Are you in the market for buying a classic car, but don’t know where to start? In order to avoid purchasing a lemon, do your homework before you start shopping.
Many classic car owners treat their asset as a savvy investment that just so happens to give them a sense of pride as well. Although long regarded as a bucket list purchase for many, classic car ownership can also be used as a pragmatic yet stylish tool for long term wealth generation. According to Money Mag, the classic car community is on the rise, with investing in cars an asset class quietly rising by 467% in just ten short years. As many have seen, vehicles can double in value in as little as twelve months providing that buyers choose the right model that’s in reasonably good shape.
However, just because a car is ‘old’, doesn’t mean it’s a worthy investment as a classic car. As a general rule, they certainly don’t come cheap, so it’s important to cover the basics in order to avoid buying a dud – so what factors should prospective classic car owners consider before making a purchase?
Five Things To Consider When Buying A Classic Car
So you want to buy a classic car – now what? If you fancy yourself as a budding classic car collector, then the trick lies in purchasing a model that is both high in value and in quality for the right price. Getting the trifecta right is often easier said than done though, and many budding auto enthusiasts often find themselves at a loss as to where to even start their search.
Have A Clear Vision – Before you start your research, have a good idea as to what it is you’re looking for – are you after a Model A, or a Mustang? Try writing down at least five models that you’re interested in, and start researching price guides to avoid any nasty surprises or swift reality checks when it comes time to start inspections.
Consider Being Flexible – In contrast to the above statement, flexibility may be your friend when hunting for a classic car. The exact model you prefer may be too expensive or too difficult to get your hands on, and if you approach the purchase as an investment, consider looking at similar models that are expected to grow in price over the next five or ten years as they age.
Aim For Rarer Models – To an extent, any classic car can be considered to be a rare find. However, common indicators that a vehicle is rare and therefore more likely to command a higher value include a unique feature not found on other makes or models, such as gull-wing doors, limited production of a particular make or model, or even a famous history.
Explore Buying Avenues – Classic cars aren’t exactly available at your nearest dealership, so finding the right one requires a little bit of research. Depending on how much time and energy you have up your sleeve, options include online classifieds, car auctions, car shows, swap meets, buyers agents and even classic car dealers – each offering their own pros and cons.
Conduct Inspections – The condition of an advertised classic car can play an enormous role in its overall value. How it’s been stored, what parts have been used to replace older failings, how often it’s been driven and even minor signs of rust can all be factors in the sale price, so don’t skimp out on a thorough vehicle inspection, even if you need a third party to do so.
Buyers can often get a swift reality check when it comes to just how limited particular models are, and often see them get snapped up quite quickly – even from interstate buyers who haven’t even laid eyes on the model. As such, partnering with a classic car dealer can be a game changer when it comes to tracking down a specific type of model for the right price, but where do you find one?
Getting Your Hands On A Classic Car
Meeting a fellow vintage auto enthusiast can feel a bit like finding a needle in a haystack, but rest assured that Wayne’s Garage understands the thrill more than most. Having spent forty years collecting anything and everything from matchbox cars to hub caps, he’s successfully followed his passion to source, collect and stock beautiful and low mileage classic automobiles from around the world. With extensive experience in the automotive industry, it was only a matter of time before Wayne expanded on his love of vintage, iconic vehicles to share his knowledge and passion with the public.
Although his passion is for automobiles built before 1978, with a particular love for Buicks, Cadillacs, Lincolns, Oldsmobiles and even Fords, Wayne is just as passionate about the stories of the owners. Just like the cars, he has found that his fellow classic car enthusiasts all have wildly different attractions and logic behind their passion or hobby, and this often translates into how the car is presented. If it’s even remotely different, rare or just plain unusual, Wayne will overcome the relevant logistical and geographical challenges of bringing the cars to his showroom in Australia.
Wayne’s Garage is a showroom conveniently located at Seventeen Mile Rocks, that specialises in the restoration and sales of vintage automobiles. In fact, he’s got a medley of fully restored models in stock right now, which can be viewed online via Wayne’s Collection. If you’re on the hunt for Brisbane classic cars – quite simply, Wayne is your man. If you would like to arrange a viewing or inspect any other of our classic vehicles, please get in touch with us today.