A classic car can be an investment, a weekend toy, a renovation project, or all of the above. Consider these four tips before making your classic car buying decision.
Know why you’re buying
Before you go shopping, consider the purpose behind your classic car purchase. Are you looking for a good investment or just a good bit of fun? Are you hunting for a specific model or open to a variety? Answering these questions in advance can help move the buying process along.
Know the market
Market research can help you avoid overpaying once you’re ready to purchase. Consider what classic cars are selling for and why they’re selling at all. Typically, you’ll want to find out about vehicle history, type of use by previous owners (if any), and whether it’s popular among collectors or not.
Know your budget
Buying a classic car can be an expensive decision requiring careful consideration. Think about your budget and what you want out of owning a classic car before shopping and eventually purchasing. Consider budgeting for the cost of repairs, maintenance, classic car insurance, and other future costs before making a purchase decision.
Know your other options
Classic cars aren’t for everyone. Modern cars are typically more reliable, safer, and require less time and money for maintenance and upkeep. Typically with newer technology and safety features than their predecessors, they can be a better option for many (if not most) people.