11 Tips to Consider when Purchasing a Classic Car

By John Nicholson

Buying a classic car can be an exciting venture, but it's important to approach it with careful consideration. Here are some tips to keep in mind before purchasing a classic car:

1. Define your budget: Determine how much you are willing to spend on the car itself, as well as any potential restoration or maintenance costs. Remember to account for insurance, storage, and ongoing maintenance expenses.

2. Research extensively: Educate yourself about the specific make, model, and year of the classic car you're interested in. Learn about its history, common issues, market value, and availability of spare parts. This knowledge will help you make an informed decision.

3. Set your priorities: Decide whether you want a car that is completely restored, partially restored, or if you're open to a project car that requires significant work. Clarify your preferences for originality, customization, or modifications.

4. Inspect thoroughly: Physically inspect the car or have a trusted mechanic or classic car specialist do it for you. Check for rust, signs of accidents or repairs, frame damage, and any underlying mechanical issues. Ensure that the VIN numbers match across different parts of the car.

5. Consider the rarity and desirability: Highly sought-after classic cars tend to hold their value better and appreciate over time. Research the production numbers, options, and any unique features that may increase the car's desirability and value.

6. Get a professional appraisal: Consider hiring an expert appraiser to assess the car's condition and value accurately. An appraisal can help you negotiate a fair price and provide documentation for insurance purposes.

7. Verify ownership and documentation: Ensure that the seller has clear ownership of the car and possesses all the necessary paperwork, including titles, registration documents, maintenance records, and any historical documentation. Avoid cars with questionable or missing paperwork.

8. Consider storage and maintenance: Classic cars require proper storage and regular maintenance to preserve their condition. Assess if you have the necessary space, resources, and expertise to maintain the car or if you will need professional help.

9. Join car clubs and forums: Engage with classic car enthusiasts who own similar models. They can provide valuable advice, resources, and recommendations for trusted mechanics, parts suppliers, and restoration specialists.

10. Take a test drive: If possible, take the classic car for a test drive to experience its handling, performance, and overall condition. Pay attention to any unusual noises, vibrations, or handling issues that may require attention.

11. Consider insurance coverage: Classic car insurance is specifically tailored to the needs of classic vehicles and offers specialized coverage. Research different insurance options and obtain quotes to understand the cost and coverage details.

Remember, buying a classic car is a personal and emotional experience. Take your time, gather information, and make an informed decision based on your preferences, budget, and long-term goals for owning a classic automobile.