Buying at Classic Car AuctionsApril 22nd 2018
A guide to buying a classic car at auction
The modern automotive market has come a long way. There are diverse models of cars around with amazing designs, sophisticated features and an equally diverse range of engines and functionalities. The modern car shopper is really spoilt for choice. Despite this dizzying range of options available on the modern automotive market, vintage cars seem incapable of losing their unique appeal. There is a certain pride that comes with being the owner of one. If you have ever seen someone drive a classic Corvette or Mustang down the road and you listen to the powerful but sonorous revving of the engine, it’s hard to not wish you were the one behind the wheels. So, whether a classic car is actually your dream ride or you just want to add it to an already rich collection of exotic cars, there is nothing stopping you from going all out to get one.
A classic car auction presents the perfect opportunity to follow that dream and get your amazing classic at an amount that doesn’t come near the true value of the car. This guide hopes to let you in on what you need to know about a classic car auction. But before that, you might be wondering if going for a classic automotive is a wise decision. Here are some reasons that could help you make up your mind.
• It appreciates in value: Talk about fine wine and how it gets better with age. Classic cars seem not to just get better, they get pricier. If you buy the current edition of any modern car, you can be sure another model would be released within a year of your purchase. With the release of another model, the value of your car experiences an automatic dive down the drain. In other words, buying a car in this age is quite the opposite of an investment. So it could come as a surprise to learn that your classic car does not only not depreciate, it can actually increase in value. As long as you cater for it appropriately, you could sell for a higher amount even after using. But the big question is: why would anyone want to sell a classic?
• Registration free rides: if your car goes back in time enough, you may not need to pay a dime for registration fees. You are eligible to register some classics as a ‘historic vehicle’ and with that, you would not need to pay a registration fee. Sounds really cool huh?
• Enjoy the thrill of driving: the modern cars are optimized for comfort. With automatic gears that leave you nothing to do but sit and lazily steer the car, it can even be hard to feel you are even driving. With a classic, you feel the energy and vibration as the engine joyously responds to your command. For many, this is what makes driving fun and interesting and you can hardly blame them if you have never ridden a classic.
• You’ll be joining a prestigious community: Cars are so common these days that families with cars are more than families without. So, there’s hardly any prestige in owning a car except your car is different. Classic cars qualify as different and there are classic car clubs across many communities in the country. In many places, owning a classic is even more prestigious than owning a luxury car.
• Stand out: Even with the proliferation of automobiles, you can’t help but take a second look when you see a classic. Parked in a gigantic parking lot, a classic car would surely feel different from the rest. The same thing happens when driving down the street. If you are looking to make a statement with your car and you do not have the money for the overly expensive luxury cars, you might as well roll back the years.
Buying a classic car at an auction
As mentioned earlier, one of the best places to get a classic car at very little cost is a classic car auction. Buying a classic car at an auction doesn’t feel very different from buying any car at an auction. the important thing is that you need to be more careful about leaving your emotion out of your bidding decisions. As classics are highly revered, you may meet people willing to pay amounts that may seem exorbitant for the car being auctioned. In such scenarios, it would be better not to engage in a bidding war. Here are some quick tips about buying a classic car at an auction.
1. Set a budget: The first step to going home happy at an auction is having a spending limit. Your budget would give you a better idea of the cars you have a chance of going home with and it would ultimately help you select the right option. It is imperative to emphasize that you must leave your emotions out of the bidding. As bidding intensifies, you are easily drawn into making decisions that may seem unwise retrospectively. Stick with your budget so you won’t have regrets later on.
2. Be flexible: While it’s good to have a car in mind, being open to other options is better. This is particularly important for a classic auction. Many people purchase classics for more than their utility value. So, it is not uncommon to meet a wealthy people that are willing to throw their weight around at the bid. If the car you have in mind catches their fancy, you may go home empty-handed if you are rigid about what you want.
3. Plan extra costs: There is hardly a perfect classic car. Moreover, you don’t expect to get a new car at an auction. However, one of the best things about classic cars is they are very open to tweaks. Be prepared to change some parts and mold the classic into your dream car.
4. Insure your classic: Find out how much a classic car insurance would cost before going to the auction. Usually, the auctioneers would have at least a temporary insurance plan you can purchase on site but you should not leave anything to chance. You need to insure your classic car before taking it away from the venue.