Above All, Buy What You Love

Buying a classic car or truck that fits your passion is crucial. Don’t be swayed because someone told you another make or model is a better investment or will hold its value better. More than anything else these vehicles are passion buys, a labor of love. Knowing this going in will help soften the blow when you encounter those dreaded unexpected repair and maintenance costs. Classic cars will always require additional time, labor, and money after the initial purchase and most likely beyond what you initially budgeted for. You will feel much better about the unexpected costs if it is a car or truck you are passionate about.

Always Do Your Research

Before you buy, learn as much as you can about the car you’re interested in. Study the value ranges on these vehicles based on various conditions. Something to keep in mind is that it’s always cheaper to buy a car that has already been restored than to pay to for the restorations yourself. Restoring a car yourself can be very satisfying if you have the skill set to do so. But if you don’t, it can be both expensive and a challenge to find someone who still works on vintage vehicles. For those of you who do have the skill set and funds to restore this car, also consider the time commitment when taking on a project car.

Another thing to consider when buying a project car is parts availability. It’s always a good idea to have some sense of parts availability for your chosen ride, maybe even narrow down a few part sources before making a vehicle purchase.

Know What You Are Buying

Getting to know the ins and outs of the ride you are considering is another crucial step. What are the known challenges with the vehicle you desire? Are there things to watch out for like rust prone areas or parts that regularly fail? How do you identify the problem and what are the costs to repair these problem areas? What are common mechanical concerns? You will want to know so you can confirm if these have been addressed with the seller; if not, know what will it cost to repair it.

We also recommend spending some time talking to enthusiasts who own the vehicle you are considering. You can speak with enthusiasts at car shows or on forums. Attend local car shows and see if you can chat with someone who currently owns the same ride. Car people generally like helping other car people and sharing knowledge. In the end, you will be a better informed buyer and potentially save yourself a lot of money… Maybe you make new friends along the way.

Have a Budget That Accounts For The Unexpected

If you’re at the point of pulling the trigger on your dream vehicle, you're likely familiar with the current market and price points. But it’s also important to keep in mind that depending on where you source your dream ride, there might be some additional fees and /or nuances. When buying a car from an individual or a dealer, you'll need to pay sales tax and fees for title transfer and vehicle licensing. If you're purchasing a car through an online auction site or at a live auction, there will be a commission added to the sale price. To ensure you're financially prepared for these costs, it's wise to research these fees in advance and layer them into your costs/ budget.

It's also essential to recognize that while it may look like a new car after restoration, it is a vintage vehicle and likely does not have a warranty. It will require repairs and maintenance to keep it running smoothly. If you have the necessary skills, addressing these repairs can enhance your enjoyment of owning a classic car.

It's important to closely examine specific components of a vehicle, especially the tires. Even if the tires have plenty of tread, those that are 10 years old or older may no longer be safe for use on the road. Additionally, check the age of the battery, find out when the vehicle last had a tune-up, and review the most recent fluid services.

While classic cars often don’t accumulate a lot of mileage, many parts, such as hoses and drive belts, can deteriorate over time. In fact, a car that sits unused can experience more degradation than one that is driven regularly.

Vehicle Transportation

If you're not buying the car locally, it's important to investigate shipping costs. While renting a U-Haul trailer and picking up the car yourself can be a fun weekend adventure and relatively inexpensive, it may not always be the best option. If the car is more than four hours away, you should consider the added costs of fuel, meals, and possibly a hotel stay. Sometimes paying someone to transport the car for you might be cheaper all costs considered.

If you hire a professional shipper, remember that not all shipping companies are the same. Consider whether you want your car delivered in a covered trailer or on an open trailer. Generally, the cost of shipping in a covered trailer is only slightly more than that of an open trailer and is often much safer. Your ride will also arrive in far better shape, especially if the weather is bad.

It's a good idea to choose a national carrier like Reliable Carriers or Intercity. While you might pay a few hundred dollars more, the elevated service and peace of mind these companies provide is well worth it. Also, make sure to purchase classic car insurance before shipping in case of any incidents during transport. While this will add to the overall cost, it is an important safeguard should something happen while your ride is enroute.

Where to Find Your Classic

There are several places to look for your dream vehicle. Websites like Craigslist and Facebook Marketplace can be great sources for finding cars locally. Much like the newspaper classified ads of the past, the descriptions and photos of vehicles are usually brief. However, you can easily contact the seller for more information. Since the vehicle is local, you can also arrange for an appointment to inspect the car in person.

Attending car shows is another excellent way to find quality classic vehicles. Most larger shows will have a car corral featuring vehicles for sale. As you explore the show field, you may even find a car on display that you’re interested in. It never hurts to ask an owner if they would consider selling their classic vehicle. They won’t be offended.

Conducting an online search for your dream vehicle typically leads to classic car dealers. Reputable dealers will have cars listed with multiple photos and detailed descriptions. Buying from a dealer can simplify the purchasing process as they normally assist with shipping, financing, and handling the title transfer and registration. However, prices at professional dealerships tend to be on the higher end of the market as you’re paying for the convenience of these services. Always take the time to research the dealer and check Google Reviews to confirm their reputation. Never buy a car from a dealer without seeing it in person; at the very least arrange for a third-party inspection.

Your online search may also take you to auction sites such as Bring a Trailer or Cars and Bids. These platforms showcase multiple photos and detailed descriptions of vehicles, which can help you assess the quality of the car for sale. However, arranging an in-person inspection before the auction ends may be challenging, if not impossible. It’s crucial to check if the auction allows a clause for obtaining an inspection before completing the purchase to ensure the vehicle matches its description. Remember that there will also be buyer fees in addition to the auction hammer price and you’ll also need to handle your own shipping and financing.

Purchasing through a live auction house, such as Mecum or Barrett-Jackson, is always an exciting way to buy a vehicle. These auction houses provide preview ads with multiple photos and descriptions of the vehicles coming across the block. On the day of the auction, you can inspect the vehicles but test-driving the vehicle or having it mechanically inspected is not allowed. You can however hire a professional inspector to evaluate the vehicle prior to the auction. Most of these auction houses also help with financing and shipping arrangements.

Before you register to bid, be sure to do your research. Remember there are bidder registration fees and buyer fees, and auction prices may be on the higher end of the market. Additionally, consider the costs of traveling to the auction, such as transport, hotel accommodations, meals, etc. Despite these costs, the excitement of purchasing a car this way can be well worth it.

Get an inspection

If you are considering buying a vehicle without seeing it in person, or if you are new to the hobby, it's a good idea to set aside $500 to $700 for a professional pre-purchase inspection. Whether you are buying a car locally or from out of state, getting a thorough mechanical inspection is crucial. A qualified inspector can uncover additional concerns regarding the vehicle's condition, will take multiple photographs, and will also provide you with a comprehensive written report on the state of the vehicle. A good mechanical inspection will identify any concerns and help you determine whether the car is worth buying.

Additionally, ensure that the vehicle has a clear title and that the Vehicle Identification Number (VIN) matches. Be aware of salvage and rebuilt titles which can also affect their sale re-value.

Get the Right Insurance Coverage

Classic car ownership involves much more than just purchasing a vehicle. It's akin to bringing home a new child or pet for the first time; you must ensure you're fully prepared. One of the first things to consider is having a secure space to store your classic car. Ideally, this should be an enclosed structure with a solid floor, access to electrical power, and secure locks on all entrances.

Securing the right insurance coverage is also crucial. Companies like OpenRoad Insurance offer coverages that are tailored to the unique needs of classic vehicle ownership. In addition to all the standard protections you’d expect with an auto insurance policy— think comprehensive, collision, uninsured motorist, and the like — every OpenRoad policy comes with coveages tailored to car collectors that simply can’t be matched by traditional auto insurance companies. For example, OpenRoad’s agreed value policy guarantees that the insurance payout you’ll receive in the event of a total loss equals the actual worth of your classic car, rather than a depreciated value that most insurance programs use.

OpenRoad’s coverage is also better when it comes to minor damages. First, the company lets you pick the shop of your choice to carry out any repairs, so you can rest easy knowing your car is in the hands of mechanics you trust and who specialize in classic and collector cars. And second, it will cover the cost for OEM parts, ensuring that a fender bender doesn’t spoil the authenticity of your ride.

An OpenRoad policy is so comprehensive that it can even help you prevent your classic car from getting damaged in the first place. In the event of a pending natural disaster, such as a hurricane or wildfire, the company will cover the cost of getting your car out of harm’s way. That includes reimbursing the many out-of-pocket expenses associated with relocating and temporarily storing your car somewhere safe.

OpenRoad’s coverage also extends beyond the bumpers of your classic car to the tools and spare parts you’ve stockpiled for maintaining your vehicle. OpenRoad will even foot the bill for a new car cover if yours is stolen or vandalized.

It’s More than Just Ownership

Buying, owning, and enjoying a classic or specialty vehicle can be a process. However, if you take your time and the right steps, it can become an enjoyable journey filled with hundreds of carefree miles and cherished memories behind the wheel.