Top 13 things to consider when buying a classic car.

Buying a classic car is an exciting time, requiring meticulous care and consideration in your search for the perfect vintage ride.

It’s not uncommon to encounter an unfinished project for sale, testament to previous owners who may have underestimated the complexities and challenges of classic car restoration. Sure there are some very legitimate reasons behind some of these, but most of the time owners have bitten off more than they can chew and completely under estimated what they are up against.

Attention to detail is paramount, while this list aims to provide a robust foundation, remember that each classic car has its own set of characteristics that deserve thorough evaluation. The following 12 points will guide you through the nuances of the classic car market, helping you find not just any car, but the right car for you.

1. Head or Heart?

Before diving into the classic car market, let’s take a moment to reflect on what initially sparked your interest in acquiring a classic car in the first place. Was it an intriguing article about the Most Valuable Cars of the 90s or perhaps a curiosity stirred by discussions of Future Classics? Regardless of the trigger, it’s clear something has set you on this journey.

It’s crucial to recognise how easily one can fall for the charm of a classic car. On average, enthusiasts spend approximately £8,000 annually on maintaining their classic cars. Understanding your motives can significantly influence the financial commitment involved. Are you in pursuit of a future classic, or do you wish to revive a nostalgic piece of history for your daily commute?

Consider the maintenance costs for your choice. For instance, a roadworthy MGB, while fairly common and easier to source parts for, contrasts starkly with a non operational Lancia that arrives needing substantial work a completely different scenario that could escalate restoration costs considerably.

2. The Viewing, setting the stage for a thorough inspection.

As most points on this list, lets allocate some quality time to view the car. This is particularly true if this is a private seller, as auction houses and dealers are reluctant to press you on time when you viewing.

Get the seller to agree an allotted amount of time you want to set aside to view the car, this will then put both of you at ease, you’ll then have time to really go through the nitty gritty details without the seller wanting to kick you out his garage because you have run over time and they need to tune in to the next episode of Deal or No Deal.

Is it raining? you cant play god here and if the motor is on the driveway in the elements, it could be hiding all sorts of paintwork issues and possibly oil leaks, ask the owner if you could bring a chamois leather to check over the body work, providing the bodywork is already clean of course! Least that way any blemishes dents and scratches can be found and haggled later on.

Is the car buried in the garage underneath a hoard of car magazines and broken garden furniture? Ask the owner over the phone how accessible the car is so you know what your up against. You don’t want to be disappointed after your 140 mile round trip to find it inaccessible.

3. Access to a Garage

Considering the purchase of a future classic, such as a BMW M5, can indeed be daunting. To ensure a sound investment, consider arranging a visit to a local garage with the seller for a thorough car inspection. Utilising the garage’s ramp allows for an in depth check of the vehicle’s underside, crucial for spotting potential issues.

This inspection can be paired with a test drive, offering a double advantage. Not only do you get to experience the car’s handling and responsiveness, but it’s also an excellent opportunity to examine the suspension and bearings more closely. A detailed check while the car is elevated can reveal problems like play in the wheels or knocking sounds that might indicate mechanical issues.

While there might be a small fee for the garage’s services, this expense is justified. Discovering issues such as a leaking differential or failing bearings early on can lead to significant negotiations on the final price, potentially saving you thousands in future repair costs.

4. The inspection

Buying a classic car requires a more thorough inspection than a typical used car. Here’s a step by step guide to ensure you don’t miss any potential issues:

1. Inspecting the Exterior:

Bodywork: Begin by checking the entire body for any dents, scratches, or misaligned panels. Run your fingers along the panel gaps to detect any irregularities. Take a close look down the side of the car from a distance to identify any hidden defects.

2. Underneath Inspection:

Ideally, get the car on a lift to inspect the underneath for signs of rust. Surface rust is common, but watch out for deeper rot that could affect structural components.

3. Moving on to the Interior:

Upholstery: Assess the condition of the seats, carpets, and other interior components. Remember, classic car upholstery specialists can often restore worn leather to its former glory. If its possible, you could lift a few carpets too.

4. Engine Bay Inspection:

Cold Start: Request a cold start to get a clearer picture of the engine’s health. Look for any creamy residue under the oil filler cap, which could indicate head gasket problems.
Running Checks: Once the engine is running, listen for unusual noises or vibrations at idle and under revving. Does it idle ok once its warm?
Gauges and Functionality: Ensure all gauges function correctly, including the heater, which should get up to running temperature of around 90 degrees after a few minutes.

5. Test Drive (Optional):

Test Drive: If possible, take the car for a test drive before getting under it to avoid dirtying the interior.

6. Chassis Inspection:

Wheel Arches: Check the wheel arches for signs of rust. Remember, surface rust is common, but deeper rot requires further investigation.

To conclude:

Classic Car Repairs: Don’t be discouraged by broken parts. Older cars are generally simpler to work on than modern ones, thanks to their less complex mechanical designs. This can save you money on repairs compared to modern cars that often require specialised tools and computer diagnostics.

Part Replacement: Consider the ease and cost of sourcing replacement parts, especially for rare models. Availability can vary depending on the car’s make, model, and year. Here are some tips for finding classic car parts:
- Classic Car Specialists: Many businesses specialise in selling parts for classic cars. They often have a network of suppliers and can locate hard to find parts. A good example is Vintage and Classic Spares, a major supplier based in the UK.
- Online Marketplaces: Online marketplaces like eBay and dedicated classic car parts websites offer a wide selection of new and used parts.
- Scrap Yards: Scrap yards can be a treasure trove for used parts, but it’s important to carefully inspect the condition of parts before purchasing them.
- Manufacturer or Aftermarket Parts: Some manufacturers continue to produce parts for older models. Aftermarket parts suppliers may also offer replacement parts for classic cars.

By following this methodical inspection process, you’ll be better equipped to identify any potential issues and make an informed decision about purchasing your classic car.

5.Interior functions and electrics.

When evaluating the classic car’s interior pull and push everything, door handles, locks, switches, storks the lot, make sure you get a good idea what is working and what isn’t. Classic car parts can often show wear simply due to age which can cause items to just fatigue and break, regardless of how many miles the car has done so have a good poke around.

While inspecting, remember that it’s common for some classic car parts and panels to be less reliable due to their age. However Just don’t be to dis heartened when stuff isn’t working, they are old cars remember.

6. Insurance

It’s worth checking to confirm with the vehicle’s owner if you are covered by their classic car insurance, If coverage is not extended to you, there are specialist insurance providers available who offer daily and hourly policies designed for such scenarios.

Footman James, for example, is a reputable provider specializing in classic car insurance.

Eligibility and Conditions for Insuring Classic Cars

The rarity and specifics of the classic car often dictate your eligibility for insurance. Many classic car insurance providers set specific criteria that must be met before they insure a vehicle. These factors typically include the car’s year of manufacture, market value, mileage, and the conditions under which it is stored. Additionally, the usage of the car plays a significant role; for instance, regularly using a vintage car as a daily driver might disqualify it from being considered for classic car insurance.

According to HMRC, for a car to be officially recognized as a classic, it must be over 15 years old and possess a market value that exceeds its original list price, with a minimum value of £15,000. Understanding these guidelines is essential for anyone looking to insure a classic car and can significantly impact the insurance premiums and options available.

Gaining clarity on these points will help you better understand the potential costs involved in insuring your dream classic car. Armed with this knowledge, you can make better informed decisions about the best classic car insurance options to protect your investment.

7. Valuation

Classics naturally demand a firm car valuation, but there can be unique factors inflating the price such as a previous celebrity owner, Last one off a production line or a limited production run. Prices inflated around these factors can be subjective, one person may be interested in the car because of its condition alone and not give two hoots about the previous celebrity owner, so does it still justify the higher price? Probably not, but for the right person on the right day it may just fetch that price.

What holds true in most markets, including the classic car market is what is someone prepared to pay for it, a great example is the American car show Chasing Classic cars by Wayne Carini, quite often cars will go up for auction and just not hit their reserve price because the owner has the price is wrong, people are just not prepared to meet it, and others can go way beyond.

Be sure to spend time on this subject as there are not many of them on the road to compare them against, hence being a classic. Focusing heavily on one particular type of vehicle for a lengthy period of time will give you a very good classic car market value range of what they are going for.

Where has it been living most of its life, on a driveway near the sea front open to all the elements? Or has it spent time under a tailor made silk car cover within a climate controlled underground garage? It will give a good idea to its underlying condition and classic vehicle value.

Understand why the owner is selling the car, that may give you an edge and whether there is a good deal to be done. Which brings us nicely on to…

8. Whats the story

Being a classic what’s the story behind your potential purchase, the chances are its already been looked after quite well and lasted as long as it has done. Most sympathetic previous owners tend to keep hoards of receipts and paper work, be sure to spend the time going through it as sometimes you can gauge how well it has been nurtured.

Quite often you may find previous classic car owners have kept the car maintained regardless of cost, sometimes exceeding the underlying value of the car itself.

Is there anything within its car history that may add to its classic vehicle value, such as competing in a famous historical race, winning any classic car events, or featuring in any famous films?

Other sources that may help to uncover the cars history is checking out any classic car forums on the internet, you can find many knowledgeable experts on the same or similar vehicles. If the cars history is a bit chequered then you can do some real digging with a V888 form from the DVLA, this may give you the option to find out about the previous owners but it does require you to have ‘reasonable cause’. These may include finding out about an accident, parking tickets or tracing anyone driving off without paying for goods and services.

If the car is British you could apply for a British Motoring industry Heritage Trust certificate, if the motor is covered then the certificate could show your cars specification as it left the production line, key build dates, and identification numbers.

Lastly how long has the current owner had it in their possession? How long has it been for sale? And why are they selling it? The idea here is trying to build a picture which may lead you to a better view on the price you acquire it for, if they have had it up for sale for 6 months and sound desperate to sell, you might be able to make a favourable offer on it.

9. Rarity

If it’s a classic car that looks like a bargain but needs extensive restoration, consider the availability of classic car parts for such a rare vehicle. Classic car parts can be difficult to find (and expensive!) for very rare models.

Understanding the car’s rarity will impact your ability to find parts and maintain it in the long run. If you’re unsure about classic car parts availability, try searching online forums specific to the car’s make and model. You can also contact classic car clubs for help finding parts.

Here is a helpful resource The Federation of British Historic Vehicle Clubs (FBHVC) is an umbrella organization providing resources and support for classic car owners in the UK, including connecting them with clubs dedicated to specific car makes and models.

While rare classic car parts can be a challenge, there are resources available. Classic car specialists can help you locate parts or fabricate replacements. Consider contacting specialists on platforms like Motorworx Market to bring your classic car closer to its former glory.

10. The Budget

Lucky ducks who don’t need a budget , feel free to skip ahead! But for most of us mere mortals, setting a budget is crucial. Let’s break it down without overcomplicating things. We just need to be aware of potential cost creep to avoid ending up with an unfinished project.

The Car Itself:

Car valuation: Before diving in, consider how much you’re realistically willing to spend on the car itself. Research similar models online, including those sold at auction. Classic Car Auctions UK is a good resource to get a sense of classic car market trends, especially for rare models.
Private vs. Auction: Depending on where you’re buying – private seller or auction – your strategy might differ. Private sales can be less pressured, allowing you to stick to a fixed price with a “walk-away” option in mind. Don’t be afraid to negotiate. Classic cars sometimes take longer to sell, so there might be room for movement on the price.
Classic car storage: Consider storage costs if your classic is a space hog. Will it fit in your current space, or will you need to find alternative storage?

Transportation:

Car transportation cost: Factor in transportation costs if the car isn’t drivable. A quick online search reveals that transporting a BMW 3 series can range from £203 to £221. Explore platforms like Motorworx Market for potentially better deals.

Auctions:

Classic car auctions: Auctions can be exciting, but they can also be bidding wars. Be honest with yourself: are you buying with your head or your heart? Remember, auctions can strain your budget quickly.

Parts and Labour:

Classic car restoration costs: Consider the restoration needs and the cost of parts and labour to achieve your desired condition.
Classic car parts availability: Research part availability – how easy will it be to find the parts you need, and how much will they cost?
DIY car maintenance: Will you tackle repairs yourself? If so, factor in the cost of tools you might need. Remember, they can add up quickly!

Overall, a realistic budget that considers all these factors will help you avoid financial surprises and keep your classic car dream on track.

11. Time on your hands

Once you have worked out what condition you will receive the car in, how much time do you have to spend on it? If turning your hand to most oily and delicate jobs is your thing, then time will just fly by. If however it’s not, don’t underestimate how long jobs can take, especially if you don’t have the right tools or equipment.

It’s easy to admire the work that you see on TV series such as Car SOS and Wheeler Dealers but there is a lot of work that goes on in-between the scenes that you don’t see. Consider replacing some rusty wheel arches perhaps, cutting, grinding, folding, welding, drilling, preparing, painting. It all takes time. You might want to consider a classic car restoration specialist, especially if you’re looking for help with classic car bodywork repairs or classic car welding services.

12. Bringing her home

Transporting a classic car can be a delicate ballet. Whether it’s a sleek sports car or a hulking American muscle car, each vehicle presents its own unique challenges. A low slung sports car might require specialised equipment to avoid scraping its underbelly, while a towering American muscle car could pose challenges in terms of height clearances and weight distribution. Some vehicles can be particularly tricky to transport, requiring extra care and attention to detail.

For high value classics, the stakes are even higher. Comprehensive insurance coverage is a must to protect against any unforeseen mishaps.

Once you’ve found your dream classic, it’s time to consider transportation. For a valuable car like this, you’ll want a transport company with a proven track record of care and expertise. A2D Transport, established by a former Williams F1 mechanic, offers secure and insured enclosed transport specifically designed for classic vehicles.

13. Conclusion

If this all sounds overly complicated and not much fun, don’t worry. These are just guidelines, you can choose yourself how much time, effort, and detail you want to put into each stage of finding your classic car. We hope you find it a labour of love, there is a reason it supports 113k jobs in the UK. We are here to help and want to give you the tools for making life a little easier.

Why not try browsing through some classic car specialists, it’s free, they won’t charge you and you could be pleasantly surprised at the outcome. You can also browse classic car parts online or find UK classic car parts suppliers, depending on your needs.

Need help with your classic car?

Post a job for free today