I’m an Auto Expert: 7 Things To Know If You Want To Buy a Classic Car

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For celebrities and the ultra-rich, a stable of vintage cars is a necessary boast. While people like the Sultan of Brunei can buy multiple versions of every classic car that’s ever existed, as reported to Garage Italia, most people interested in collectible cars simply want some pointers when starting out.

Classic cars can range from the surprisingly affordable to the absurdly expensive, so you’ll need to figure out how much money you’re willing to spend, which will include not only the purchase price, but restoration, maintenance, storage and insurance.

However, if you’ve got the funds to buy what you want and are not afraid of a little homework, planning and hard graft (if you’re doing the restoration yourself), buying a classic car can be a rewarding experience and a potential investment.

GOBankingRates asked several auto experts about the ins and outs of buying a vintage ride and their answers were informative and revealing. Here’s what they had to say, starting with the importance of finding the rationale behind taking on a classic car project.

Determine Your Purpose

There should be a reason for putting in the time and money toward buying a classic car. Is it going to work as a daily driver? Do you want a show car? Is reselling it a possibility? By identifying the purpose behind your purchase, you’ll be able to figure out what car you should be targeting and what condition to seek.

Even if you’ve defined your purposes and no matter how emotionally attached you’ve become with idea of owning a classic car, you still have to keep a cool head, according to Clay Carpenter, creative co-owner of the graphic apparel company Dodotees.com and the auto-themed web store icravecars.com. “Make sure it is the right car for you. It doesn’t matter how far you had to drive to look at the car, you are not obligated to buy it,” he said. “Go there with the attitude that you can walk away at any time.”

Do Your Research

Only the obscenely wealthy or fools make substantial purchases without doing their research. Without it, you may let nostalgia or passion cloud your judgement and blind you into spending money on a dud.

“Research is crucial when buying a classic car,” said Deyan Ivanov, auto expert and founder of 5 Star Valeting Solutions. “You should familiarize yourself with the car’s specific model and history, there are plenty of online forums and classic car communities that can provide insight into common issues with the model you’re interested in.”

“Join a club first. Get to know people who eat and breath that make and model of automobile,” Carpenter added. “All cars will have trouble areas and people who have been around them will know right where to look to see if this particular car has that issue.”

Quiz the Seller

Your research will fill in a lot of holes, but getting the straight goods from the sellers themselves is indispensable. Start by verifying the car’s history by asking for maintenance records, ownership history and number-matching info on the heavy components like the engine and transmission. Then go further.

“Always ask where the car has been, if they have had the car their whole life and if not who did they buy it from or specifically, from where?” said Lachlan DeFrancesco, founder and chief of cars at MCQ Markets, the radical investment brand that offers fractional ownership of some of the most luxurious and coveted cars in the world. “It will make a difference if it was in a colder, dry or humid environment,” DeFrancesco said. “Ask if there have been any significant modifications or restorations as it could affect the car’s authenticity and future repair costs.”

Inspect the Car

A quick eye test will provide you with first impressions that are important. Rust, paint inconsistencies, leaks and body damage should be apparent upon inspection and unusual noises and operational issues should show up during the test drive (always insist on a test drive).

Additionally, “Making sure you’ve had the car inspected before taking it for a test drive will protect you in case the owner tells you something broke in the car while you were test driving it, protecting you from unforeseen repair costs or claims from the owner,” explained Alan Gelfand, owner of German Car Depot.

However, potential costly repairs will be easier for an experienced mechanic. “Even if you’re comfortable with cars, a trained eye can catch things that you might miss, like hidden rust or issues with the engine,” Ivanov said. “A mechanic will also give you an honest evaluation of the car’s condition, which can save you from purchasing a vehicle that may end up costing you more than you anticipated.”

Should You Restore?

For DIY-ers, restoration is part of the attraction of buying a classic car, despite the money, time and tools required. “Purchasing a classic car in great condition could save you on immediate costs, but a full restoration of a ‘beater’ will bring you the added value of passion and creativity and can be an attractive option for those who want a project,” DeFrancesco said.

Keeping that in mind, Carpenter heeded caution. “If you love a challenge and want to restore a car, be aware that it is a long and expensive process,” he said. “The cost of materials (paint, primer, Roloc Bristle Discs, etcetera.) is enough to make you question your sanity. For instance, you can spend $500 to $800 on a gallon of primer. So the rule of thumb is to buy the best one that you can afford.”

Negotiate the Best Price

Your research will give you an idea of what you should expend to spend. Just because you’re shopping for a specific vintage vehicle doesn’t mean you can’t barter with the seller. Prices for classic cars can be flexible and this is where your research comes in handy.

“Another good question to ask is how the seller arrived at the asking price they want,” Gelfand said.“This question will help you know what factors they used to determine the car’s value which you can use as a negotiating chip.

“If their reasoning is they simply followed what the other sellers’ they know have priced theirs, then it could mean they don’t know the market well enough,” Gelfand added. “It may also mean that they don’t know the car well and its specific features that bring value. This gives you the chance to negotiate the price down given that you know more about the car.”  

Factor in Insurance

Lastly, insuring a classic car differs from a protecting a daily driver. If you intend to use your vintage purchase as your everyday car, you’ll be paying regular car premiums. However, you should be paying less for a vehicle that you use only occasionally.

That being said, “Insurance can also be more expensive than a regular car, since classic car insurance often involves specific policies that require appraisals and have restrictions, like mileage limits,” Ivanov said.

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