How Much Is Too Much To Pay For A Classic?
August 4th, 2009
Buying a classic is a prospect that can cost peanuts or a small fortune. How much a car will end up costing depends on a number of factors that should be carefully weighed before a deal goes through. If you are toying with the idea of making a purchase, you should step back and consider the real value of the buy before you make it.
So, what factors should go into setting a target price for a car purchase? Pay attention to these things when looking at a particular car:
The collectors’ value of the vehicle – Find out the going rate among collectors for the particular make, model and year of the vehicle. There is a Blue Book to help guide you along the way. Remember, some classics can and do fetch thousands.
Current buzz about a particular vehicle – If your favorite make, model and year has gained a lot of press in recent months, expect prices to climb a bit. VWs, for example, become even more popular with each movie release. The sustainability of the high prices, however, does not always hold.
The condition of the car – A mint GTO is likely to set you back a fair amount more than a shell you will have to restore. Keep this in mind when making an offer on the vehicle. Also be mindful that condition should go beyond appearances. Check into the functionality of the classic, as well.
Purchasing an antique car is not like trying to buy a brand new, showroom quality ride. Pricing can be greatly impacted by the popularity and collectors’ value and the condition. Pay attention to these important factors and let them help guide you in making an offer that is fair.
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