Chapter 1 - Determine What Classic Car You Want

Determining what classic car you want to buy seems simple enough. Just pick your favorite car and buy it. Of course it isn’t that simple. Just like any other large purchase in life, there is likely a budget you will need to follow, which probably puts a Dusenberg or Yenko out of your price range. Your first step will be to figure out what your budget will be, sitting down with your family if need be.

After you have determined your budget, use information from chapters 2 through 6 to research what you can afford in your price range, using the internet and other printed media. If this is your first classic car purchase, I suggest buying a running car you can drive and enjoy immediately. It doesn't have to be in great shape, but it should run. You won't be able to enjoy it if you can't drive it, and past experiences show that it may likely sit there for years without running or being worked on.

If the car is not a popular model, parts may be harder to find, and if they are found they will likely be more expensive. Scrap cars without engines or transmissions will also likely be non matching cars once completed, meaning the car does not have the original factory installed drivetrain and/or engine. Numbers matching cars hold more value in the collector car world, so if you are putting together a “mutt”, realize the final value after restoration will be lower if it is a non numbers matching vehicle.

You will also want to do some research into the value of fully restored autos in the model you are wanting. Just because a car is rare or old doesn’t mean that it will be highly valuable once restored. If there is no demand or interest in the collector car community for that model, it doesn’t matter how rare it is. Sinking $50,000 into a car that will be valued at only $20,000 once restored is not a wise investment. It does happen however, by someone who just wants that particular model or car.

Car Conditions

Most buyers want a car they can drive and enjoy immediately, but you may want a specific make, color, or rare model where you are stuck buying whatever is available. Whether it is a non-running rust bucket or a completely restored top of the line concours or "Trailer Queen", we will go over the positives and negatives of each below, along with sharing some pricing guides and condition ratings. Appraisals (Chapter 7) are usually not needed on a car like this because they will tell you it is a pile of rust anyways. An appraisal may be warranted if you are trying to determine authenticity of matching numbers or limited edition type models.

Many first time buyers fall into the trap of buying a non running scrap of rust with dreams of restoring it and returning it to it’s glory days. Unfortunately most of these first time purchases like this are never completed. It’s true that a non-running antique car can be bought for cheap (many can be had for only hundreds of dollars), but the work and money involved in fully restoring a car is usually underestimated.

Don't buy a poorly running car only because you want an old car and it is the only thing you can afford at that time. An old car that doesn't run is not much fun when it sits for years, and most cars in serious condition need more attention (which means money) than most first time buyers realize. Unless you know you will have the time and money to fix it, a poorly running car can quickly turn into a non running car. One of my buddies cars he bought sat for five years, he knew he should have bought the other car he was looking at after the fact, but life kept him from it.

Abandoned restoration projects being sold can be very bad news. You may run across abandonment's being sold, with pieces of the car already removed and likely thrown in buckets or just sitting in piles. I have seen hundreds of these for sale in the past. These cars are a nightmare for even the best restoration shops since no one now working on the car knows how the pieces were on before, how they were properly removed, or even where they came from. Even the seller may not be able to help since they likely started the project years ago and they just don’t remember. BE AWARE of cars in this stage.

This is the category most classic cars sold today fall into. Some cars may only need a new paint job, body work, etc. and others may need a lot of work. Classic car owners buy a car in this category to be able to drive and work on it at the same time. Depending on the condition of the car and the sellers claims of matching numbers or collectability criteria will determine if an appraisal will be needed.

The most important factor to look for in running cars is rust. Rust can be the root of many headaches and high costs in a restoration project. The less rust you can find on a model, the better. Small rust spots can usually be repaired, BUT it could be the sign of something worse hiding in or under something unseen. We will go over how to inspect the car further in Chapter 7.

Also in chapter 7, we will go over more of the specifics of classic car rating systems as we guide you how to inspect a car, but mainly there are two systems used. A 100 point system and a 6 point system (used by a lot of auctions). Currently there is no true standard used in the collector car community, but both systems are interchangeable as you will read later.

Concours cars are so valuable or well restored that the owners are not willing to drive the cars on the road, fearing even the slightest pebble paint scratch. We are talking museum quality, and restorations where every nut and bolt has been restored or replaced. Most often the restoration is better than the original vehicle after it came off the production line. these are rated "100" on the 100 point scale system. Concours models are often referred to as "trailer queens" since they are not driven, but brought to auto shows and auctions on trailers.

Clones are cars built to resemble a very rare or other collectible car, generally built from a similar cheaper model. An example would be taking a stock 1969 Chevelle with a 6 cylinder engine, swapping in a 427 V8, then painting and badging it to match a correct looking Yenko Chevelle, along with any other necessary changes. If done correctly the only way you should be able to verify its’ authenticity is by the VIN, body plates, and engine and transmission codes.

Years ago clones had a bad reputation, but today they don’t get the bad rap as they used to as long as you are disclosing that it is a clone at an auto show, or if you are selling it. The term "tribute" is becoming a more popular term over "clone", as it has less of a negative tone. While clones do not carry the price of an original model they are trying to imitate, they can still fetch some fairly high dollar amounts compared to the stock versions.

A small niche I have seen growing in the classic car community is the collecting of “unrestored vehicles”, with ones in good to great condition commanding premium dollars. Unlike fully restored models, these unrestored models will show some wear and tear, usually dull paint spots, scratches, and such. What really makes these models great is that you can often see the “imperfection” of the original build, which is usually corrected with a full restoration. Remember, these old cars were mainly built by human hands and not machines and robots like today. Bolts and their holes may be slightly askew, etc. More and more "barn finds" as they call them, are happening today.

Chapter 1 Conclusion
After determining exactly what you want, you need to start checking out prices on the cars themselves, and looking to see if parts are readily available for these. Sections 2-6 have websites and other media to gauge their average prices. Asking questions in active forums for particular models or talking to current/past owners at auto shows and car clubs is a great way to get your detailed questions answered. Once a model(s) has been determined, you should do some more research and find the codes and other matching data you may need when you start viewing potential purchases. Knowing where to find the codes and what they mean can protect your purchase from becoming a big bust, especially if the seller is claiming matching numbers, or some other criteria that is driving the sales price higher.