Things You'll Need:
- love of classic cars and muscle cars
- desire to get into the classic car market
- internet connection helps for research
-
Step 1
You will need to determine what kind of classic car you want to purchase, decide on a budget, and decide if you want a car that needs work or one that is in mint condition. Choosing the type of car is usually an emotional decision. Most people purchase a car based on what they had growing up, or what they wanted as a teenager.
When deciding on a budget, you need to keep the following in mind: rarity/ uniqueness of vehicle,
numbers matching/ all original versus after market parts. -
Step 2
Determining value of classic cars. Do a lot of research, contact respected classic car dealers, check sale prices of similar vehicles on auto sales web sites like e-bay, autabuy, deals on wheels, etc... Compare prices from auctions like Mecum, Barrett-Jackson, and other auto auction web sites.
Get as much information about the vehicle as you can. Has it been restored? Was it a frame off restoration? Is it a numbers matching (all original) car? Numbers matching will bring more money. Basically this means that the vehicle identification numbers, motor numbers etc... match with the date code, and option codes. The numbers will tell you where the vehicle was built, what options it came with, and how many were produced. Value will increase if the vehicle was 1 of 5 made with power brakes, or 1 or 3 made with a specific color. -
Step 3
Condition of vehicle. Vehicle condition is rated on a 1-5 scale with 1 being perfect mint condition vehicle, and 5 meaning the vehicle has severe mechanical or body defects such as major rust, or doesn't run. If you find a vehicle that is rated a 3, you can expect it to be in good mechanical condition but with blemishes to paint, interior or other minor flaws. A "3" would be considered a good driver and will need basic maintenance. It will also need a lot of work and more money to invest if you want to get a good profit out of it later.
-
Step 4
You should always remember that most of these vehicles are over 30 years old. They will need work. Some may need only minor repairs, while others may require the transmission to be rebuilt. If possible you should find a mechanic that is familiar with classic cars, to look the car over before you purchase. There are several companies that offer an inspection service. The fee is minimal (usually a few hundred dollars) the benefits are well worth the cost. The inspector will check the car for blemishes, mechanical defects, rust, etc... so there are no surprise's when you get the car home.
-
Step 5
When you have found the car of your dreams you are finally ready to purchase it. If you purchase from a classic car dealer find out what there policy is on trade in' s. (You may want to trade-up in the future). You want to make sure that your vehicle's value will be maintained. Most classic car dealers will take your car back in on trade for the amount you paid providing it is in the same or better condition than when they sold it to you. Classic car dealers can also help you decide what vehicles are most popular, what sells for the most money at auctions, and can help guide you in your investments. The classic car market is different from new and used vehicle sales because it focuses on dreams. People buy classic cars because they love them- not to get them back and forth from work.
Comments
kjv4thee said
on 1/23/2008 Nothing like the older classic cars. Good Article. Thanks