How to Get a Deal on a Classic Muscle Car

Flexing the automotive muscle is as American as hamburgers and the "Star Spangled Banner." As much as the auto industry has tried, they haven't been able to match the muscle-car phenomenon of the '60s and '70s. Certainly, classic models have been revamped, almost annually, and new muscle has been produced. But most fail to have the allure--both aesthetically and mechanically--of their forebears. Buying a classic muscle car can be dicey, though. Affordable options often come with high risk of perpetual maintenance. Those that look and run as though they just left the assembly line can have a huge price tag. Get the best of both worlds with a deal on a slice of automotive Americana.

Difficulty: Moderate

Instructions

1. Learn about the models. The Chevy Nova, Chevelle, Camaro or Corvette, the Ford Mustang, the Buick Riviera and others. Learning about the models doesn't mean just knowing what they are. You'll want an idea of their specs, including engine, handling and original features. For instance, if you're looking for the Camaro coming-out-party, 1967 model, you should know what it offered then (three-speed, 295 hp V8, heavy front and rear springs, heavy-duty clutch) to be able to compare to what's being offered now.

2. Avoid souped-up muscle. Many auto aficionados will completely gut their classic car, reshaping the engine with modern parts and functionality. This makes for a faster version of the original model, but also requires more maintenance. This is how classic-car dealers flip the cars upon resale. They fix them up and sell them at a premium. But if you're looking for a deal, you can get a Camaro SS 350 model that's been built with a V6.

3. Look for new parts. While you don't want a souped-up vehicle, necessarily, you should be looking for new parts. An original engine will struggle to run unless it's been taken very good care of. That's not likely the case, as these cars have seen multiple owners in their lifetime. Look for a new engine with less than 50K miles on it. Think of this as any other used-car purchase in that regard. Understand the "lemon standards" and steer clear of anything that seems suspicious.

4. Look in auto-trader magazines and websites. You find the best deals when buying straight from the owner. Dealers that specialize in classic-car sale will be charging a premium of a premium. That means, what's already a high-priced classic will see at least another 5 percent on the price tag simply because it's coming from a "reliable" source.

5. Set up a drive time. Over the course of a week, make a list of prospective models and contact their owners. If the sale is legitimate, they should let you take a test drive. But don't treat this as dealership drive around the block. It's a classic car that's probably been rebuilt to a certain extent. A good classic-car owner trying to sell should respect your desire to spend a day with it. They'll want to ride around with you, but spend a few hours driving it on various surfaces. Try Start-and-stop situations, highways, hills and country roads where you can really spread it out at a consistent pace.

6. Ask targeted questions about the car's history. Ask what improvements, if any, have been made, and find out how often work is required. If they can't cite specifics, but you feel the car runs well, use this to your advantage when purchasing.

7. Haggle. Once you've found your model, lowball. Feel free to offer about 20 percent to 25 percent less. They'll tell you no. From there, mention the specs on the other models you looked at from your list, and be as specific as possible. This lets the seller know you're shopping around and you're educated. The seller might move the price a bit. You should feel comfortable giving yourself a ceiling of 15 percent below the asking price. If the seller won't meet that, walk away. He'll call you within 24 hours.

8. Find an auto auction. If all else fails, look at auctions. Your options will be limited to what's available, but you can get bottom-dollar deals. Many times, you can find an inventory of the auction ahead of time to determine if it's worth a trip. Keep in mind that you'll miss the personal and anecdotal history of the car, something that's important on these often repair-heavy vehicles.

Tips & Warnings

• If you don't have automotive-maintenance experience, look in the $10K to $15K price range (but don't pay that much). Very rarely should you look at cars more than $15K.
• If you do know how to tinker under the hood, you might consider looking as low as $5K. Anything lower than $5K will ultimately require a lot of upkeep, no matter what the owner tells you.
• Consider buying a body style and purchasing an engine separately. You can sometimes get the body/frame alone for a little over $1K. Rebuilding under the hood, or even paying someone else to build with parts you purchased, can bring your total in at well under $8K.
• Don't pay more than $12K or $13K for the car. No muscle is worth more than that. A clean, reliable muscle car with original body, rebuilt under the hood, should not cost you more than this.