There’s something undeniably special about purchasing a vintage car. It could be a reflection of your personality, especially if you have an appreciation for the finer things in life. A classic automobile could also be a status symbol of your affluence. You might also find yourself a chick magnet because of all the gorgeous girls wanting a ride in your noble, gasoline-powered steed. As the saying goes, “You don’t buy a car and make it look beautiful. You buy a car to make you look beautiful.”
But when you really get down to it, owning a vintage automobile oozes all the right kinds of cool. There are, however, some things you must consider before making that purchase. Like any item, you want to make sure you’re getting the most bang for your buck. Here are 3 important guidelines to consider before buying your flashy coupe.
What will you be using the car for? Is it a daily driver like a sedan, a trailer queen like those cars at autoshows, or an investment? All these things will determine the kind of money and action you need to take prior to purchasing. If you’re getting a daily driver, or something for everyday use, they you don’t need to shell out that much money for a true original. Owning a replica will do.
If you’re looking at a trailer queen, then you know you need some serious dough to show for. When parading your beauty on wheels at auto shows, people are looking for the real deal.
If investing is your game, then you need to know what the market is like. According to a forecast, the classic automobile market for this year looks good. There are low interest rates globally, a solid market for concrete assets, and a bit of leverage due to the ever-changing socio-political issues. A study done by the Historic Automobile Group, International (HAGI) confirmed the forecast, as the market grew by 17.8%. Remember that vintage cars are like real estate properties on wheels. The high value of these assets is beneficial to investors, as long as the cars are kept aesthetically pleasing and pristine condition while stored in garages.
What specific brand of car do you want? Are you the type who prefers a sedan over an SUV perhaps? Knowing the make, year and even color can speed things along and gets you down to brass tacks.
An idea of the automobile’s appreciation value can also work to your advantage if you’re investing in a car. This comes in handy when you plan to sell it in the future so you won’t experience highway robbery.
There are certain taxes to be paid when you own an asset like a classic limited edition model. Check out what the rates are so you know where your hard-earned money is going.
Lastly, be absolutely sure before buying the car. This protects your assets in case anything happens to the item before or during the delivery. TIP: see if you can enter an agreement with the owner where you pay half the amount prior to delivery and the rest after the delivery just to make sure you get your baby in one piece.