If you’re looking for a classic car, you might be tempted to jump on the first one that comes along. As experts like Lantern by SoFi conclude, “Classic cars can also be very expensive. And unlike buying a new car, they are potentially a good investment since they can actually appreciate in value.” However, this can lead to some costly mistakes down the road so you can opt for classic car loans as well to finance your car.
In this article, you’ll look at what factors make up a classic car and how they affect your decision-making process.
Location
Where you will store the car is an important consideration. If you have a garage or other safe, secure storage space for your vehicle, that’s great! If not, then buying a classic car may not be the best idea for you. You’ll want to make sure that wherever you intend on keeping it is equipped with enough space and has proper security features in place so that any potential thieves are deterred.
You should also consider how much storage will cost—a garage can get pricey depending on where you live and what kind of amenities come with the space itself.
Condition
The condition of a classic car is crucial to its value. The more damage it has sustained, the lower its value will be. You should inspect your potential purchase very carefully before handing over any money, looking for any rust, dents or scratches in the paint, missing parts (like a bumper or hubcaps), faded paint on chrome pieces and broken glass. Make sure that all suspension components are intact and working properly as well.
History
You’ll want to check the car’s history by running a Vehicle Identification Number (VIN) search. This is available on all cars manufactured since 1981, and you can do it yourself if you have access to a computer. If the VIN doesn’t match up with what it should be according to the manufacturer’s records, that could be an indication that something is amiss with your purchase.
You should also look for signs of rust when inspecting your classic car. The paint job may also be hiding rust underneath or even just bubbling up through cracks in the paint itself; this is especially true for older cars that were painted over many years ago rather than being painted recently.
Parts
You may find that parts are hard to obtain, expensive or even impossible to find. And if you do manage to source them, the installation might be more difficult than you thought. This is because classic cars were built differently than modern vehicles in many respects—including their design and construction methods.
It’s important to keep these things in mind when looking for a classic car; otherwise, you could get yourself into an expensive situation without realizing its full extent until it’s too late.
Insurance
You’re going to need insurance if you own a classic car. This is an absolute must, and it’s something that you will have to factor into your budget before making the purchase. It can be expensive; the cost of your insurance policy will depend on how much money you pay for your vehicle, as well as its age and year make/model.
The best way to find a classic car is to know what you’re looking for. The next step? Start searching! If this article has helped you with your search, please share it with friends or family members who might be interested in purchasing one of these sweet rides too.
