What you should know before buying a collector car

If you have never purchased a collector car, you may assume the process is just like buying any other passenger vehicle. However, members of our collector car clubs tell us that people need to take a different approach when it comes to buying a classic car.

You want to consider all the reasons for making this purchase, both practical and not-so practical. It is also important to go through a buyer’s checklist to ensure that you have made a good investment before taking your classic car home.

What are your reasons for wanting a collector car?

The answer to this question is a sentimental one for many classic car collectors. The car reminds them of a certain era or person, and they desire to restore it to what it would have looked like in its heyday. You should also know how often you intend to take your restored vehicle out and your main reasons for buying it. Some possibilities include:

• Desiring to be a member of collector car clubs.
• For the satisfaction of restoring the vehicle to the way it looked and performed when it was new.
• Rent to others for weddings, proms, and other events.
• Resell the vehicle after fixing it.
• To show the car at classic car events.
• To take your family for a fun drive.
• Work as a chauffeur.

Everyone has different reasons for wanting to invest in a classic car, so whatever you come up with is fine. Just make sure you know what your reasons are before making an investment that does not live up to your initial expectations. You need to consider how much work you are willing to do to avoid having the older vehicle slip into disrepair.

Establish a budget before you start researching

Costs can add up quickly when buying a collector car, especially one that needs a lot of work. If you want a fixer-upper, we recommend calculating how much money you will spend on parts and how much time you will spend on labour. Investing in an older vehicle that needs less work but costs more upfront is the better deal.

Check the Canadian Kelley Blue Book to understand what you can expect to spend on the classic car of your dreams. You want to set your budget with these numbers in mind as long as you can afford the cost. Remember that lower mileage on classic cars typically means the seller will ask for a higher purchase price.

When you meet potential sellers, don’t be afraid to ask why they sell the collector car. While they do not need to give you personal information, sellers should at least tell you if it is an issue with the vehicle that made them decide not to keep it.

Check off these items before agreeing to a purchase

Some buyers prefer to use an inspection service before making an offer on a classic car while others want to handle everything themselves. Whatever route you choose, make sure you ask about or visually inspect the items listed below.

• Exterior has no dents, mismatched paint, or mismatched panels. Try to arrange to view the collector car during the daytime when the sun is bright if possible.
• Interior has original upholstery, radio, and other parts since locating and buying these parts could prove difficult.
• Rust is minimal or not present at all.
• Title is free and clear to transfer to you.
• Vehicle identification number (VIN) on all paperwork matches the VIN on the car itself.

Even when you feel satisfied with the price and condition of the vehicle, make sure you take it for a test drive before closing the deal. Remember that you need to insure the classic car right away just as you would need to do with any other car. Please feel free to reach out to Orbit Insurance Services for a quote once you know which collector car you intend to purchase.