Important Questions to Ask Before Buying a Classic Car

Nov 1, 2011
James Vassallo

Classic Car Week - Wikimedia Commons

Buying a classic car can cost you thousands of dollars. Be sure you know the facts about the vehicle before pledging the purchase.

There are thousands of classic cars across the country that are driven around only a couple times of year so that they are not involved in accidents, worn down, or scratched. Collecting classic cars is a hobby of thousands of people across the country and is one of the most expensive hobbies around as well. One of the most popular classic car collectors out there is none other than late night host Jay Leno. He has a massive garage full of classic cars that he purchases, renovates, updates and restores to his liking. If you are in the market for a classic car then you should check out the questions to ask when buying a classic car.

What is the history of this classic car?
What is the appraised value of this classic car?
Have there been any recent repairs on the car?
Why is the car being sold?
Does the owner have any repair logs on the car?

History of the Classic Car

The first question to ask when buying a classic car is what is the history of the classic car? This is vitally important for five reasons:

The history report will name all previous owners.
The history report will tell you where the vehicle is registered.
The history report will tell you if there is a lien against the car.
The history report will detail any accidents the car has been in or if it has been previously stolen.
The history report will tell you if the vehicle has any flood damage.

Appraised Value of the Classic Car

The second of five questions to ask when buying a classic car details the appraised value of the vehicle. Once you have found a classic car you are interested in, bring your own appraiser to appraise the vehicle to find out its value. If the value of the classic car is too low for your liking you do not have to make a deal with the seller.

Recent Repairs

The history report of the classic car will detail accidents, which would be followed by repairs to the vehicle. Ask the seller about recent repairs to the vehicle, how involved the repair was, what was repaired on the vehicle and if any major parts were replaced during the repair. Depending on which parts were repaired, the classic car could actually be a lemon, which is a deal you do not want to enter into. Another questions to ask is whether or not the owner has any repair logs for the classic car. The logs will detail all of the repairs done to the vehicle under that owner, which will help the prospective buyer determine whether or not they should buy the car.

Car Being Sold

One of the biggest questions to ask the current owner is 'why is the car being sold?' This question could clarify everything the prospective buyer would want to know about the car. The owner could be selling the vehicle because of a poor financial situation, they have lost interest in the hobby, they only hold onto the car until it is restored and then they sell it or any other reason. If the answer given is a little shaky then you might want to stray away from the sale.

References:

http://www.all-about-car-selection.com/classiccarforsale.html

http://www.timelessrides.com/blogs/admin/how-to-buy-a-classic-car

http://www.classic-british-cars.com/car-buyers-guide.html