Maintaining a classic car can be costly-particularly since replacement parts are often hard to come by. On the other hand, a vintage car usually only increases in value over time, but you’ll still need to think carefully before making a purchase.
Considering Investing in a Classic Car?
Buying a classic car presents the opportunity to own a prestigious piece of motoring history, but it’s not a decision to take lightly. Fortunately, a good investment will end up paying for itself in the longer term: Unlike new cars, which lose a significant chunk of their value as soon as they’re driven off the lot, vintage cars usually only increase in value. Here’s how to make sure your classic car purchase is a sound investment.
1. Know the Difference between a “Classic Car” and an “Old Car”
Classic cars often need so much attention, you can end up spending more time maintaining it than actually driving it. First-time buyers will generally 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 much higher budget.
Some so-called classics are simply old cars, particularly if they are not rare models yet still need a lot of money spending on them. Always make sure you go for something that isn’t going to plummet in value as soon as you pull it out of the shop.