Buying a classic car is not the simplest thing in the world; it’s not as easy as just finding one and buying it. While classic cars display some of the world’s finest craftsmanship and style that transcends their years, it’s not easy to ensure you get the best deal prior to securing classic car insurance to keep it road-legal.
Plenty of people love getting a new car, though many find themselves more aware of the depreciation of such vehicles as they pull away from the forecourt. The same cannot be said for older cars, which go through all manner of fluctuations in the market, effectively meaning their prices are much more predictable with research. Certain vehicles have experienced a number of jumps in value over the last few years, so it is worth carefully researching the classic car you want.
If money is not the issue, people will still regard certain cars as an investment. Whether it’s an extremely rare car like a Lamborghini Miura or a 1960s Ford GT40, or a more popular and easy-to-find one like the Jaguar E-Type, classic cars in the UK must be over 15 years old and hold a value of 15,000 or above.
While future value is linked to both good luck and great care, you must consider several other issues as to the viability of a certain model as an investment piece. The costs of petrol, servicing and car insurance will all weigh heavily on this issue, though a true vintage car will luckily be exempt from road tax. Old cars are often the pride and joy of enthusiasts, so there’s every chance you’ll get your money’s worth with a long and well-kept model.
Classic car sales are best on the private market, particularly with auction houses. A wide range of experts will attend these shows, though it’s important to know that two people are all that’s needed in an auction room to really push the price of a desired car to new heights. Naturally, private dealerships and individuals sell cars too, though only experts will get the best deals in these transactions; it may also be much harder to haggle down a price.
Before you go ahead with the purchase of a classic car, ask a specialist to inspect it to see if he can provide you with a report before you buy it. This puts you in a better position to budget for any work that will need to be done.