Money Talk: the Costs of Purchasing a Vintage Car
Buying a classic car is a dream for car enthusiasts across the world. However, it can be tough to make that dream a reality when all the costs involved are taken into account.
If you want to buy a vintage vehicle, you’ll need to do some careful budgeting and planning for the expense, but that doesn’t mean it isn’t possible! Meticulous planning and some time spent saving up can have you in the perfect position to buy your dream car.
Here are some of the biggest costs involved in buying a vintage car that you’ll need to plan for.
Car Shopping
Of course, the price tag on the car itself is the biggest and most important thing you need to think about. It’s a good idea to set yourself a limit in this area so that you aren’t tempted to spend your entire budget on just the vehicle when there are so many other expenses to take into account.
Remember, buying a car is a journey and purchasing a classic car is on another level, which means you might spend a little extra time and money on going to auto shows or even joining clubs to help find the perfect car.
Restoration
This part of the process doesn’t apply to everyone, but when it does, it can cost a pretty penny. Restoring a vintage vehicle will cost you in terms of parts, equipment, and professional help, not to mention your time. This part of your planning will only be able to take place once you know what vehicle you’ll be working on, so it can be harder to judge.
It will be harder to find parts for a classic Ford Bronco or Fiat Spider, for example, than it would be for a modern car, so try to factor this into your budget while you’re still planning so you don’t run into any surprises.
Inspections
Another factor you’ll need to spend some money on is getting your car inspected, preferably before you buy it. You should ensure that the most important aspects are inspected and make sure that you’re getting what you’re paying for.
An inspection shouldn’t cost you too much money, but it can help you save by avoiding spending too much on a car that’s not worth the cost since it requires too much work.
Special Insurance
Classic cars usually aren’t covered by a general auto insurance policy, which means you’ll probably have to seek out a specialized company to insure your car.
However, this doesn’t necessarily mean you’ll be spending more than usual on your insurance. As with any car, your insurance premiums will depend on the context – what the car is worth, how it is stored, how often you drive it (if you drive it at all), and other factors such as this.
Be sure to shop around for your insurance to make sure you’re getting the best possible deal and hopefully staying within your budget.
Storage Space
When you own something as special and valuable as a classic car, you want to prioritize protecting it. Depending on how you use your vintage car, you might want to consider specific storage to keep it safe. You might want to control light and temperature and, of course, keep it safe from theft or any damage that might occur.
You’ll easily be able to find good storage options for your vehicle, but if you need any help, seek out other enthusiasts in your area who might be able to point you in the right direction.
Tune-Ups and Services
As with any car, the work is never quite finished with a vintage vehicle. After it’s purchased and any fix-ups are done, it will still need regular services and tune-ups to keep it looking and feeling smooth and classy.
Have a conversation with your specialized mechanic about what these costs will look like annually, and use that information to help you budget for it. It’s always a better idea to save for big expenses like this for a few months so that it doesn’t feel like too much of a financial blow when the time comes.
Final Thoughts
If you plan your budget carefully and save up for the expenses, you could easily manage to purchase a classic vehicle for whatever purpose you want it for.
These luxuries don’t have to be reserved for the filthy rich but rather for the financially savvy who know how to plan and prepare to get exactly what they want from life.
