Classic Cars - A Guide to Buying Online
Buying a Classic Car requires thought, research and some planning. Classic cars
are usually bought by enthusiasts to use and enjoy. It is not easy to make a
profit from buying and selling classic cars. You may see a tempting classic car
restoration project listed in a newspaper or classic car magazine or on the
Internet that may only be one or two thousand to buy and could be worth ten
times as much once it is restored. If you plan to keep the car and enjoy using
it then this is perhaps an acceptable price to pay but do not expect to be able
to sell the car at a profit particularly in today's "credit crunch" economy.
Where to look for your classic car. Look in the your local newspaper, classic
car magazines, the Internet or even just take a stroll down your street. Go to
Classic Lots (link below) and you will find thousands of classic cars from a
rusty Mini for 100 to a Ferrari for 500,000. This excellent site also includes
all the classic cars available on Ebay. Is it from the car you are buying? So,
buying a classic car on an online auction?
Do not expect to go to collect the
car and having viewed it to be able to haggle over the price or to walk away. If
you have decided to go and see the car then arrange a viewing and if for any
reason you can't make it, let the seller know, it's only courteous not to waste
their time just as you don't want them wasting your time. Are there other
rotting hulks just lying around, maybe the seller just buys any old junk they
can find and try selling it on, not much chance of the car you have come to see
having had a service any time recently. Take a walk around the car and look for
the tell tale signs of sagging which could indicate suspension problems or
perhaps chassis problems. Do the doors and panels line up correctly, another
indication of chassis problems or perhaps the car has had a bump at some time.
These points can add value to the car but the seller may try to pass off parts
which were made last year in China as "original parts". Valuing classic cars.
Well, the actual value of a classic car will vary considerably. Providing you
followed the advice above on checking the car over, you should have a good idea
of whether you are bidding for a car you can drive away or one that will take
months before it even has wheels. If you read the magazines, talked to the
owners club and browsed the Internet to get a good idea of what your aimed for
car is selling for, then you should have a price in mind that you will pay for
the car depending on its condition.
Most classic car insurance policies include
an agreed value based on the market value of the car. Use classic car magazine
price guides and real adverts to see what your classic will cost to buy. Get
insurance quotes: classic cars can be covered on cost-effective limited-mileage
policies and are often surprisingly cheap to insure. Not only will they have
some of the best looked-after cars but they have huge amounts of knowledge on
the subject of buying and running your chosen classic. Research on the Internet
and visit Classic Car Shows to talk to owners. Check the sellers location - are
you prepared to travel to inspect and then collect the car if you win the
auction. If a vehicle has less than 3 months MOT ask the seller if they would be
willing to send the car for a fresh MOT - to correct an MOT failure could be
expensive. In the event of a car being sold as an MOT failure, ask the seller to
specify the list of failures, then give your local garage a ring and ask them to
give you a quote for the work that needs to be carried out. Check if the seller
is a private individual or a dealer - there are many people who buy junk from
car auctions and then simply try to pass them off as their own vehicles for a
quick profit.
A few examples of the excuses usually given by traders posing as
private sellers for not having the vehicle registered in their name "I bought
the car for wife/husband or family member and they don't like it" "insurance to
high" (people will usually always get an insurance quote before buying a
car)"wife/husband did not like the car" "too big or too fast" or "they failed
their driving test" "I bought the car as a stop gap" A reputable trader should
and will disclose the fact that they are a trader, remember if you buy through
the trade they may have certain obligations to rectify any problems with the
car. In the event that you have bought the car without prior inspection, before
you go to collect the car, print out the item page and take it with you. If
buying from a private seller, always meet the seller at their home address which
should match the address the car is registered at. If you have not viewed the
car do not pay prior to collection, if you do you will have little choice but to
take the car away or lose all your money. I hope that you have found this guide
helpful and that using this advice when purchasing a classic car online will
help you to avoid the pitfalls and hopefully you will end up with a classic car
to use and enjoy over the coming years.
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