Buying a classic car will probably be one of the biggest purchases of your life, and one that will hopefully bring many years of joy to you. Your new car will hopefully bring many years of joy to you, but likely there may be some lows in there as well, after you have sunk in more of your time and money. Classic cars are not cheap to maintain and restore. This is a 10 step guide I wrote to help you properly find the classic car of your dreams, so you can enjoy it for years down the road. Here are the 10 steps.
1. Figure out your budget
2. Figure out which model you want
3. Reason for getting a classic car
4. Your time and space
5. Your mechanical abilities
6. Local car clubs
7. Find a classic car mechanic
8. Search for the car
9. Inspect the car
10. Purchase the car
Figure Out Your Budget
The first thing you need to figure out is your budget. If you are like many, you will probably have a limited budget you can spend, and that will need to be figured out early in this process. If price is not a concern (lucky you), then you can do your research and select a make, model, year, and specific options. You may not need to figure out an exact dollar amount you can spend, but even having a rough estimate will help you narrow down the type of car you can afford during the next steps.
Figure Out Which Model You Want
You probably have an idea of what model of car you want. If you don’t have a clue as to what classic car you want, then you need to start looking around. A great way to look at a large collection of classic cars all at once is to go to some classic car shows. You will be able to look at a wide range of models, be able to speak to the owners to learn more about the cars, and be able to find detailed information from the owners. Many of the owners have probably spent many hours and even more dollars on restoring and maintaining these cars, and they are willing to share their past experiences with anyone willing to listen. Some specific models or years may have more problems than other years, and other models may have known issues or defaults along the model line. Even if you know what model you are looking for, going to a classic car show may be a good idea if you have specific questions.
Another useful tool you may want to invest early in is a classic car value guide. This will give you a guide as to what kind of a car you will be able to afford early on, but later on in the hunt when you find models you are interested in buying, it will help you with the pricing. These guides have models listed in various conditions, making it easier to determine if the asking price is within reason. It may also help you in bargaining for a better price if it seems to be listed at an unjustly inflated price.
Reason For Getting a Classic Car
You also need to consider what you are buying the vehicle for. Are you planning to cruise around town on a nightly basis, or are you wanting a car to show or compete in classic car events? If you will be driving the car a lot, you may want to lean towards getting a car that is not fully restored. If you plan on showing the car, a fully restored car may be your best option, especially if your time and mechanical abilities are limited. Knowing what you plan on doing with the car can help in the next two steps.
Your Time and Space
The next factor that needs to be considered is your time and space. This factor and your budget may not seem related, but they can be. Old cars always need work and maintenance, and many classic cars are sold needing to be restored. Paying top dollar for your dream car that needs a lot of work may not be the best idea, since you will not have any $$ to have it worked on and restored. Restoration work on classic cars can be very expensive! If your budget is limited, but you have a lot of time on your hands and some mechanical ability, you may be able to buy a car that needs a lot of work at a discounted price, and slowly restore the car of your dreams.
Your space availability is also a consideration if you are planning on restoring a classic car. You will need nearly two cars worth of room and possibly more. The body and chassis will take up the one car area, and all the parts that will be stripped from the car will probably take up another full car area. You may also want to keep some of the parts that are more sensitive to the elements like the engine and transmission in a dry and cool area, like a basement. There are also many climate controlled storage facilities you can now rent, but of course that will just add to the price of restoration. Although you can rent these storage areas to store the parts, you will be forbidden to actually work on the parts in the storage facilities.
Your Mechanical Abilities
Your mechanical abilities also need to calculated into the whole plan. If you lack any mechanical ability, you may want to look for a car that is completely or nearly restored. This of course will add to the price of the vehicle. If you have some mechanical ability, you may be able to do a lot of the restoration work yourself. You can save $$ through your own labor. If you are a mechanic and have excellent mechanical ability, then this step probably means nothing to you.
Restoration work can be very pricy on a classic car. If you are starting out with a limited budget, but you know in a few years you may have more money to sink into the car, you may want to look at a car that is not restored, but is in drivable or a decent condition. You can enjoy driving your car, and as the years go by slowly restore the car to the original beauty it used to be.
Local Car Clubs
Locate a local classic car club of the model you are looking to purchase. Classic car club members are always willing to lend a hand in helping others. They can be invaluable for finding good places to buy a car, information on what to look for when buying like counterfeits, known issues, and even suggest a good mechanic or restoration shop. Even if you visited a classic car show in step 2, visiting a car club meeting of the car you want to get will be invaluable in so many ways. Nearly any question you could think up can be answered at a meeting like this.
Find a Classic Car Mechanic
Finding a mechanic that works on your selected model will be another important step to take. If the model you want to buy is found locally, it will be a good idea to have this mechanic check out the vehicle before purchasing. If you buy the car in another area and have it driven or shipped back, this mechanic can look it over and tell you any needed work that may be needed in the future.
Search for the Car
You may have spent a lot of time on the last steps narrowing down what model and condition of car you will be looking to buy. This next step of searching for that car may take longer, depending on your criteria.
If you are looking for a fully restored and well maintained model, your best bet may be to contact car clubs and see if anyone is selling their car. Classic cars owned by car club members are almost always well maintained and “babied” by their owners. Generally these cars will cost more than purchasing one through other means.
- Searching through local papers, old car trader magazines, and the internet are all great ways of finding your classic car. Ebay and Craig’s List are two recommended places to start looking online. Ask in classic car forums if anyone they know is selling a car.
Here are some fraud prevention tips. These frauds are usually pulled online, but it’s probably a good idea to practice these on any transaction.
Very low price – If the deal seems too good to be true, it probably is.
Out of Country – Many scammers use this reason as to why they are selling the vehicle.
Incorrect phone number – Scammers do not like to actually talk to the buyers. They prefer to use email only. If you have an incorrect phone number, or the seller just will not share their number with you, avoid going any further in the deal.
Request for Personal Information – Requests for your personal information, especially early in the deal, is a big warning sign. There’s no reason a seller should request any personal information, unless they’re scamming.
Phony Escrow Companies – Escrow companies are listed in more detail in step 10, but you need to be aware that scammers do have phony websites that look like legitimate escrow companies. Do your research before using any escrow company. Ask around in classic car forums to see what other companies people have used, and their reviews.
Wire transfers – Many scammers use wire transfers, and sometimes demand a small percentage wired to them, as a “promise” or a down payment to continue the transaction. You should be running away from the deal as fast as you can if you see this. An escrow service is still the safest way of doing a transaction across country.
If the criteria of what you are looking for is very specific (i.e. a certain muscle car, certain condition of car, specific options, a special color, a rare model, etc), then you may only find your model online somewhere not even remotely close to you. This will produce more work, cost, and hurdles to go through, but it is still possible.
Inspect the Car
Inspecting the car before buying is very important, but this can obviously be difficult if the car is in another region. If the classic car is local, have the mechanic you found earlier inspect the car. You want to make sure you are buying a good classic car, not a draining money pit!
Before you go to see the car for yourself and test drive it, you may want to make a check list of things to inspect and ask the owner. You may also want to ask these questions on the phone or through email, eliminating a wasted trip to look at a car you may not be interested in. Some ideas are…
- How long has the owner owned the car, and do they have any history on it?
- What recent repairs have been made, and what repairs are needed in the future?
- Does the owner have repair and maintenance logs
- Why is the seller selling the car?
- Is there any visible rust? Some rust my be ok and almost expected in a classic car, but make sure the structure of the automobile is good.
After you have asked some of the above questions, it’s time to dig deeper into the inspection. Check the fluids, belts, hoses, and look for leaks. Before test driving the car, make sure it started properly. If the owner already had the car running before you arrived, restart it (this would obviously be a red flag if it was already running – are there starting issues?). Better yet, have the owner start it, and check the tail pipe to see what comes out of it at start up. Blue or black smoke is a sign of serious issues. While driving the car, be very detailed and look for sway, odd noises, transmission smoothness, left or right pull, and braking issues.
If the car is in serious need of repairs, some of the above information may not be needed. If you are buying a project car and know you will be sinking years of your time and money into it, most of the above can be skipped. However, the better condition of car you are buying, the more detailed you need to be in your inspections. Be very wary of owners that will not let you test drive the vehicle yourself, or are vague or don’t know answers to questions you ask them. Also, if there are no records of maintenance or repairs, that may also be a red flag.
If the car is in another region, there are a few options you have to inspect the car before purchasing. One idea is to find a member of a car club in that area online. Many car clubs have homepages online, or you can find a classic car fan online in a classic car forum. Many classic car fans are willing to help others inspect a vehicle for sale for another out of state buyer. They will inspect the car and possibly test drive it, and even go through an inspection list if you give them one.
Another option you have is to pay a fee to have a group look at the car. One example is www.automobileinspections.com (Timeless Rides does not sponsor this company. It is just one of many examples). These can sometimes be pricy, usually starting around $300 and up, depending on what information you are requesting. Generally, you can get a complete and comprehensive report within 72 hours.
Purchase the Car
Once you have decided on purchasing the vehicle, you just need to get the financing prepared and work with the seller. If the car is out of state or in another region that is far away, this purchase may not be so straight forward. One option is to find a way to get to the area and drive the car back home. This may sound like a fun trip, but you need to be very cautious on this. Even though you have hopefully had the car properly inspected and it seems to be in driving condition, you cannot be 100% positive something was missed. The last thing you want is to be halfway across the country, and your only mode of transportation is broken down. Not all mechanics can work on older cars, and fixing classic cars can cost substantially more. Further more, it would really suck to have to wait a few days for a special part to be delivered to you. Not all classic car parts are readily available.
Your better option is to have the car shipped to you, and use an escrow service for payment of the vehicle. This of course may add thousands of dollars to the total price of getting your dream car, but it will be worth the added expense. You can find many places online that will ship your vehicle. Even FedEx has rates for shipping cars. Generally, the buyer will always pay for the delivery in a deal.
Using an escrow service is THE SAFEST way to get your car, and not be a victim of fraud. I can’t imagine the feeling of mailing or wiring $30,000 or some other ridiculous amount of your hard earned money, and the sinking, gut wrenching feeling when you do not hear from the seller or ever see your car. Unfortunately, it does happen.
An escrow service is basically a middle man in your transaction between the seller. The buyer sends the escrow company the specified amount of the sale of the vehicle, and once the money is confirmed, the escrow contacts the seller to have them ship the vehicle (which you have previously set up and paid for). Once you receive the vehicle and it is inspected to make sure it is in the exact condition you were told, you contact the escrow service and they will send the payment to the seller.
Unless you actually know the long distance seller, it is highly suggested you use an escrow service. Unfortunately, some people don’t like using them, and it’s usually the seller since the escrow service does take a percentage of the sale, which cuts into the sellers profit. If the seller absolutely refuses to use an escrow service, it may be best to abandon the deal. If the problem only comes down to the extra money the seller will lose, maybe you can haggle with the seller and work something out. Maybe you can split paying the extra percentage that will be lost, or if you really want that car and there are no other options of getting that exact car closer to you, you may just need to pay the extra percentage so the seller is happy. Whatever you do, make sure you use a safe decision.
