How To Buy A Classic Car That Will Go Up In Value
Is there anything more depressing than depreciation? It’s actually the most expensive word in the English language as the new car you bought a few minutes ago for £15,000, is now worth £10,000 and it will keep on falling until you have to pay someone to take it away. Just imagine then a situation where the car you own won’t just hold it’s value, but is more than likely to increase. The truth is that buying a classic car can be good for you and your wallet. Not only that if you like cars, you’ll enjoy every motoring minute.
Choose a classic car icon
There is no point in choosing some obscure sports car that will be impossible to find parts for, difficult to own and most important of all, has a limited following. The key to buying a depreciation proof classic, is finding a car that a lot of enthusiasts love. So for example the original Mini, Morris Minor, Volkswagen Beetle and the MGB sports car. Nothing very complicated or large, you need to be able to park your classic in a garage if you want to look after it properly.
Drive the classic car
Once you have settled on a shortlist, the next thing to do is find out if you really like the classic, rather than the idea of a classic car. Most important of all you must drive the classic you are interested in. It is not uncommon to have unrealistic expectations and actually find that your dream car is a nightmare to drive and live with. So make sure the classic fits your lifestyle and your garage. If you can’t borrow a car you could easily hire one.
Join the classic car owners club
Ideally you should also join the owners club for the models that you are interested in, attend meetings and shows. They can give you expert advice and help when you decide to buy. They are also invaluable when it comes to getting parts and generally running the classic. Members may also own the perfect classic that you want to buy or give you invaluable tips about finding the best one.
How to buy a classic Car
There are a couple of simple rules. Firstly, never buy a restoration project. It may start out cheap, but it will prove expensive longer term and you may never finish it. Secondly, always get an expert to check the classic, that way you won’t buy a dud, or pay over the odds. Look at as many as classic cars as possible. This is not something to rush. The more classic cars you look at, the more you will learn and very soon you will be able to tell a good from a bad one.
Looking after a classic car
It is vital that you take good care of the classic that you have taken so much time to choose. Finding a decent local servicing garage is very important. Maintaining the classic car will not only stop it breaking down, but also maintain its value. However, there is no point taking a Morris Minor to a Lexus main agent, who will just scratch their heads and looked baffled. You need an independently run garage that understands older cars and can actually diagnose and repair. Indeed these older cars are much simpler to understand and work on.
As inspiration for you research, here are some websites highlighting future classics -
That's it - our quick guide to purchasing a classic car. Let us know how you get on, by contacting us on twitter @motoreasy.