Classic Cars

February 23rd, 2009

Most classic car collectors didn’t just wake up one morning and think to themselves, “I’ll just mosey on down to the Blue Ribbon used car lot and get myself one of them ‘58 ‘Vettes!”  No, most classic car collectors were appreciators of classic and vintage cars long before they became collectors.  That may be the point where you are currently at – an appreciator of the fine classic lines of a beautiful classic, vintage or antique car.  Your next step is to buy one, but how do you start?  Is it the same as buying a new model car?  Can you find affordable auto insurance for one?

Step 1:

Find the classic car that you absolutely love.  You can’t just be in “like” with a car, or believe you’ll “grow” into it.  That may or may not happen.  Then what?  You’re stuck with an expensive, high maintenance car that you hate, and which you may eventually begin to resent rather than adore.

Step 2:

Determine what the car is “probably” worth before you buy it; this way you go in with eyes wide open (instead of your mouth, when you read the sticker price).  If the car is “perfect” as is, you’ll be paying for perfection.  And if it needs extensive work to make it perfect, you’ll be paying for that, too, in the long run.  The fair market value can be determined with information gleaned from collectors’ meets, auction sites and printed guidebooks.

Step 3:

Evaluate the classic car on its merits.  In other words, check the individual car over well for flaws, alterations and modifications that may reduce its value.  We’ve all heard the “story” (hopefully, it’s just that, too) of the classic car buyer who fell in love with a classic car because it was so “perfect” and paid a small fortune for it, only to discover that it had no engine.  Granted, engines and drive trains can be repaired or replaced, but you must remember that older cars may not have readily available (or affordable) replacement parts.  A deep pocket will be quite beneficial if car parts are hard to come by.

Step 4:

Have the classic car carefully inspected by a trusted mechanic, restorer, engineer and/or appraiser.  An expert opinion on the car’s worthiness is invaluable, and nothing short of a bargain, especially if the car doesn’t live up to its hype.  Don’t neglect careful scrutiny of the car’s papers, i.e. title, registration, VIN comparison, etc., either.

Step 5:

Determine and compare the cost of insurance coverage for your classic car.  Understand the restrictions and limitations that likely will be placed on your car.  If these limitations won’t work with your driving needs, you may need to consider comparing conventional auto insurance quotes which are often considerably more expensive, just so you can make your daily rounds.

Step 6:

Consider the physical limitations that ownership entails.  Do you have a garage or access to an appropriate storage facility?  Do you need to buy a car trailer to haul your classic car longer distances, say to classic auto shows and collectors meets?  Do you have the time and/or money to devote to caring for the physical needs of a classic car, to keep it in tip top condition?

While owning a classic car might just seem like a fun thing to do, it’s also a commitment.  Are you ready for that kind of commitment?

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