Unlike buying a new car where you have protection like guarantees and knowing that it will not have any faults, purchasing a classic car takes additional research and preparation. A classic car will be several decades old and will have been through many owners, driven many miles, and will have had various modifications and fixes over the years.
While you are likely prepared to do restoration work on your classic car, you still want a car that has been looked after and will not take more work than needed to be roadworthy. We have outlined some steps you can follow to ensure that you are buying your car from the best place, get the lowest price possible, and take all the precautions possible to get the best car possible.
Take a test drive
When you view a car you are considering buying, one of the best things you can do is take it for a test drive. It may be that the owner drives the car while you sit in the passenger seat, but ideally, you want to get behind the wheel yourself. Only by driving the car yourself will you get a feel for how the car handles, breaks, and if you enjoy the experience.
To drive the car yourself, you will need to get insurance, which means that either the current owner must add you as a named driver on their insurance or acquire a day insurance policy yourself. The latter is most likely the easiest of the two options, and insurance providers like Aviva offer classic car-specific insurance to make sure you are fully covered for the day.
When you drive the car, test how the car accelerates and brakes, making sure to cycle up and down the gears checking for any issues. If possible, take the car on a few different roads and bring the vehicle up to a cruising speed on the main road to test how well it copes.
Where to purchase your classic car
There are several options to choose from when choosing where to buy your classic car from. The first is to go to a classic car owners’ club, where people come together specifically to socialize around their love for a specific make or model of car.
The people at these clubs will know the community and will be able to tell you if anyone is looking to sell. You will likely get a fair price by choosing this route to buy directly from the seller.
If you are trying to minimize how much you pay for your car, an auction is likely your best option. Classic car auctions are held every few months, so check your local area, so see when the next one is happening. Cars are auctioned off and will generally sell for a lower price than if they were sold privately or through a dealership, but make sure you are well aware of the market price of the cars that you are interested in so that you do not end up overpaying.
The downside to buying at an auction is that you will likely not be able to test drive the car before you buy, and if there are any issues with the car, you will be stuck with it.
Car dealers are another common option, and ideally, you want to find one that specializes in selling classic cars. Prices may be slightly more expensive than buying privately, but you will have some additional protection such as warranties, and you can take the car directly to the dealer for repairs if you have any issues.
Some specialist dealers also work to modernize classic cars with new engines, electrics, and safety features. A great example of this is Revology, which have recently announced their pricing for the new 1967 Shelby GT500 https://revologycars.com/2017/01/19/revology-announces-pricing-for-all-new-1967-shelby-gt500/.
How to make an offer
The first thing to do before you make an offer on a car you are interested in is to have a clear budget set, taking into account the price of the car and insurance, storage, and maintenance costs. With your budget in hand, you know exactly what your highest offer can be, which will help you walk away during negotiations if needed.
When making your first offer, always go lower than what you are willing to pay and under the amount the owner is asking for if you know it, as you may get lucky if the owner wants to sell quickly. After the first offer, you can expect a counteroffer, when you can start to negotiate a price that works for you both.
The more information you must deal with, the better offer you can expect, and if the car needs repairs or additional work, you can use these points to your advantage.
Importing a classic car
Another option that we have not yet discussed is buying a car overseas and importing it, rather than buying domestically. Depending on where you are based, you may find the car you want far cheaper in another country, or it may be that the car is almost impossible to find in your country.
An excellent example of this is people living in the US buying European cars, and vice versa. If you are considering importing a car, it is recommended that you check if any specialist companies can help with the process as it can be challenging at times. For those living in Europe wanting to import a US car, one option is using ShipMyCar, specializing in transporting cars overseas.
If you choose to import your classic car, you recommend that you purchase insurance while in transit. You will need a marine insurance policy to cover your vehicle should anything happen during the delivery.
When is the best time to buy?
Many people buy a classic car as an impulse decision in the late spring or summer when the weather is good. Thus, the demand is at its highest at this time of the year, prices will be inflated, and there will be more competition when you are making offers. To avoid this, the best time to buy is in the Autumn, as fewer people are buying and some people will find that the classic car life was not for them so are selling their summer purchase.
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