If you are a car enthusiast, you know purchasing a classic model is nowhere near going to your local dealer for a brand new Honda Civic. You cannot just walk into a car dealer, choose your comfort package, exterior, and interior colors, engine size and drive home the same day with the car you need. To find a classic car that you truly desire, you need to put in that work! Whitesbodyworks.com shares some valuable tips to purchase a classic car.
When purchasing a classic car, particularly because it is in the used vehicle category, you need to be careful. To help ease the burden, here are some of the available purchasing options.
Where to Purchase Classic Cars
This is perhaps the most popular form of getting your hands on a truly classic car. Classic car auctions are different from your typical auction event where people are trying to get rid of houses and the like. The possibility of getting your hands on your dream car is even more appealing in these events. Here are the pros and cons of buying a classic car at an auction.
Auctions do an excellent job of bringing top-of-the-line and appealing classic cars that never sat in a consignment dealer’s place. Some of the most appealing cars have sold at an auction, instead of by dealers or private sellers.
You can access auctions from your phone, allowing you to purchase a classic car from any part of the globe.
Also, if only a few people bid on the car, you can get a deal with a no, or low reserve and walk away with a steal.
When it comes to auctions, you have limited inspection options. Apart from walking around the vehicle and perhaps hearing it turn over, the possibility of getting an inspection is rare. Only after you purchase the vehicle will you get the opportunity to know what the car really has to offer and any surprises it might have. Keep in mind that auctions don’t have do-overs, and so, you will be risking your hard-earned money.
Also, the buyer and seller premiums often included in auction sales can see you spending 10 to 25 percent more on the transaction, compared to dealing with a private seller.
2. Using a Dealer
As with every business, there are good car dealers and bad ones. Most classic car dealers operate a consignment shop, allowing private vehicle sellers to leave their cars on the lot for sale. The dealer then gets a percentage of the sale in return for advertising and getting a buyer. In some cases, dealers buy the cars directly from the sellers and flip them for their own gain.
Good dealers do their homework and so, you most likely won’t have to worry about the condition of the classic car. In most cases, they allow you to bring your own inspector to ensure the vehicle is as advertised
When doing business with a dealer, you have room to negotiate. They might try to hike the price, but if they are trying to make the sale, they will also make a good offer. Unlike auctions, you have bargaining power when you choose to buy from a car dealer.
Car dealers are always in the business of turning over their inventory. In some cases, they don’t have the complete history of the car, beyond what an inspection provides. This means they might meet something that might surprise you down the road.
They are also middlemen. This means you are most likely going to pay a higher price than dealing with the owner.
3. Purchasing From a Private Seller
This method is a bit more daunting than dealing with dealers or auctions, but if you put your time into it, you can get an excellent deal on a classic vehicle.
You get to deal with the seller directly. More often than not, these parties are long-time owners of the car or at least know the entire history of the vehicle. Given how long they have owned the car, they will have a deeper connection with the car, and won’t just treat the sale with monetary reasons. For some, it is like giving away a child so that they can get a good home
Private parties are the best source of classic cars as the condition of the vehicle will most likely reflect their personality.
With no fees like in auctions and buying from dealers, you are more likely to get a better price.
You need to grind to get a good seller let alone a good deal. You will have to scrounge for sale ads on numerous car sites to get a deal, in addition to the car you want.
There is also the possibility of blindly trusting a private seller. This means you need to do thorough research on both the car and the seller to ensure you’re not being scammed.