So, you are thinking of buying a classic car and don’t quite know where to start? What exactly is a classic car? It could be an old car that has been lovingly cared for and whilst it wasn’t exactly a stunning car when it was made, it has achieved a following of supporters over the years. At the other end of the spectrum, you could be considering something rather more exotic (and expensive) such as a Ferrari or Maserati or even a Bugatti – it all rather depends on your budget!
Is a Classic Car a Good Investment?
The general answer to this question must be yes but with a few considerations. At the moment, the banks are paying out very little interest and so it sounds very sensible to buy a classic car which will appreciate during your years of ownership and give you many hours of pleasurable driving as well. Even if you factor in the running costs, your financial outlay will appear to be increasing in value but you must choose the right car.
What is the Right Car?
There are so many options that possibly the best place to start is by studying the prices in a good classic car magazine. Do you want a sporty 2-seater or is a comfortable saloon more to your liking? Once you have narrowed your choices, it is a good idea to join the classic car club for your particular make; this will give you access to fellow owners and there will be cars for sale that will have been well looked after.
How to Finance Your Purchase
Many banks and lending institutions (bank i bergen) will lend you money to buy your car but check the terms and conditions carefully . Most potential classic car owners will see their investment as long term so a more expensive vehicle could be funded with payments spread over a longer period. It could be that you wish to buy your car with cash – hopefully your new purchase will appreciate more rapidly than leaving the money in the bank.
Where to buy your Classic Car
Classic car magazines will have ‘for sale’ adverts or you could find a specialist dealer. The latter route is safer for the first time buyer since you will have a guaranteed purchase and the confidence in doing business with a professional seller – he will be looking for satisfied customers and positive feedback. Finally, do not overlook the classic car auctions. Cars are sold at a furious pace but it will give you a very good idea of current prices.
Is Classic Car Ownership for You?
In the present economic climate, many classic cars are appreciating in value and represent a better return for your money than leaving the funds in a bank account. You will have the pleasure of driving your car – nothing quite beats the smell of old leather, a whiff of engine oil and the admiring glances of fellow enthusiasts. Highly recommended!