When you have a really strong interest in something it is very easy to get carried away with it. Classic cars are a good example. When you have a certain car that you love you simply have to own one. Whether it’s a Ford Falcon or a Thunderbird, you will likely end up overpaying because you end up getting blinded by emotion when you have the opportunity to purchase your object of desire.
There is a way to make sure that your love of classic carsdoesn’t end up hurting you financially. The first step is to make sure that you can take a step back and not let emotions decide for you. There are some things to look out for when buying one. In this article, we will go over some of the things to be on the lookout for to make sure that you don’t end up overpaying.
Is the title clear?
Before you even consider if the condition of the car is worth it to buy, you have to make sure that it is legally able to be in your name once you purchase it. The car title must be clean so that the ownership of it can be transferred.
Things can get complicated on this front when you are dealing with a classic car. Particularly if that car has sat for decades and is being sold by a descendant of the original owner. Likewise, if the car was considered salvaged at some time and has a salvaged title that can’t be registered.
It is very smart to make sure the title is clean. You don’t want to buy a car with a title that seems clean only to find out that the car was stolen decades ago and that’s why it had been sitting in a barn this whole time. There could be other liens on the car too and you may find out too late when you have already taken possession of the car and payment has already gone through.
Take some time to run the VIN through your local motor vehicle department and make sure that everything matches the title.
Think about replacement parts
Practically, any car can be restored if you are willing to put the money into it. However, many hobbyists are going to be stymied by some repairs that are beyond their capabilities.
One thing that can pose a major obstacle is that there is no way to get the necessary replacement parts for the car. You may assume that you can find some on places like eBay or at your local salvage yard. However, there are times when you simply can’t get any parts, original or otherwise. In this case, you may be stuck with your only option being having parts made for the car.
That is going to be very expensive and also time-consuming. It will put a full restoration out of reach of most people and is something that will be your problem if you buy the car without finding out ahead of time what the status is when it comes to getting parts.
Understand the ongoing costs
You know that the car is going to cost a lot to restore. This is not even up for debate and everybody realizes that going in. you’re going to be paying for parts and that is to be expected.
What isn’t really considered is how much the car is going to cost to own. There are ongoing costs associated with any car that you own. Since a classic car is unique you can expect some costs you may not have considered.
Insurance is a good example of how the costs of owning one of these cars can run high. For example, there are certain classic cars that are very difficult to insure and require high premiums. There are those who say that it’s actually cheaper to insure a classic car than a daily driver, but this is not the case for all antique cars. If you plan to drive the car whenever you want then you need to have the proper insurance and be prepared to pay for it.
There will also be the costs to inspect the car and of course, the parts that need to be bought over time as they are usually hard to come by and can be expensive. These are parts for regular maintenance that will come up over the time you own the car.