Quality Investment | A Luxury Guide To Buying A Classic Car In 2022
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Quality Investment | A Luxury Guide To Buying A Classic Car In 2022

March 20, 2022 Share

Have you been thinking about buying a classic car for some time, or maybe had your eye on a particular model but not yet taken the plunge?

Buying and owning a classic vehicle is an exhilarating journey, but how do you know if you have made the correct decision in your purchase? What do you look out for, what do you avoid, and how do you find a good deal? The classic car market can feel intimidating if it’s new territory, but that need not be the case.

Give Yourself A Planned Budget For Your Classic Car

classic car
Classic and specialist car firm Hagerty’s top picks to buy in 2022 (Image: Hagerty)

Budgeting for your car is essential. This could mean you will be $13,000, $18.5 million or more but have a budget in mind and a number you don’t want to go over. Set about researching the marketplace for the type of cars you would like.

Experts advise looking at classified adverts, auction listings and classic car specialists. This will give you an idea of what you might be able to buy with your money.

classic car

Don’t Just Rely On A Fancy Picture.

It is essential to go and see the car in question. If you are looking at a vehicle but are not an expert, try and take someone more experienced with you to help have a good look around the car. 

This will mean getting on the floor to inspect the underneath and having a good look at the engine bay and mechanicals – take a mat and gloves if you don’t want to get dirty! Ensure you see all the paperwork for the car. This could include a folder of restoration invoices or receipts for work carried out and old MOTs that substantiate the mileage.

classic car

Trust Your First Impressions And Gut Instinct

Don’t be afraid to walk away if something feels wrong. If something feels off, you’re likely to be correct. There may be plenty of cars, but every classic is unique. There is no way history can be duplicated. 

A vehicle with quality restoration is different to a home-built car, but everything has its value. Additionally, ownership is not always crucial, though low request often has a financial matter. 

A car is only original once, but similarly, a freshly restored one may not have the quirks of a long-stored car.

Why Not Try An Auction?

An auction can be a great place to find your first classic car. You can visit an auction and thoroughly check over the vehicle that piqued your interest. Before the sale, you can carry out due diligence and then inspect the car. 

All the history files are at hand at an auction, and you’ll have a team of specialists and experts available to help you need – even if that is to pass over the keys.

A car sold at auction means a buyer can be sure they are only ever going to pay what the market decides the vehicle be worth. However, of course, prices can fluctuate. If there is a frenzy of bidding, you know there are many other interested parties. 

If a car is more niche, there may only be one or two potential buyers as competition for ownership. Ultimately the vehicles will make what the bidders decide to pay, and our vendors can make decisions with our guidance, ensuring that we give everybody involved in a sale the best chance of getting what they want.

Just Enjoy The Process

Most importantly, have fun! Buy the car you would like, not the one you think is likely to be the best investment. Investing in a modern classic car could “lead to significant gains in the medium to long term”, said Annie Button on Finance Monthly

Author: Michelle Laver