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Buying Classic Cars

If you are thinking of investing in your first classic car, there are quite a few things that you need to get clued up on. We have got some tips and tricks to help you choose your dream classic set of wheels.

Choose wisely

Some classic cars you’ve been looking at may be too expensive to either purchase or run, so it is worth bearing more affordable classic models and makes in mind. Try and aim for cars that are affordable to buy, have a good owners’ club, and have parts available. Classic cars also need a certain type of insurance, and if you are a classic car dealer, you will need motor trade insurance.
 
Some considerations when choosing your classic car:

●     Convertible classic cars tend to leak, and insurance for this type of vehicle is expensive for younger drivers. Unless you have a garage, a convertible car is going to be difficult to maintain if left outdoors all year round.
●     How much you’re willing to spend will determine what classic car you can purchase - you need to decide if you want something fast and sporty, or reliable and useful.
●     Choose which era your classic car should be from - newer models from the 1980s onwards are usually more functional, particularly if you are looking to use it daily.

Budgeting

Your budget depends on the classic car you can get. You will need to factor this in alongside the cost of insuring the car. Unless the classic car was built before 1st January 1973, you are exempt from paying road tax. Any car made after this date is subject to some form of road tax. If bought at auction, the classic car will be subject to auction and/or delivery fees.

Where to find your classic car

eBay is a great place for looking for a myriad of different classic models and makes that are for sale at reasonable prices. There are also sites such as Classic Cars For Sale and Pistonheads which have a great selection of different classic cars. Buying at an auction is also a great way of nabbing a good deal.
 

Things to look out for

There are two key things to look out for when assessing if a classic car is the one for you: rust,  and the car’s history.
 
Cars that are old are likely to have undergone some restoration work, and exploring the quality of this is important. Areas other than bodywork tend to be cheaper to get fixed, so focus on finding bad repairs, rust, and decay. Modern classics don’t tend to suffer from rust problems as they come with a galvanised body. Use the internet to research your classic car - delve into owners’ clubs and forums to get the best advice.
 
You also need to have evidence of the car’s life, with documents such as old tax discs, invoices, old MOTs as well as a service book. A classic car that comes with an abundance of documentation instantly becomes more valuable, and this is something to bear in mind if you intend to eventually sell it.

Buying your classic car

So now you’ve done the hard part, it’s time to part with your money for your car! Haggling is a simple yet great way of getting a decent deal. It’s good to aim to haggle up to 10% of the asking price, as listed prices are often in line with the car’s actual value so there isn’t much wiggle room for more than a 10% discount.
 
Are you a classic car dealer? Make sure you have the correct insurance. Road Runner Insurance is pleased to be able to offer cheap motor trade insurance. Please call us on 03301 00 87 20 for a quote.

 

 
 

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