Investing in a classic car? 6 things to do first
Before you put your purchase plans into gear, there are a few things you may want to consider before investing in a classic car. After all, classic cars aren’t like regular cars; in many cases, they are more of a passion than a financial venture.
However, if you want to make the most of your classic car investment, here are some things to do before you buy:
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Research the model you want.
Check out the websites of the major auction companies first. They’ll allow you to search by make and model and will provide valuable information that you can use to determine the car’s market value. You can also visit online forums where other car enthusiasts swap repair and maintenance tips, discuss common mechanical problems and current models for sale.
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Join a local car club that specializes in your marque.
Chances are there is a group of classic car lovers in your area that would love to share stories, fuel your interest, and help you acquire the car of your dreams. Club members can also provide referrals to qualified mechanics, parts suppliers, and restoration shops.
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Drive the car.
The car you want might look better than it drives. So, make sure you enjoy the car when you’re behind the wheel as much as when you’re looking in from the outside. After all, your classic car will need to be driven to stay in top condition. A car club can connect you to other owners who will let you take their car for a spin.
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Consider where you’ll keep it.
Does your garage have room to park your classic car, with ample space around it and no potential hazards (like kid’s toys or tools that might scratch or dent it)? You’ll want to keep your car safe and in good condition. Consider putting down floor protection too, as drips and leaks are common in older cars.
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Plan for transportation.
If you’re lucky, the classic car you want will be located near your home, within a comfortable driving distance. If not, it may need to be shipped. Make sure you use a reputable transportation company with an enclosed space for your baby. That way, it’ll make it home safely.
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Consider the extras.
Owning a classic car isn’t just about making the right purchase. You’ll want to consider how and where you’ll restore or maintain it, where you’ll drive it, and how you’ll insure it. Make sure your car is covered from day one and while being transported. You may also want to be able to drive it as much as you like and use the repair shop you want if you get in an accident.
This document is advisory in nature and is offered as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. It is an overview only and is not intended as a substitute for consultation with your insurance broker, or for legal, engineering or other professional advice.
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