Does following your dreams require an age limit? Definitely not if you’re a gearhead who has a thing for exotic, antique, or custom-built cars. All over North America there are people dreaming of owning that sweet ‘68 Mustang,’64 Jaguar or even a 1980s classic. However, when it comes to buying something investment grade or something that those unique dreams are made of, it can become a bit more complicated that buying something off a conventional dealer’s lot.
At Legends Collector Vehicle Insurance, we want your investment to bring you the same joy our car loving collector technicians and brokers enjoy so we’ve pulled together some information for “Newbies” looking to buy their first classic car, no matter how young or young at heart you are.
The first thing you really need to do is your homework. Yes, you’ve looked at car magazines and walked around car shows but unless you’ve done your homework on that particular model, there are just too many different issues and things to check for going in blind. Almost every car made has at least one website devoted to it and more popular cars have many with a wealth of information (like ease in securing parts).
Once you’ve figured out just which classic vehicular dream you’re going to invest in and are ready to actually view a purchase option – bring a weak fridge magnet, the thinner the better, and test it all over the car. You’re looking for signs of rust or body fillers and make sure you know in advance which body panels are steel and which aluminum or fiberglass so you can make an educated decision about the quality of the product you’re purchasing.
Advice that you should consider for all major purchases is to bring a friend, it can take a lot of pressure off of you and provides as second set of eyes – while you are dealing directly with the owner, your buddy can be looking at the car uninterrupted, and vice versa.
Before making your final purchase, record and decode the serial number and body tag codes – these numbers can unlock a lot of details about the car. You may have found some decoding information during your research phase so this can confirm your thoughts.
Finally, if you’ve found that dream car get it professionally inspected by a professional appraiser who will be able to assess how the car fits into the marketplace and determine if the asking price is fair or not (fair means what you are personally willing to pay, consider market conditions for investment grade vehicles). Also have a mechanic do a certification on the car and have a compression test done, too.
Time and money spent up front can save you immeasurable grief and thousands of dollars later. When you need exotic, custom built or antique car insurance in Alberta, contact Legends Insurance at 1-800-830-9423 for a quote today. We’ll help you protect your mechanical treasures to ensure your legend lives on.