Whether you’ve always dreamed of having a classic car restoration project or you want something near-concours ready to drive and enjoy, owning a classic car can be a rewarding experience with a unique set of challenges. Before you commit to your first classic car purchase, consider our five essential tips — plus a bonus tip on classic car valuations!
1. Do Your Research
Embark on your classic car journey by conducting thorough research. Familiarise yourself with various makes and models, and delve into their histories and performance capabilities. Understanding market trends and classic car valuations is critical; it helps you make informed decisions when negotiating prices and assessing potential investments.
Pay close attention to the maintenance needs of the cars you prefer. Even when covering low mileage, classic cars require more specialised care than modern vehicles, with parts availability varying widely by make and model.
2. Set a Realistic Budget
Classic cars range from affordable entry-level options like the Ford Cortina MkIII to rare collector’s items such as the 1957 Jaguar XKSS, which can fetch millions at auction. It’s vital to set a realistic budget that accounts for the purchase price, ongoing maintenance, insurance, storage, and any necessary restoration.
Consider consulting a Classic Car Valuation Specialist to get an accurate estimate of a vehicle’s market value. This step can prevent overpayment and help you get the best possible deal.
3. Inspect the Car in Person
While the excitement of acquiring a classic car can be overwhelming, a thorough inspection is crucial. Check the vehicle’s interior and exterior for signs of rust, corrosion, body damage, and general wear and tear. Knowledge of common issues specific to your preferred models is essential.
Hiring a professional for a detailed inspection and evaluation might be wise – we carry these out all over the UK and Europe. This can uncover hidden problems that aren’t obvious to the untrained eye, saving you from future costly repairs.
4. Consider the Long-Term Investment
Classic cars are not just about enjoyment and nostalgia; they can also be significant investments. Consider the long-term appreciation potential of your classic car of choice. Keep in mind that the classic car market can be volatile, and not all vehicles will increase in value. Well-maintained cars with a proven story and rich provenance are more likely to hold or increase their value over time.
5. Engage with the Classic Car Community
Owning a classic car also involves joining a community of enthusiasts. Participation in classic car forums and clubs, attendance at events, and connections with other classic car owners can enhance your experience and provide invaluable support and advice. In some ways, it is the whole point of buying a classic, particiularly for older enthusiasts who may find themselves increasingly socially isolated over time. Interests and hobbies that can help you build social links and a similarly passionate network of friends is a boon.
Bonus Tip: maximise the insurance value – replacement cost may be higher than purchase price
Our detailed documented classic car insurance valuations, which are valid for two years, also aid in securing appropriate insurance coverage.
Once you have agreed a deal to buy, insure the car at the replacement cost. This is often higher than what you paid. Do not agree the value at the purchase price, as we usually add value to classics after purchase by carrying out any overdue maintenance and bringing the car up to top condition.
Purchasing your first classic car is an exciting venture that requires careful consideration and thorough preparation. By conducting in-depth research, setting a realistic budget, performing personal inspections, evaluating investment potential, engaging with the classic car community and obtaining professional classic car valuations, you’re setting yourself up for a rewarding ownership experience filled with great memories and new friends.
