3 things to know before buying a classic car
From aesthetic appeal, to performance or status, to a collector’s item or sentimental memento – the benefits of owning a classic car are many. But so are the pitfalls. When buying a classic car, whether it’s fulfilling a lifetime’s ambition or securing a solid investment, there are three things you need to know: research before you buy, get expert advice, and finance with a vintage car loan tailored to fit your budget.
1. Research before buying
Buying a classic car is often driven by a passion for a particular model, style or era. And while it is important to buy a classic car that you will love, it is equally important that the model you are buying is reliable, has spare parts readily available and does not lose its value for years to come.
Before buying a classic car, do your homework to make sure you don’t end up with a lemon.
- Research the make and model for the specific year of the car you are considering purchasing to find out if it is known to have significant mechanical problems.
- Read reviews online or ask for advice and opinions from classic car collectors you know.
- Join a classic car club to meet like-minded classic car owners who can share their knowledge and enthusiasm.
- Check with your mechanic to see if the car has any known problems that could end up costing you later.
- Look at several reputable sources to get an idea of how much similar cars are being sold. This way you will have a good idea of how much you should spend and how much the car you are buying is worth.
- If you are looking to buy a classic car, be sure to check out ours list of classic cars available for sale. At Max Loans, we are a proud sponsor of the Repco Beach Hop. Instead of treating it as a 5-day event a year, we want to do more for classic car enthusiasts. That’s why we keep our website updated constantly – we want to make sure you can still check the details of the classic cars for sale even if you haven’t been able to participate in the Beach Hop.
- Once you have found the car of your dreams, be sure to test it on the road, paying close attention to any noises in the engine, the condition of the body and interior, as well as any other features that are important to you.
- Check your insurance options for a classic car before buying, as classic cars are driven less frequently, classic car insurance it is typically less expensive than traditional auto insurance, but premiums vary by model. Talk to an expert like it Max insurance about your options for classic car insurance.
2. Get an expert evaluation
To know that you are paying a fair price, we recommend that you arrange an expert valuation of classic cars. Even if you are experienced in buying classic cars, it is worth getting a second opinion from a trusted professional.
Car valuations are particularly important when it comes to insuring your classic car, where market valuations can vary from year to year. Even if you don’t want to overpay to insure your classic car, you don’t really want to get caught when something goes wrong!
There are a number of car appraisers who specialize in classic car appraisals. Upon completion of the assessment, you will receive a detailed assessment report recognized by major New Zealand insurance companies, ensuring you have complete peace of mind knowing that you are paying the right amount of insurance for the coverage you need.
3. Finance with a classic car loan
When it comes to classic car loans, finding a lender to finance your purchase can be a challenge. While buying a classic car may seem like a good investment with the potential to increase in value in the years to come, many major financial institutions are reluctant to finance older cars. It might be difficult to get a traditional auto loan. Or lenders may impose an age limit on the vehicles they finance, which means that a classic car, being much older, may not qualify for a traditional car loan.
The best way to get around this is to work with a financial consultancy firm that specializes in classic car loans. At Max Loans, we are experienced in helping classic car owners finance their dream cars. We can help you with pre-approved financing for a classic car loan, so you have the freedom to choose where to buy your car from and know in advance how much you have to spend. Having a pre-approved classic car loan could also help you negotiate a better price as a cash buyer.
We understand classic cars
At Max Loans, we understand that buying a classic car is an investment, financial or emotional. That’s why we’ve been helping classic car enthusiasts get financing to buy the cars of their dreams for many years, with classic car loans tailored to fit their lifestyle and budget. In fact, we love classic cars so much and are proud sponsors of Repco Beach Hop every year!
If you’ve found a classic car you love, or have something in mind that you simply can’t live without, talk to the Max Loans team on financing options for a classic car loan.
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This article was published by: Rachael Alexander by title: 3 things to know before buying a classic car
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