Quick Facts About Buying and Owning Classic Cars
- All classic cars are typically 20 years old or older, but not every 20-year-old vehicle is a classic car.
- The overall condition of a classic car is often more important than how many miles its odometer shows.
- Paying a knowledgeable mechanic for a pre-purchase inspection is critical when buying a classic car.
It could be nostalgia for something simpler or that a classic car reminds you of a bygone era. No matter the reason, owning a classic car can be an attractive and exciting opportunity.
However, vintage cars aren’t for everyone. An old car will almost certainly require additional maintenance compared to a new vehicle, some of which may mean seeking out a costly specialist. And while some classic cars make suitable investments, those models that may appreciate in value are usually the exceptions to the rule.
Let’s take a look at tips and what it takes to buy and own a classic car.
- What Is a Classic Car?
- How to Buy a Classic Car
- What to Avoid Before Buying a Classic Car
- Classic Car Ownership Costs
- Is a Classic Car Right for You?
What Is a Classic Car?
A classic car is an automobile that is 20, 25, or 30 years old, depending on your state. At least, that’s the age when many states issue specialty antique, classic, or historic license plates to some older cars. Vehicles with these desirable plates generally require fewer renewals; some may come with emissions test exemptions.
But not every 25-year-old car is a classic for everyone. After all, one person’s classic car is another’s tired old machine. Given that the average vehicle on the road is about 12 years old, your daily driver may be on the way to classic status according to your state’s motor vehicle division.
On the upside, classic cars that you drive occasionally may qualify for discounted insurance rates through major insurers and specialists such as Hagerty, American Collectors, or Grundy. However, carriers sometimes consider additional criteria to determine eligibility for specialty insurance and not only the vehicle’s age. Even clubs dedicated to particular models may have specific guidelines for qualifying classic cars.
So, you may have to define “classic car” for yourself and decide which set of wheels fit. For some drivers, it may be a pristine 1987 Chevrolet Camaro IROC-Z. For others, it could be a low-mile 1995 BMW M3. You may like the rugged appeal of a 1983 Ford Bronco.
How Old Is a Classic Car?
It’s widely accepted in casual conversation that a “classic car” is at least 20 years old, but not every car that old is considered a classic. Auto clubs, insurance companies, and individual states issuing vehicle registrations might have different age thresholds for classic cars.
Differences Between Classic, Antique, and Vintage Cars
Car enthusiasts and other people often use these terms synonymously when referring to a vehicle’s age — classic, antique, historic, and vintage. However, some states have laws that set age requirements when issuing specialty license plates that designate a status. Some car clubs and organizations say that a car must be 45 years old before it can be called “antique.” A “vintage” vehicle is the oldest, with cars including the Ford Model A having the distinction.
How to Buy a Classic Car
You’ve got your work cut out for you when it comes to shopping for an old car. Still, filling that extra garage space with something unique and exciting can also be fun, whether you buy from a private seller or a specialty dealership.
1. Research Older Cars
Don’t jump at the first old car you see. You should narrow down to a list of models that appeal to you. From there, you can dig further to see what versions — engines, transmissions, trim levels, and model years — offer what you want. Some potential collectors seek rare models such as pace car replicas or the eye-catching curves of a roadster. Others look for utility in a well-worn pickup.
2. Set a Budget
You may have heard the adage, “Buy the best one you can afford.”
That’s solid advice when shopping for a collectible car, but you should also budget for any work the vehicle will need down the road. Even the best-kept classic is an old car with parts that could fail at any opportunity, so you must be ready to spend money to keep the car going.
Look at what’s available and then see what it’s worth. Classic car values can vary wildly. That ultra-cheap project car you see advertised might cost you way more than it’s worth. A meticulously restored one will likely cost you less than its previous owner spent on all that work. Use our car affordability calculator to help determine the price range that meets your monthly budget.
MORE: Buying a Car: How Much Can I Afford?
3. Determine Your Wants
What’s your priority?
- Driving your classic car occasionally
- Driving your classic car regularly
- Occasionally tinkering with your classic car
- Restoring your classic car
- Treating your classic car as an investment
A classic car is not a great daily driver for most users. Remember that requirements for specialty plates and insurance may limit how often classic cars can be on the road. Plus, older models have considerable upkeep and don’t have the latest safety and convenience features found in new models. Still, if your commute is a once-a-week spin to the office a few miles away on quiet roads, you might enjoy taking a classic out when the weather is nice.
Many classic car shoppers want to take their car to shows, whether casually as a social outing or in a competitive sense to win awards. For these drivers, a flashy car may be their best option.
TIP: The condition of a classic vehicle is more important than paint or interior colors.
4. Check the Mileage, but Don’t Worry if It’s High
When buying a classic car, condition is more important than what’s on the odometer. A well-kept model with 150,000 miles may be a better buy than a neglected one with a third that many.
Mileage comes into play in a few situations, mainly if you are after an ultra-low-mile vehicle.
Older cars use analog odometers that can easily be swapped, reset, or otherwise tampered with. However, adjustments aren’t always nefarious. Sometimes, the original odometer stopped working and had to be repaired or replaced. Some owners prefer to reset the odometer to zero miles after extensive mechanical restoration.
Even digital odometers on cars from the 1990s can go bad and need replacing.
You should ask for documentation backing up the numbers when you see a car advertised with unusually low miles. A big stack of service receipts showing the mileage progression is worth its weight in gold. At the same time, you can obtain a vehicle history report to shed some light on the vehicle’s history.
RELATED: What Is More Important When Buying a Used Car: Miles or Age?
5. Take it to a Mechanic
The best money you can spend on a classic car is for a pre-purchase inspection.
Find a qualified mechanic who knows older models and ask them for a pre-purchase inspection, including a test drive. The mechanic will put the car on a lift to look under it for any signs of damage, poor repairs, or problems with its suspension, steering, or drivetrain components.
Most mechanics will charge an hour or three of labor for this work. The cost can give you peace of mind or help ensure you avoid buying a lemon.
MORE: What If the Seller Won’t Let You Get a Mechanical Inspection?
What to Avoid Before Buying a Classic Car
1. Not Checking the VIN
The Vehicle Identification Number (VIN) tells you a lot about the car. Models built for the 1981 model year or newer for the U.S. market use a 17-digit VIN that you can plug into AutoCheck or Carfax for a vehicle history report. You can also check these numbers in the National Insurance Crime Bureau database to confirm the car is not a stolen vehicle.
Moreover, confirm that the VIN on the title matches the VIN stamped (sometimes on tags or stickers) on the vehicle in several places.
The VIN can also tell you some facts about the car, though such information is model-specific. In some cases, it may tell you the trim level, engine, and other mechanical details. If you’re looking at a Jeep Cherokee with 4-wheel drive, but the VIN says the manufacturer built the car as a 2-wheel-drive model, you now know that someone performed a conversion at some point. Or if the VIN says that a Ford built the Mustang with a V6 engine, but there’s now a V8 under the hood, you know that an engine swap has occurred.
2. Not Taking it to a Mechanic
This one is so important that we’ve mentioned it twice! Even if you consider yourself handy in the garage, a professional mechanic’s second opinion will be worthwhile.
3. Not Examining the Car Thoroughly
Take a good, long look at the car in different types of light. Look for a consistent paint finish and hue, which may indicate a respray at some point.
Drive the car on different types of roads, listening closely for any unusual or unexpected sounds from under the hood or from the suspension.
In the end, you should trust your gut. You may want to keep shopping if something about the car seems amiss.
4. Not Checking the Title
As mentioned above, double-check the title to ensure the VIN matches the vehicle and that the person listed on the vehicle title is the one actually selling you the car unless it’s at a dealership.
RELATED STORIES: What is a Rebuilt Title?
What You Can Expect for Typical Ownership Costs
Older cars open up a different cost structure than newer models.
Insurance
Depending on how you plan to use a classic car, insuring it may be surprisingly inexpensive. Major insurers you see advertised on television typically offer discounts for using cars sparingly. Additionally, carriers specializing in antique, historic, and classic cars can provide great deals aimed at drivers who only plan to take their vintage rides out on a handful of lovely days a year.
Maintenance
While they tend not to be as complicated as newer vehicles, everything under the hood of a classic car is old or was designed in a different era. You can’t expect the same kind of painless reliability from a 1980s model as you can from a new vehicle.
You may also need to find a mechanic who specializes in older models. Even cars built into the mid-1990s use different diagnostic tools than you’ll find in repair shops that cater to the latest cars.
A dealership may be able to handle essential maintenance, though most do not work on classics.
Additionally, old cars must be stored correctly — preferably indoors and hooked up to a battery tender. Fortunately, battery tenders are inexpensive and easy to use.
RELATED: 10 Things to Know About Car Maintenance
Is a Classic Car Right for You?
Whether you’re buying a classic car as an investment or to fulfill a passion, there is a lot to consider.
Fear not! There may be a lot to learn about classic cars, but there’s a reason this hobby remains hugely popular. Old cars are fun and full of personality, plus ownership is like an entrance to an exclusive club.
Budget accordingly — both in terms of cost and patience — and you can find a classic car that suits your needs and desires.
Well Auto trader Classics is useless now if your looking for a Plymouth Duster, they took out Duster from the model list.
Loved your article. It was very helpful for me .It helped me alot while buying a Car.Wish to see more article in coming days.
Hi Car Hamro, Glad you enjoyed the article. Please visit https://www.autotrader.com/car-news if you want to search or read our latest articles.
You Gotta Drive Them Or They Go To Hell Quickly , The Mice Have A Field Day With Them if left In Storage and that Can Be One Heck Of A Mess !
Take heart in the article above. I’ve owned classics for over 30 years usually 2 at a time and the upkeep is more than you ever estimate. You need to drive them at least monthly and keep a log. It will surprise you how long you will go without driving them after the initial “boat like thrill” goes away and not operating is usually the death of these cars. I’ve never looked at a restored classic for sale that was “over-used”. Generally, they live a sort-of mothballed life and everything starts to breakdown and break apart simply from lack of exercise. I let me kids drive them around the area at least one time a month to get their exercise. On the other end, selling them is another headache. The tirekickers fall out of the trees and no one wants to pay what you think you should receive. I’ve been in the business too and it’s not what it is cracked up to be. Most “classic dealers” are best left alone and you’re much better off from an individual. The appreciating values are a bit more of a propaganda story so juts ask others how they did when they sold their cars. Don’t forget, the audience for classic cars is getting smaller and smaller and is expected to accelerate so I’d advice against these cars (regardless of make/model) as investments. My 2 cents form over 30 years experience.
You’ll have more fun and less risk with a 10 year old low mileage manual transmission sports car in the end.
Great answer, SIr. Still, My ‘vette, caddy, and SL190 are unlikely to be sold any time soon and I still love driving these cars.
That’s why we call it a classic, and not plastic like the cars today, It’s American Steel at it’s best and the memories they bring back. Is your plastic KIA going to fetch a 100k like a 68 Camaro?