by Andrea L. Algar
Motorheads Performance
If you're reading Classic Car News, chances are good that you're a classic car, muscle car, or vintage truck enthusiast. If you don't currently own a classic, but have always dreamed of it, you also know that the road can become a bumpy one if you're not careful. You've probably been putting it off because you've heard horror stories of ruined marriages, never-finished projects, and astronomical restoration costs. As in buying any used car, older cars can be risky purchases. This includes street rods, antique cars, classic trucks, old American sport cars, and even old race cars. How can you get that car or truck you've been thirsting for and stay out of trouble?
First, ask yourself if you are really ready for it. Be honest with yourself as you take a look. An older car can be a drain on personal time and your wallet. If you have a lot of social, work or family obligations, or if you have a lot of other financial obligations, it's probably best to wait. If you do have spare time and money you may be able to purchase a ready-for-the-road vehicle that has already had restorative and upgrade work done. If you're not quite ready for the big investment, but do have time and space, you may want to start with something that needs a bit of work.
There are several common life circumstances that should cause you to be extra diligent when deciding whether the purchase of a classic car is right for you.
Whenever Guy Algar and I hear that a new potential customer is planning any one of these big life changing events, we take extra time to be sure they understand the process and the pitfalls. If they've got two or more of them happening within a short period of time, it's all the more reason to be certain you've got the resources to see it through to the end. These events in themselves can cause conflict within a relationship or marriage. Sometimes people get started on a car project with the best of intentions, but because jobs can change, finances get stretched too thin, or relationships become strained, you can find yourself suddenly without the funding to complete your project.
Having to sell-off a half-finished project can mean big financial losses. We had a recent customer who had finished the drive train work on his muscle car, then took it to a body shop for a custom paint job. Just at the point when the shiny new paint job was finished and it was time to put everything back together, money dried up. A change at work and addition of a new baby had put new priorities in place for the young man, and the once-understanding and supportive wife no longer wanted to sacrifice for his "toy". The $15k he had invested into the project was pretty much lost when he was forced to quick-sell the car for only $7k. This had to have been traumatic.
This may sound silly, but how do you know what classic car or truck is right for you? For some the choice is obvious. You've been lusting after a particular vehicle for as long as you can remember because it has really captured your attention. For others, it may be a car that they had during high school or college, or one that they dreamed of owning back then. Surprisingly though, some KNOW that they want a classic car or truck, but they're confused over how to decide. It may be that they've got so many likes that nothing seems to jump out as an obvious favorite. Or, it may be that the logical side of their brain steers them away from favorites that seem out of reach financially or from a practical point of view.
Guy Algar states, "We don't believe that there is any one 'right' ride. Everyone has their own likes and dislikes and it is important to listen to them when making your decision." You don't have to feel like you need to go along with the crowd, get the most popular, think only of resale value, have to get only a 2-door etc. Take the time to look at many of the classics by visiting local car shows, going on-line to sites that specialize in classic or antique vehicles, look through magazines such as Hot Rodder, Classic Chevy, Car Craft, Mopar, Street Rodder, Classic Trucks, etc., as well as the many books laced with hundreds of classic car photos and descriptions. One is bound to strike your fancy over all the others. Choosing the "right" ride will make your project that much more enjoyable, and the money you invest will seem well spent.
Know the value of the vehicle you're interested in. There are several guides for determining prices on classic cars. Checking with car clubs and other enthusiasts can also be a good source of information. This is an excellent way of meeting up with others who share your enthusiasm and can give recommendations on where to look in your area. Try to find clubs that have special interest in the car you are interested in. Texas has a lot of car clubs. You'll find clubs that take in all types of vehicles, and others that invite only one particular make of car, or era of car, etc. Visit our website's resource section for a list of
car clubs in South Central Texas.
Have a secure place to store your car. You'll need to protect your investment. If you don't have a garage or storage area yourself, check with local car clubs to see if they have group storage or recommendations of safe, secure storage. Remember that this, too, may cost additional money, both in storage fees, insurance, and travel.
Be prepared for maintenance costs, costly repair bills and/or restoration fees. Our July 9th article cited an article which found that you need to spend about 10% of your car's value over 10 years just for maintenance and upkeep (not including upgrades, repairs, restoration, etc.). Proper maintenance is critical for a classic car, and even routine repairs can be more costly because parts are more difficult to find and are often more expensive than newer car counterparts. Take the time to research your car so you know what the weak design points are, what parts tend to need more frequently repair or replacement, which parts are hard to find, etc. Again, car clubs which specialize in your particular type of vehicle can be a good source of information. Performance or speed shops can also be a good source of information because they're in the business of repairs and upgrades.
Consider the additional costs such as insurance. Not only is this required for driving the vehicle, but it can also be a good idea when having restoration work done. Costs are generally low, but it is something you want to budget for. Titling, Registration (license plates) and Sales Tax are other additional fees you'll want to be prepared to pay.
Once you've determined you're ready, be a smart shopper. Here are some tips to help you make a good selection:
1) Fall is the time when a lot of vehicles change hands for a variety of reasons and can be a great time of year to look for good deals. There are people who started a project and either didn't have time to finish it, got discouraged and gave up, or ran out of money. You also have people who don't have the place to store the vehicle once the driving or show season is over. Classic car dealerships also generally try to reduce their inventories in the Fall, which can make it an excellent time of year to buy.
2) Find out as much as you can about the vehicle. Get as complete a history as possible from the current owner, with as many records as possible to back up information given. [We've encountered quite a few customers who were told one thing about their vehicle, only to find out a very different story once we started a repair or restoration on it. One customer came to us wanting to have the supercharger which came with his car readied for use. He was told the car he just bought had an aluminum block engine for the supercharger. It turned out that the aluminum block engine had been swapped out for a run-of-the-mill engine which could not possibly have supported a supercharger! Needless to say, you don't want to find yourself here. Another recent customer drove his newly purchased Firebird to our shop for a post-purchase inspection and some upgrades he knew he wanted. Imagine his, and our, surprise when we found that the ball joints were so badly worn that they literally fell apart in Guy's hand when he grabbed the shaft. He was lucky to have made the trip.]
3) Check for obvious flaws. Has the current owner taken them into account when fixing their asking price? Don't be afraid to bring them to their attention and ask about them. Make sure you check to see if there are any alterations (body panels don't align correctly, paint is poor or uneven, you can detect body work underneath etc). A poor paint job, or panels which don't align correctly, an engine which is not usually in this make (i.e. a 6 cylinder when an 8 cylinder is customary) may indicate that the last owner has cut corners on restoration. Repairs may be complicated and will therefore cost you much more. Its often better to go with a vehicle in much rougher condition than to try and "undo" what another has attempted to fix.
4) Consider having the car thoroughly checked by an expert. Often for $300 or so, an experienced shop which performs classic car appraisals will do a complete pre-purchase inspection of a vehicle. They will check for previous restoration work as well as the condition and performance of the vehicle. They will be able to point out areas in need of repair, as well as those which will more than likely need repair in the near future. This can save you thousands of dollars, a lot of aggravation, and a good deal of uncertainty. Once you have your list, you have negotiating tools with the current owner. A good shop will give you approximate costs to make the necessary repairs as part of the appraisal process, making the cost of appraisal very worthwhile.
5) Be wary of vehicles which are not currently running. The engine could be seized, water damaged, or hide a host of hidden, expensive and needed repairs. If the owner claims, "It was running when I parked it here," remember, he isn't saying HOW WELL it ran when it was parked, and chances are it probably wasn't running very well or he wouldn't have parked it and left it to just sit!
We wish you luck in finding your ultimate dream car!
RESOURCES:
Buying Classic Cars As Investments - What Are Your Chances of Making Money?
Purchasing Classic Car Insurance - Why You Don't Want to Procrastinate!
Warning: You Get What You Paid For
Associations & Resources for Classic Car Enthusiasts
ABOUT THE AUTHOR:
Andrea L. Algar is co-owner of a classic car performance and restoration design shop in Leesville, Texas. Motorheads Performance specializes in repairs, maintenance, performance upgrades and restorative work on cars and trucks from the 1920’s through 1970’s. Her husband Guy L. Algar is a Mechanical Engineer with over 25 years experience. He holds 5 ASE Certifications from the National Institute for Automotive Service Excellence and has been working on old cars and trucks for over 37 years. Together they share their passion for old cars and trucks with other enthusiasts from around the country.
