The right way to buy a classic car
Almost everyone would like to own a classic car, yet few are able to make it happen. Maybe, according to MainStreet, it’s the uncertainty that comes with purchasing something that’s literally got more than a few miles on it.
“Any time you buy a used car, especially from a private seller, you need to be sure that you’re buying a car that isn’t going to be a massive money pit. This is even more crucial when it comes to buying a car that might be 40 or more years old.”
There are ways to reduce that uncertainty, starting with doing your homework.
“…ask for any documentation that might exist on the car, starting with that most basic of information, the VIN. VINs were formulated differently in cars before 1980, so obtaining things like a Carfax report can be difficult when you’re buying a classic car. In the final analysis, unless you’re a gearhead yourself, you want to find a seasoned mechanic who specifically deals with classic cars and have him take a look at it. The couple hundred bucks you spend can make all the difference in the world, saving you thousands or even tens of thousands of dollars in the long run.”
It also helps to firm up your financing. Read the entire MainStreet article here for more on that, including tips from LightStream’s Todd Nelson.