy seasonally.
Surprisingly, the best time of the year to purchase a classic car is Autumn.
If you're looking for a classic car to restore yourself, this could be the perfect time to start looking.
Many classic car enthusiasts look to offload non-runners and damaged classic vehicles just before winter to avoid the cost of restoration over the winter period.
It could potentially set you up with some fantastic deals on cool classics.
Several individuals spontaneously invest in a classic car for the summer.
When it comes to the winter months, where owning a classic is more difficult due to the weather conditions, many also decide that a classic car isn't for them and choose to sell it.
Buying in the summer may seem counterproductive as the costs of classic cars are likely to skyrocket.
Still, there is no better time to test out a new classic vehicle than when the sun's shining and the roads are relatively straightforward to drive.
If you're a classic car newbie, summertime may be the perfect time to sell yourself the idea that owning a classic car is worth the investment.
Cheaper than what they purchased it for.
Only those who have thoroughly researched, prepared and committed to owning a classic car are serious enough to tough out the winter weather for the joy of owning their classic.
Owning a classic car is a commitment
Let's not forget that owning a classic car requires a significant commitment on your end.
Purchasing a classic car may need significant restoration at some point.
The costs associated with owning a classic car are often the biggest challenge that many classic car enthusiasts face.
We can confidently say that classic cars require much more love, attention and care than their modern counterparts; that is why the experience of owning a classic car is like no car you've ever owned before.
Classic cars really do put the passion back into cars.
That sense of accomplishment from working on a classic car is often seen as the number 1 reason people say they fall in love with the industry.
Ensuring that you're 110% committed to the project is critical for making your love last in this industry. That's why it's super important to choose the right classic car for you.
So, are you ready to invest in your first classic car?
Come by our workshop today, and we'll give you our advice based on what you're looking for.
We may also know of some current sellers.
Or contact me here (Ray Smith), head technician. Or, connect with me on LinkedIn.
