Owning a prestigious piece of motoring history can be everything you imagine it to be, but it’s not a decision to take lightly. Owning and maintaining a classic car can be costly since replacement parts are often hard to come by. On the other hand, vintage cars usually only increase in value over time.
There are many other specific things to consider before purchasing a classic car. Here’s our guide to help you out with the process.
There’s a Difference between “Classic and “Old”
Some cars are labeled as classic but are simply just old, particularly if they are not rare models yet still need a lot of work. It is common for classic cars to need a great deal of attention. Typically, first-time buyers will be better off buying a car that needs little or no work, since buying a vehicle for restoration requires a great deal of expertise and a very large budget.
We recommend that you go for something that isn’t going to plummet in value as soon as you pull it out of the shop.
Choose the Right Classic Car
You might have your heart set on a particular model of classic car, but it is helpful to define your preferred style and broaden your options as much as possible.
First-time buyers must realize that classic cars often require a significant amount of upkeep and can be very expensive to maintain and repair. To start off, choose something that isn’t extremely rare, so you wont have issues finding affordable parts. Generally, classics from the 80s are a safe bet.
Make Sure You Have Classic Car Coverage
Insuring a classic car requires unique protection. Premiums vary widely between different brands and models. It is important to be protected with an insurance provider that specializes in classic vehicles.
Before purchasing your car, make sure that you speak to a New Jersey classic car insurance professional to understand what policy is needed to best fit your needs.
Know Your Mechanical Limits
Consider your level of mechanical abilities before buying a classic car. A mechanic who specializes in vintage vehicles may be a far commute or too costly. You’ll want to be confident enough to carry out everyday repairs and maintenance yourself. Be prepared to find suitable replacement components.
Beware of Rust
Never purchase a vehicle that has any rust, since restoring them requires extensive replacement or treatment of the bodywork which can lead to the vehicle losing its original character. Rusty bodywork is often a sign of more serious issues. A rusty on the surface normally means there are many other issues as well. Not to mention it proves years of neglect and poor maintenance.
About Tri-State Insurance Agency
At Tri-State Insurance Agency, we want to ensure your high-net-worth homes are protected during the holidays and year-round. Our homeowners’ insurance policies are designed specifically to protect affluent homes like yours. To learn more about our coverage options, contact our specialists today at (973) 579-6776.