The market for classic cars has grown considerably. In fact, auctions involving collector cars surpassed the $1.3 billion mark in 2013. This was a staggering 270 percent increase over the decade starting in 2004.
However, buying an antique car is not for amateurs. There are key tactics and strategies to be aware of.
Read on to learn more about antique cars for sale. Explore 5 handy tips when shopping for antique cars for sale.
1. Consider More Than the Sale Price
Many consumers never look past the sales price. However, antique cars need to be handled much differently.
The first thing to consider is the age of the vehicle. If you plan to drive it, parts are going to fail. You should have a pot of money set aside for vehicle repairs.
In addition, take into consideration the price of replacement parts. For many antique cars, the manufacturers no longer mass produce spare parts and components.
This means a repair can be substantially more expensive than normal. Make sure to build these factors into your budget.
2. Take It for a Test Drive
This should go without saying, but many people forgo getting behind the wheel. Perhaps they feel uncomfortable asking for a test drive, but this is too important of an investment.
Instead, take the car for a long drive at higher speeds. Make sure the transmission is shifting properly and the ride is smooth.
Work out the engine a little bit and listen for noises. Let the car run for a few minutes after and check for leaks under the car.
3. Request to Take the Vehicle to a Trusted Mechanic
This should be the next step after the test drive. For the vast majority of people, a short drive is not going to reveal any hidden failures or part degradation.
Rather, you should take the car to an expert. A mechanic will perform a thorough evaluation and report any items that need to be replaced. You may be able to negotiate the sales price lower if the mechanic finds issues.
4. Get a Price Appraisal
Are you concerned about getting a good deal? One way to mitigate this risk is to get a professional appraisal.
A formal appraisal includes an in-person evaluation, photography, and historical research. The appraisal company will provide the customer with a detailed financial report. The report includes both a fair market and replacement price for the car.
5. Do Not Get Fixated on the Popular Classic of Today
Many classic car enthusiasts purchase the popular vehicle of the moment, rather than what appeals to them personally. Classic car trends change every year.
A car that is in high demand today may be out of style tomorrow. This rings true for all makes, models, and years.
Antique Cars For Sale – Wrapping It Up
Buying an antique car is tricky. Naturally, the car is older and may require repair.
The best advice is to enlist the help of professionals before purchasing an antique car. An appraiser and a mechanic will ensure you get a good deal.
If you are shopping for antique cars for sale, please contact us for assistance.