Top 10 Collector
Car Buying
Tips
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Tip
1
Carefully consider what
year, model and body style you
really want to own. A collector
car should never be purchased
because it's a good deal. Buy a
car you will still want to own
five years from now.
Convertibles are normally more
desirable than hard tops.
Tip
2
Establish a maximum
affordable budget that will
allow you to buy a finished
vehicle or one that needs minor
work you can do yourself.
Restoration shop rates are
high. If you buy a fixer-upper,
you may quickly exceed your
budget on outside labor. Simply
plan ahead.
Tip
3
Diligently do your research
work. Read all the information
about your selected vehicle
that you can find. Check
auctions, price guides, club
newsletters and owners for
originality and correctness.
Know the codes and numbers
before you start to look.
Mistakes are costly.
  
Tip
4
Parts availability is
extremely important. Check
parts sources for your vehicle
in publications like Hemmings
Motor News. Abundant
reproduction items, along with
new or used original items,
will make a project car buildup
much easier.
Investment
potential is also important
unless you have money to burn.
It doesn't make good financial
sense to spend more on a
restoration than the vehicle is
worth unless you plan on
keeping it forever. By forever,
hopefully it should appreciate
to match your cash outlay and
make your great-grandchildren
wealthy.
Tip
6
Be sure to check the cost of
adequate insurance and have
protected storage available.
Collector car insurance
normally limits yearly mileage
to an average of 2,500 and is
inexpensive. A family car
insurance company might not
cover the vehicle at all or be
prohibitively expensive. Have a
professional appraisal done to
present when filing for your
insurance.
 
Tip
7
Consider how you want to use
the vehicle. If you're buying a
driver, then a few paint chips
and other wear and tear are
acceptable. A show car should
be pristine top and bottom, but
both versions should reflect
the asking price.
Tip
8
Just because a car is rare
(i.e., low production) doesn't
mean it's desirable or
necessarily valuable. Interior
and exterior color, drivetrain,
options, and other factors all
have a large bearing on the
price. Beware of spending big
bucks for rarity—you just might
be throwing money away.
Tip
9
Decide how much work you are
willing to do yourself. If you
burn out on a project, it
usually results in selling for
a loss. If you aren't familiar
with restoration work, buy a
finished vehicle, turn the key
and enjoy!
Tip
10
Be sure to obtain all the
original sales paperwork on the
vehicle if available and all
the receipts for work done by
the previous owner(s).
Documentation is important to
establish current value and to
pass on to the next owner when
you decide to part with the
car.
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