A Beginner’s Guide to Classic Cars

Throughout the average American’s life, work and family obligations shape nearly each and every car purchase. For many, this resulted in a parade of sedans, station wagons and other practical, but not entirely glamourous, models while the coveted “dream car” was put on hold. However, all hope is not lost! For many, retirement offers a new world of possibilities brought about by free time and disposable income. The classic car hobby can be enjoyed by individuals of all ages, but it’s incredibly popular among retired baby boomers these days. If you’re done dreaming about your favorite childhood car and ready to make the commitment and enter the hobby, here are a few tips on how to learn more and get started!

Consider your intentions

One of the great things about classic car collecting as a hobby is that you’re in control over how you participate and use your vehicle. Maybe finally owning the muscle car you admired in your youth and taking it out for Sunday drives and special occasions is enough. Maybe you have a competitive streak and are looking for a car that can be meticulously maintained and entered into local shows. Or perhaps you’re interested in meeting others in the hobby and want a car that you can drive on tours, rallies and track events. Before you begin your research or start shopping around for models, it’s best to figure this out.

Additionally, be wary when it comes to monetary returns on a classic car purchase. Many of us have heard hobbyists brag about how they turned a relatively cheap model around and resold it for a decent profit. While this is a very possible and likely result of old car ownership, it shouldn’t be your primary goal, particularly if you’re new to the hobby. Don’t select a car based only on the promise of increased resell value, rather, go after cars that you’ll be excited and proud to own and let the potential of a profit down the road be secondary.

Don’t Forget the “Add-On” Costs and Requirements

When budgeting for a classic car, you need to consider more than just the amount the vehicle will cost you. Will there be immediate repairs that you, as the new owner, need to make upon purchasing the car to get it up and running? Are there other, less urgent, cosmetic repairs that you should budget for in the near future? Do you have adequate garage space for storing the car? Research classic car insurance and make sure you understand what the rates are for the model you’re interested in. Last, but not least, you’ll want to have an “emergency fund” available in the event that you need to make urgent repairs.

Research, research, research…

Like any major purchase, including traditional vehicles, you don’t want to rush into a decision. Investing in a classic car can be even more complicated and it’s easy to end up dropping a large amount of money on a model that you won’t enjoy or isn’t suited to your desires without research and planning. This includes researching the ins and outs of collecting before you even begin shopping around.

There are countless online resources available for anyone who’s curious about getting involved with classic cars. However, consider taking it a step further by checking out local clubs in your area. Inquire about attending an upcoming meeting or event to get acquainted with other enthusiasts before becoming a fully-fledged member or making a car purchase. Members of these clubs, whether they are model specific (The Mustang Club) or more general (The Antique Automobile Club of America) will be more than happy to offer tips on getting started in the hobby such as where to look for cars on sale and how to ensure you’re getting a good deal. Some of your new friends might even offer to tag along when you go to view an available car!

You can also attend shows, “Cruise Nights” and other local events where classic car owners will be showcasing their models. If you see someone who owns a car similar to what you’re interested in, this is a great opportunity to strike up a conversation, ask them for insights on reputable sellers in the area, maintenance tips and any challenges they’ve faced as an owner.

Be a Smart Shopper

Once you feel like you’ve done adequate research on local clubs and know what to expect as a classic car owner, the real fun can begin: shopping for your car! The internet makes the search process easier than ever before, gone are the days of poring over classified ads and tearing phone numbers off “For Sale” posters at the grocery store. Sites like Hemmings.com offer wide selections of collector car listings, which you can conveniently pare down by location, price, year, model and other features.

Once you’ve identified a model you’re interested in purchasing, you’ll want to set up an appointment to view the car in person. Just like you would if you bought a used modern car from a private seller online, you need to make sure that the car is indeed in the condition promised to you online and that all anticipated features are included and functional. It helps to bring someone with experience in the hobby along with you for a second set of eyes, particularly if it’s your first classic car purchase.

Lastly, consider paying for a pre-purchase inspection (PPI). It costs around $100-250 but is well worth it as any major issues with the vehicle will be flagged to you upfront, so you know what you’re getting into before you make the purchase.

With a little research and planning at the start, you’ll find that classic car collecting is an incredibly fun, interesting and fulfilling activity and a great way to meet new people with similar interests. It might even become a family hobby that can be shared with children and grandchildren for years to come.

Richard Reina is the Product Training Director at CARiD.com and a classic car enthusiast. He currently owns and shows a 1967 Alfa Romeo.

Image provided by Richard Reina