Top Tips When Purchasing a Classic Car (Beginners Guide)

  • Ruud
  • 2020-11-16 10:05
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Top Tips When Purchasing a Classic Car (Beginners Guide)

Buying a classic car is a passion purchase, and you will likely have been thinking about it for many years. If you have spent years thinking about buying a classic can and saving up the money for it, it is good to take your time to do your research and ensure that you are getting the best car for you. Owning a classic car is a turbulent one, and you will likely spend as much time frustrated in the garage as on the road with the windows down. If you are aware of the potential issues when owning a classic car, use some of these tips to make sure that you spend as much time enjoying it.

Picking the right car
There is a vast pool of classic cars available, and your pick will likely come down to your personal preference of a specific model or brand from a particular decade. The first thing to consider when doing your research is what the purpose of the car will be. Are you intending to spend hours in the garage restoring it? Or do you want to be on the road as often as possible? Either option will decide the condition of the car that you purchase. If you want a classic car but do not want to deal with the maintenance, consider a company that creates classic cars with modern engines and internals (source).

Another essential tip is not to get overly excited by a good deal. If you are looking for a car that you can enjoy over the summer without too much maintenance work, then a great deal on a vehicle that needs a lot of work should not sway your decision. A similar mistake is buying a car based on price when it is unfit for your needs – maybe it does not quite fit in your garage when you get it home, or it does not have the soft-top that you always imagined.

Invest in a garage 
A classic car needs to be looked after properly, and leaving it parked outside on your drive or the street will cause it to deteriorate quickly. A garage will provide a safe space for people who may see a classic car as an easy steal, as well as a dry place and has room for you to do maintenance work. Most classic cars will be a significant investment, so keeping them safe should be your number one priority. If your house already has a garage, then clear it out and store your classic car there as much as possible. For people who do not have a garage already, see if there are any garages that you can rent or buy near you, or as an alternative, you can purchase a carport similar to a tent that goes over the car and offers protection from the elements.

Maintaining and restoring your car.
The amount of maintenance and restoration work you need to do in your car will also impact the place you store your classic car. If you have a garage, you will need to make sure that it is large enough to hold your tools and have the space to work on your car. A power source will also be necessary, so a generator could be an essential investment if you do not have electricity from your garage's main line. You may also find a workshop in your local area that is available for hire or rent, which will give you much more room to do larger jobs for a reasonable price.

Winter storage 
Driving your classic car will likely be a summer hobby, and when it gets too cold and dark, you may want to 'hibernate' your car. Storing your classic car properly over the winter months is very important to maintain its health, so finding a specialist is recommended. Many firms offer specialist storage solutions for cars and old machinery and provide additional benefits such as 24-hour security, coded entry, and secure storage units. They will often have dehumidified storage solutions too, which can help prolong your car's life when it is not in use. Prices will vary, so we recommend getting several quotes and comparing the costs against what you are getting for your money.

Insuring a classic car
Insuring a classic car is usually cheaper than insuring your everyday car, but this will often be impacted by your plan to use your classic. Before buying a vehicle, it is important to check how much insurance will cost and factoring this into your budget, as there is a chance that it will be more expensive than you were expecting. It is also advised that you review the different insurance types available to you, as a multi-vehicle policy may be beneficial if you have multiple cars, for example. Some insurance companies specialize in classic cars' policies, so take the time to compare the quotes from these and compare them to more mainstream insurance companies. When getting your quote, check the conditions of the policy they offer, as some will contain exclusions when you claim the policy. Others may set a limit on the number of miles you can clock each year.

Set an agreed value
Another essential factor to think about when insuring your classic car is the agreed value of the vehicle. An agreed value is the amount that the insurance company will cover towards the car if written off. Without an agreed value set in place, you may find that the insurance company's amount through the default market value is far less than what your car is worth. To come to an agreed value with your insurance company, you will need to provide evidence to show how much the car is worth, along with pictures to prove the quality of your classic car. You may need to send several examples of similar cars selling for the amount you want to be agreed upon and then fill in a form to finalize the agreement. 

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