The initial purchase price of your classic car doesn’t tell the whole story of the classic car’s cost.
Using a classic car valuation tool, you can research classic car values and easily get an idea of what you’ll pay for a classic car. However, this process does not clue you into all of the additional costs car enthusiasts are faced with. These costs are ongoing and must be considered before you purchase.
Here, we’ll show you what to expect for the annual costs of owning a classic car and how that will affect your budget as you negotiate your purchasing price.
Overview of Classic Car Ownership Costs
You’ve purchased the classic car of your dreams! Maybe it’s your first or another addition to your collection. In either case, you’ll need to consider costs for insurance, maintenance and repairs, storage, registration and taxes, and entry fees to car shows and events.
Depending on the classic car’s value and condition, you can easily end up spending $10,000 annually on these additional costs. Here’s a brief look at what to expect for these classic car costs.
| Cost Category | Estimated Cost |
| Insurance | $1,000 – $10,000 annually |
| Maintenance & Repairs | $1,000 – $10,000+ annually |
| Storage | $500 – $3,000 annually |
| Registration & Taxes | $200 – $1,000+ annually |
| Car Shows & Events | $500 – $5,000+ annually |
Additional Insurance Costs
Insurance for classic and collector cars is typically higher than standard auto insurance, but it can vary depending on the type of policy you set up. Most collector and classic car insurance policies cost between $1000 and $3000 per year, but pricing can go as high as $10,000 annually.
Key factors to consider in insurance pricing for old cars are agreed value vs. actual cash value, usage limits, and storage considerations.
| Insurance Factor | Description | Estimated Cost |
| Classic Car Insurance Premium | Higher than standard auto insurance due to vehicle value and specialized coverage. | $1,000 – $10,000 annually |
| Agreed Value vs. Actual Cash Value | Agreed value policies lock in the car’s value, often at a slightly higher premium. | Varies, typically a 5% – 10% premium increase |
| Additional Coverage for Spare Parts and Restoration | Optional coverage for spare parts and restoration costs in the event of a loss. | Adds $100 – $500 to annual premium |
Potential Insurance Discounts
The best way to reduce your insurance costs is to look for discounts. And remember: It’s best practice to build a savings strategy before you buy your classic car.
| Insurance Factor | Description | Estimated Discount |
| Mileage Restrictions | If you can provide the necessary proof, the car is only being used for shows and events. | 5% – 20% off premiums |
| Storage Conditions | Indoor and climate-controlled storage can reduce premiums by protecting the car from damage. | 5% – 15% off premiums |
| Club Membership Discounts | Membership in classic car clubs can offer discounts on insurance policies. | 5% – 10% off premiums |
Maintenance & Repair Costs
Ask a group of owners of vintage cars what their annual car ownership costs are, and they’ll tell you about their maintenance and repair costs. The costs they’re referring to don’t just include the cost of necessary restoration work. When classic car owners talk about maintenance costs, they’re often speaking about the maintenance services necessary to maintain their classic car’s worth.
Expect to pay between $500 and $3000 annually on maintenance. You’ll spend less if you know how to work on the car yourself. Even if you aren’t regularly driving your classic cars, routine checks like oil changes, brake maintenance, and fluid replacements are vital.
Note that rare or foreign cars can have hard-to-find components that will increase your costs. In addition, you may need a special mechanic who likely costs more per hour.
Even if your vehicle isn’t rare or foreign, as you shop for a restorable car or classic car that needs a lot of attention, note that your annual maintenance could be considerably higher.
Storage Costs
If you thought putting a tarp on the car and sticking it in the backyard was a good idea, think again. Proper storage for classic cars ranges from $1000 to $3000 a year. If you upgrade to climate-controlled storage, which is ideal for preventing rust, mildew, and other damage, you can pay as much as $5000 per year per car.
If you want to protect the market value of your investment, choosing safe, climate-controlled storage is a must. Look for storage that is close to your home to ensure you have easy and frequent access to the vehicle.
Registration, Taxes, and Additional Ownership Costs
Registering your classic car will likely cost anywhere from $200 to $1000, depending on the state and the value of your vehicle. Taxes are also paid on the purchase of the car, so be prepared for those.
If you plan on getting classic or antique plates on your vehicle, additional costs may be associated. Most antique plates range anywhere from $50 to $150 per year.
Car Shows & Events
Buying a classic car and not enjoying it is kind of like going to a 5-star restaurant and not ordering anything! When shopping for a classic car, think about how much time you plan on using your car and what that will look like–whether that means attending a classic car show, restoring your car on your weekends, or taking it for a spin.
Car clubs offer networking opportunities and discounts, but you’ll have to pay to get into the club. Some of the most popular options include:
- Antique Automobile Club of America (AACA) ($45/year)
- Classic Car Club of America (CCCA) ($85/year)
- Goodguys Rod & Custom Association ($35/year)
- Hemmings Motor News (Varies, subscription options available)
- National Street Rod Association (NSRA) ($40/year)
If you plan on entering your classic car into events, you can expect to pay $50 to $500 per event.
In addition, those events typically will require some additional prep work to get the car ready. Detailing costs can range from $100 to $1000, depending on the level of work needed.
Finally, travel expenses can range from $500 to $2500 per show.
Estimating Classic Car Cost Based on Purchase Price
Every classic car owner will have their own individual budget based on the baseline expenses for their particular classic car. However, you can get a general idea of how much you’ll spend annually based on your classic car’s purchase price or value.
You’ll notice that maintenance costs can be higher on the cheaper car simply because more issues can arise.
As for storage, note that storage costs won’t necessarily be higher based on the initial purchase price. It’s recommended that all classic car owners use climate-controlled indoor storage when possible, regardless of their classic’s value.
Lastly, insurance policies can be tailored to your needs; however, when the car is worth more, the cost to insure is generally higher.
| Initial Purchase Price | Estimated Annual Insurance Cost | Estimated Annual Maintenance Cost | Total Estimated Annual Cost |
| $15,000 (Project Car) | $1,000 – $2,000 | $3,000 – $10,000+ | $4,000 – $12,000+ |
| $50,000 (Mid-Level Classic) | $2,000 – $4,000 | $2,000 – $5,000 | $4,000 – $9,000 |
| $100,000 (High-End Classic) | $3,000 – $6,000 | $1,500 – $4,000 | $4,500 – $10,000 |
| $200,000+ (Premium Classic) | $5,000 – $10,000 | $1,000 – $3,000 | $6,000 – $13,000 |
Conclusion
If you are new to the collector car market, make sure you carefully consider all of these costs before you purchase. If the cost of storage for your classic car is a real concern, use Neighbor. Neighbor is a peer-to-peer classic car storage market with indoor climate-controlled storage options in your neighborhood. In addition to having your classic car just around the corner from your home, you’ll save about 50% when compared to traditional storage options.
Frequently Asked Questions
How Much Do Classic Cars Cost?
Classic cars can range widely in price, from as low as $10,000 for a project car to over $500,000 for fully restored, rare models. Classic cars also have recurring costs to keep them in good condition.
Is a Classic Car 20 Years Old?
Typically, a car is considered “classic” when it is at least 20 to 25 years old, but the exact definition can vary depending on the organization or insurance provider.
How Do You Determine Classic Car Value?
Classic car value is determined by the car’s condition, rarity, historical significance, and market demand. A classic car valuation tool can help you analyze auction results and more to get a value based on historical sale prices.
Is a 60-Year-Old Car a Classic?
Yes, a 60-year-old car is generally considered a classic, and if it has particular historical significance or rarity, it might even be classified as a vintage or antique vehicle.
