Why Buying A Classic Car Might Be A Bad Idea
Updated September 21, 2015
Are you a car enthusiast? If so, at some point in your life you will want to buy a classic car. It might be a car that was in production before you were even born. Or it might be a car that you loved as a teenager.
Millions of enthusiasts around the world own classic cars. Some own them for pleasure, whereas others restore them and sell them on for profit. There are plenty of websites that tell you about the benefits of owning one. But none seem to make you aware of the potential pitfalls of classic car ownership.
Image obtained from Flickr
So it’s on that note that I have decided to write a blog post on why buying a classic car might not be the best idea for you. Classic cars can be expensive to buy, especially when you look at models like the Jaguar E-Type. That’s why it is important you know all the facts before you part with any money.
You could get carried out with your spending
One of the places where people go to buy classic cars is from car auctions. Often it’s hard to put a price on a classic car.
You will always have a rough idea of how much a specific car is worth. Classic cars vary according to age and condition. And because of that fact, there is greater scope for valuation differences.
If you want to buy a classic car, it’s important that you set yourself a ceiling price. In essence, this is the top price you are willing to pay. Many classic car buyers make the mistake of going well over their budget. Some even have to remortgage their homes to raise the extra money needed!
As long as you are disciplined with your spending, you shouldn’t have any problems. But if you’re not, then buying a classic car might be a bad idea in your case.
You have no idea about car mechanics or maintenance
It’s quite unusual to come across a classic car buyer that has little to no experience with cars in general! For the most part, classic car enthusiasts know a lot about how cars work, especially older cars.
They will know how to tune cars that don’t have fuel injection systems or ECUs. They will even have an ear for the different sounds their cars make and what causes them. And most will have no problem identify engine parts.
But if you are clueless when it comes to cars, buying a classic car is a bad idea. Period. The thing about classic cars is you can’t just take them to your local auto shop and have them work on it. Especially if it’s a car a lot of folks haven’t heard of before.
Imagine the looks you’ll get at an auto shop if you drive in with an Edsel or Packard card. Especially if you drove into the auto shop of a BMW dealership, for instance! Are your mechanical skills mediocre? If so, you should consider going on a mechanic’s course to learn more about how cars work.
There’s a high chance that you will have to do a lot of repair work on the car yourself. That is also the case if you buy a car from a defunct car manufacturer.
Image obtained from Flickr
There are few spare parts available for your car
With popular classic cars it’s pretty easy to get hold of spare parts. There are many companies that remanufacture parts. And then you have other owners that have collected many spare parts over the years that they now want to sell.
So, what happens if you end up buying a classic car that had a limited production run? That DeLorean looked good on the Back to the Future movies. But how many classic DeLoreans do you see on the roads these days, or know of them owned by people?
In case you wondered, the answer to those questions will doubtless be “not many” or “none.” We all know that specific car got made famous in three Hollywood movies. But it doesn’t have a huge following as say the Jaguar E-Type or even the Triumph Stag shown above.
If it’s hard to get hold of spare parts for the classic car you want to buy, it’s usually a bad idea to buy that specific car in the first place. But don’t just take my word for it; think about it from an insurance perspective.
When you ask for quotes on cherished car insurance, insurers need to know spares are available from most places. That’s because if you have an accident in your classic car, they need to source the parts to fix your pride and joy!
If you end up buying some obscure car that is unpopular, you’re not likely to even get a quote from insurers for the reasons I listed above.
You don’t have anywhere to store the car
When you buy a classic car, it deserves the utmost care and attention from you. In fact, there’s an unwritten rule of sorts that says you must treat your classic car as if it’s worth a million bucks!
The last thing you want is for any damage to occur on your precious pride and joy. Parking your classic car on the street, or even if you live in a narrow country lane, is not a good idea!
Around nine out of ten classic car owners keep their cars locked up safe and secure in a garage. Some folks that live on farms might even keep their cars hidden in a barn away from prying eyes.
Before you buy a classic car, you need to make sure you have somewhere to store it when you’re not on the road enjoying it. Shelter from the elements and prying eyes is also a necessity when you need to carry out repair work.
You could always rent a garage or rental unit in a secure location if your home does not have a garage.
Thanks for reading. Until next time…!
Categories: Gear Grinding