7 Mistakes to Avoid When Buying a Collector & Classic Car

You are about to buy a classic car, but you still have some things to work out and terms to understand before making a purchase. For collectors, finding a classic car is almost like striking gold. However, it’s easy for a new collector to get swindled out of a lot of money if they don’t know what to look for when buying a collector & classic car.

Things to Know About Purchasing a Collector Car

Making a mistake when buying a collector’s car can cost you thousands of dollars. It helps to know about your investment before signing any papers or exchanging money.

Not Doing Your Research

It’s common for a first-time buyer looking at a collector & classic car to get caught up in the moment and skip researching the vehicle. You should always research the make and model before you meet the seller and request a test drive.

Not Getting a Professional Inspection

Many people avoid getting a professional inspection on their potential car because of the cost and delay in closing the sale. A mechanic or service center can look for signs of wear and tear or structural damage that aren’t usually visible from just a test drive.

Not Getting What You Want

Don’t make the mistake of buying a particular car just because it’s available. Follow your passion and invest in the vehicle you want.

Not Checking the VIN

Before purchasing any car, always check the vehicle’s identification number. You will find it stamped on the engine. By looking up this number, you can make sure the engine inside isn’t a replacement but original to the car and legally in possession of the seller.

Not Researching Future Expenses

The upkeep on a collector & classic car costs more than an average automobile. Older vehicles require a lot of continual maintenance and parts replacement to keep them on the road. It could cost tens of thousands of dollars to do the necessary repair work and upkeep on an older car. You can contact a local car club and ask questions about the vehicle you want to buy. Their first-hand experience can give you an idea of what keeping your car in pristine condition will cost.

Not Buying the Right Insurance

Collector cars usually maintain a higher value than standard automobiles. The average insurance coverage wouldn’t fully address the costs of repairing or replacing the vehicle, so it’s crucial to research collector & classic car insurance for your investment.

Not Having a Mechanic

Only some people have the qualifications and experience to work on a collector car. It’s essential to have a mechanic you know can handle any issues with your vehicle.

Preserving Your Collector & Classic Car

Knowing everything about a particular car before you purchase it, you avoid getting duped into a purchase you can’t maintain. Thorough research is the best way to narrow down buying the classic car of your dreams. Once you have the car, preserve it with careful maintenance and a special collector insurance policy.

About David G. Sayles Insurance Services

At David G. Sayles Insurance Services, we help our clients decide which of these options is best for them based on their current situation and risk factors.  Contact us at 1-855-977-1842 or insureme@dsayles.mysites.io for a consultation!