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Classic Car Costs: What’s the Actual Price of Ownership?

Collecting classic cars is a great hobby. Not only can you admire some of mechanical and aesthetic designs of older models, but you can even drive them. Few collectibles are used as extensively as classic cars. However, there are some hidden costs to owning one. Read on the see more about classic car costs.

classic car costs

According to Fox News, one of the biggest mistakes classic car shoppers often make is buying for investment. That’s because it’s extremely difficult to know which cars will appreciate in value unless you study market trends extensively. Plus, many car buyers are biased, whether they admit it or not. What you see as a rare icon may not interest others.

Pay attention to market value. Generally, the price of a vehicle (as well as any product in general) is determined by its age, condition, original features, and scarcity. The National Automobile Dealers Association is a great resource for checking the value of a car before you buy. Make sure to have the car inspected before you buy as well.

Car insurance is one expense many buyers forget about. Classic car insurance is usually distinct from regular car insurance. In fact, it often costs less. That’s because most classic cars are not driven as often and they are better maintained. Nonetheless, the costs can add up depending on the value of the car. If possible, get a policy with a high guaranteed value as opposed to agreed value—guaranteed is usually more extensive.

Finally, be aware of storage and maintenance costs. Many special edition vehicles may require special storage facilities, especially if they don’t meet emissions or safety standards. Plus, restoration and repair costs can add up if you don’t have extensive tools or abilities. Shop around for local repair and storage facilities to get a better idea about costs before you buy.