Anything
How to Buy a Classic Car
Don’t think of your Research is key.
first classic car as Most likely, you know
an investment. “The what you want—say,
best you can hope for a mid-’60s Corvette.
is a minimal loss or “Research the
maybe a maintaining ownership of the car
of its value,” says Karl and what it’s like to
Brauer, editor-in-chief own one,” says Brauer.
of the car-advice Use the Internet to find
site Edmunds.com local owners’ clubs
Ultimately, that and networks. “The
shouldn’t matter. You’re nice thing about the
buying something car community is that
unique. “You should it’s a community of
think, I’m doing this enthusiasts (it’s their
because I love the car love, not their job),
and I want to drive it.” so people like to help
That said, there are a others get into the
few guidelines. hobby.” Specialists
can be found in almost
every city, and local
clubs will recommend
the best.
instead of Blue Book
plus depreciation. This
means you assert the
car’s value and back
it up with photos. If
the car is totaled, the
insurer will pay out the
agreed value.
change hands until
you’ve seen the car in
person.”
Buy insurance.
Classic-car insurance
is a bargain. Brauer
uses Hagerty and pays
about $100 a month—
total—for two cars
and five motorcycles.
The car can’t be your
daily ride and you must
have secure parking.
But Hagerty has no
mileage limit and, like
other classic insurers,
uses “agreed value”
There isn’t one way
to get the best price.
“I’ve bought vehicles
at auction, a couple
off eBay, a couple in
person,” says Brauer.
Just go in armed and
educated. “If you’re
bidding sight unseen,
money should not
Dealers offer
security. You will
pay more, but you’ll
have recourse. “Even
if the dealer says the
car has no warranty,”
says Brauer, “you’re
buying from a business
with a reputation to
protect.” Cooper
Classics Collection
(cooperclassiccars
.com) is a great place to
start and even provides
f inancing.
