A beginner’s guide to buying a classic car
–There are so many reasons to invest in a classic car. Perhaps you are trying to revive a childhood fantasy, or maybe you love the idea of tinkering with repairs in your at-home garage, or maybe you are hoping to invest and resell to gain a profit. No matter the reasoning behind it, shopping for a classic car can get you down a rabbit hole of pure joy. Looking at pictures, for sale ads, and reading blog posts from individuals who have blazed this trail for you can have you feeling like an experienced hobbyist in no time.
Determine your purpose
Why you are planning to make this purchase is the first thing you need to think about, before you even look at a single ad. Figuring out your goals as they relate to this acquisition is going to narrow down the search and weed out the good and bad choices for you right off the bat. For example, if you want to buy a classic car, and simply drive it off the lot and into the sunset with little to no repairs needed to get it road ready, that is a specific expectation, so buying something that needs tuning up might not be for you. There are many car buying resources like TireKickers.com that you can access to aid you in your search. These resources can also provide how to guides that you can follow when it comes time to make your purchase so that you do not miss a crucial step that can negatively impact your experience.
You can research classic cars as a pastime and still discern between which options are smart for you to consider purchasing and which are meant to be admired from afar. Getting involved in online forums is a good idea at this stage because that gives you access to an interactive community where you can participate in, and even start discussions specific to your topic. Collectors with more time under their belt will line up to be able to share their passions and expertise with a beginner.
Decide on a purchasing method
Regardless of your purpose, you will have to think about where you want to buy your vehicle from. Dealers and auctions are the top two options when buying classic cars. As a first-time buyer, invest your time in learning the pros and cons of each style of sale so you are prepared in advance for how the experience might go. Auctions can be great because the opportunity to participate online or over the phone means that you have access to cars all over the world. Having said that, price can be driven up based of supply and demand, as well as exclusivity. Additionally, purchasing at auction limits the buyer’s options for inspection which can be a sticking point as a beginner. Dealerships can be a great option because they do not come with the pressure of a timeline like auctions do. You also have more negotiating power with a dealer than you do at auction. On the con side, dealers are essentially just the middleman between owners, and the passion and knowledge might not be what you are hoping to experience, since they are ultimately in the business of turning over inventory.
Take advantage of car buying resources regarding price comparisons. Since some classic cars are rare, or even one of a kind, you might not be able to easily compare the sale prices exactly apples to apples, but you can use these resources to get a general idea of value and what you can expect when it comes time to finally write a check. Revealing your beginner or first-time status can leave you vulnerable and open to the possibility of being jerked around on the financial front. So, it is up to you to get in front of that possibility and arm yourself with the knowledge to combat any potential scammer efforts.
