With eyes locked on the 2024 car models set to roll out later this year, some heads still turn for the captivating appeal of a classic car. Rather than looking forward to the future of 1000-horsepower vehicles and futuristic interior tech, classic car owners reminisce on the timeless beauty and fine craftsmanship of a simpler time–and for good reason.
Vintage vehicles like Ford Mustangs and Porsche 911s not only rouse a sense nostalgia but breed an appreciation for traditional design
Getting involved in antique car ownership can be a gratifying pastime for classic car enthusiasts, as well as a sound investment decision (if you choose your classic car model wisely) . But before you embark on a journey toward classic car ownership, you must arm yourself with critical knowledge and insights.
Join us as we explore how to buy a classic car, the best places to look for these vintage gems, and what factors to consider when making a purchasing decision.
Remember, there’s more to the classic car buying process than choosing a model. From setting your budget to booking storage–if you don’t have room in your garage for your new addition–you won’t want to zoom past these classic car buying tips.
How to Choose and Shop Classic Cars
Let’s take a look at our buying a classic car checklist:
Set Expectations
The first step in purchasing a classic automobile is to set your expectations. Consider the vehicle’s intended use–whether it’s for personal enjoyment or as an investment opportunity.
Set a Budget
Budgeting is essential when buying a classic car. Determine the price range for your dream vehicle, considering the purchase price and potential costs for restoration and upkeep. Consider factors like whether you want to use the car as a daily driver or preserve it as a collectible.
Test Drive the Car
Schedule a test drive to assess the antique automobile’s performance, handling, and overall driving experience. Take note of any unusual noises, vibrations, or mechanical issues that may require attention.
Test driving helps you make an informed decision based on the car’s suitability for your driving requirements.
Get a Mechanic’s Point Of View
Consult a reputable technician or mechanic to conduct a thorough inspection of the antique car. A professional examination can reveal underlying mechanical flaws, concealed damage, or potential repairs that may not be easily noticeable to an untrained eye. Gathering insights from a mechanic’s knowledge and evaluation can greatly benefit your decision-making process.
Review your insurance options
Your investment will only depreciate without adequate insurance coverage.
Note that car insurance isn’t a one-size-fits-all solution. Not just any insurance policy will do for your vintage gem. You’ll need classic car insurance tailored specifically to classic cars.
Research insurance companies and compare rates to find the best coverage options. This specialized insurance provides financial protection against theft, damage, and other unforeseen events while driving or storing the vehicle.
Secure a storage unit
Without room in your garage to store your classic car, your vintage relic will be exposed to the elements and potential theft, if stored on your driveway. Avert disaster by considering a storage unit for your classic car.
When storing a car in a storage unit, you’ll need at least a 10’x15’ unit, but a 10’x20’ unit or even a 10’x30’ unit is a much safer bet.
If you’d prefer to store your classic car in a garage (over a traditional 10’x20’ drive-up storage unit), consider Neighbor, a peer-to-peer storage marketplace that can connect you to renters in your area who are currently listing their garages.
Where can I find classic cars?
There are several mediums available for finding classic cars within your budget:
Search Online
The easy solution is to conduct a basic internet search. While browsing, be sure to only visit reputable websites and online marketplaces that specialize in listing classic cars.
Always exercise caution and research the seller’s reputation before making a selection. It’s also recommended that you inspect the classic car in person before finalizing the purchase.
Source: Unsplash
Attend Classic Car Shows
Attend classic car events and shows to find historic automobiles for sale. At a car show, you’ll be within feet of a diverse range of vintage vehicles. Car shows are also a great opportunity to connect with fellow classic car enthusiasts who can connect you with vintage vehicle sellers.
For a calendar of upcoming car shows in the US, check out this link.
Signs a Classic Car is Right for You
The widespread fascination with vintage automobiles, like a Porsche or a Ford Mustang, is undeniable. Some are captivated by a classic car’s timeless beauty while investing-minded folks dial in on a classic car’s appreciating value. Meanwhile, other crowds of classic car enthusiasts view a classic car as a symbol of bustling classic car exhibitions or car shows, while others see a classic car in terms of the restoration projects that are possible.
Whatever fascinates you about a classic car, it’s important to know that actually owning a classic automobile is a lifestyle decision that goes far beyond transportation.
If you’re on the fence about buying a classic car, here are the signs you’ve been looking for that classic car ownership is right for you.
Source: Unsplash
You Have a Deep Appreciation for a Classic Car’s Timeless Beauty
Classic automobiles, such as a Chevrolet Camaro or a Corvette, are works of art on wheels, showing enduringly appealing aesthetics and classic designs. If you catch yourself savoring the exquisite beauty of these vintage vehicles–their elegant design, their fine craftsmanship, or their retro appeal–or even find yourself forming emotional connections to classic cars, this life could be right for you.
You’re Excited by the Prospect of Attending Classic Car Events and Car Shows
Classic car events and car shows are a gateway to a thriving community of car enthusiasts and classic car clubs with a reverence for the past. By simply owning a classic car, you have the opportunity to share your love of vintage vehicles with other enthusiasts and show off the asset that is your classic car.
If you’re unable to regularly attend car shows, you join online forums dedicated to classic cars to engage with like-minded individuals and seek advice.
You’re Looking for a Fulfilling Pastime
What more fulfilling a pastime than classic car restoration? When you restore a vintage vehicle, you breathe new life into a treasured artifact of the ever-evolving car industry.
Classic vehicle restoration can be a satisfying pastime for people who enjoy hands-on activities and value the gratification of bringing old cars back to life. This hobby enables you to become fully immersed in the preservation craft and give an old car, like a BMW or a Toyota, that has withstood the test of time a new life.
As you watch a vintage automobile transform from a dilapidated relic to a shining icon of automotive history, restoring one gives you a special sense of success.
You’re Interested in New Investment Possibilities
A vintage vehicle is more than eye-catching beauty, but a prospective investment, too.
Over the years, the value of some vintage vehicles has increased dramatically, providing collectors and enthusiasts the chance to benefit from their ownership in more ways than one.
However, it’s important to research and assess the market value of older cars and seek appraisals from experts or even auction houses like Hemmings before making a purchase. Keep in mind that profits are never guaranteed, and it’s essential to make buying decisions based on your passion and knowledge rather than solely for financial gain.
You’re a generally nostalgic and sentimental person
Classic automobiles have the innate ability to stir up memories and serve as a marker for how far the car industry has come. They have a long history and represent important cultural and technological developments. A classic car enables you to develop a personal bond with a particular era or model that is meaningful to you. It’s an opportunity to relive special memories or make new ones while being exposed to sights, sounds, and feelings from past times.
So…Is it Worth it to Buy a Classic Car?
The value of buying a classic car shouldn’t be evaluated on resale value alone. You can also think of a vintage vehicle’s value in terms of the classic car community at your reach, the network of fellow enthusiasts you can build, and the potential improvement to your quality of life.
Be aware that vintage car ownership can involve a fair share of maintenance costs, restoration costs, and insurance costs–not to mention, a decent time commitment.
Ultimately, only you can decide if classic car ownership is right for you. If you feel a calling to the world of classic cars, trust those instincts.
People Also Ask
Is it hard to own a classic car?
Owning a classic car can present some challenges. Classic automobiles often require specialized care, sourcing of specific parts, and ready access to skilled classic car experts. But for many, the payoff is well worth the occasional inconvenience.
How old does a car have to be until it’s a classic?
Generally, a car is considered classic if it’s around 20 to 25 years old. However, the specific definition and criteria for classifying a car as a classic may vary, depending on the opinions of car enthusiasts and automotive industry standards.
