3 Things To Know Before Buying A Classic Car

03 Dec 3 Things To Know Before Buying A Classic Car

From aesthetic appeal, performance, or status, to a collector’s item or a sentimental memory: the rewards of owning a classic car are many. But so too are the pitfalls. When buying a classic car – whether it’s to fulfil a life’s ambition or to secure a solid investment – there are three things you need to know: research before you buy, get expert advice, and finance with a classic car loan tailored to fit your budget.

1. Research before you buy

Buying a classic car is often guided by a passion for a particular model, style or era. And while it’s important you buy a classic car you’re going to love, it’s just as important that the model you’re buying is reliable, has readily available spare parts, and won’t lose its value in the years to come.

Before you buy a classic car, do your homework to ensure you don’t end up with a lemon.

1. Research the make and model for the specific year of car you’re considering buying to find out if it’s known to have significant mechanical issues.
2. Read online reviews or ask classic car collectors you know for advice and opinions.
3. Join a classic car club to meet like-minded classic car owners who can share their knowledge and enthusiasm.
4. Check with your mechanic to see if the car has any known issues that could end up costing you later on.
5. Look at several reputable sources to get a sense of how much similar cars are selling for. That way you’ll have a good idea of how much you should be spending, and how much the car you’re buying is worth.
6. If you are looking to buy a classic car, be sure to check out our list of classic cars available for sale. At Max Loans, we are a proud sponsor of the Repco Beach Hop. Instead of treating it as a 5 days’ event each year, we want to do more for classic car enthusiasts. That’s why we keep our website updated all the time – we want to make sure that you can still check out the details of classic cars for sale even if you were not able to attend the Beach Hop.
7. Once you find the car of your dreams, be sure to test drive it, paying careful attention to any noises in the engine, the condition of the body and interior, as well as any other features that are important to you.
8. Check your insurance options for a classic car before you buy – since classic cars are driven less frequently, classic car insurance is typically less expensive than traditional car insurance, but premiums vary between models. Talk to an expert like Max Insurances about your options for classic car insurance.

2. Get an expert valuation

So that you know you’re paying a fair price, we recommend arranging an expert classic car valuation. Even if you’re experienced at buying classic cars, it pays to have a second opinion from a trusted professional.

Car valuations are especially important when it comes to insuring your classic car, where market valuations can fluctuate from year to year. While you don’t want to pay more than you have to, to insure your classic car, you really don’t want to be caught short on cover when something goes wrong!

There are a number of car valuers that specialise in classic car valuations. On completion of your valuation, you’ll receive a detailed valuation report that’s recognised by New Zealand’s major insurance companies, ensuring your peace of mind knowing you’re paying the right amount of insurance for the cover you need.

3. Finance with a classic car loan

When it comes to classic car loans, finding a lender to finance your purchase can be a challenge. While buying a classic car may seem like a good investment to you with the potential to increase in value over the years ahead, many of the major financial institutions are hesitant about financing older cars. You may find it difficult to get a traditional car loan. Or lenders may place an age restriction on the vehicles they finance, which means a classic car, being much older, may not qualify for a traditional car loan.

The best way around this is to work with a Financial Advisory business specialising in classic car loans. At Max Loans, we’re experienced at helping classic car owners finance their dream cars. We can help with pre-approved finance for a classic car loan so you have the freedom to choose where you buy your car from and you know up front how much you have to spend. Having a pre-approved classic car loan in place could also help you negotiate a better price as a cash buyer.

We understand classic cars

At Max Loans, we understand that buying a classic car is an investment – either a financial one or an emotional one. That’s why we’ve been helping classic car enthusiasts secure finance to buy their dream cars for many years, with classic car loans tailored to fit their lifestyle and budget. In fact, we love classic cars so much, and we’re a proud sponsor of the Repco Beach Hop every year!

If you’ve found a classic car you love, or you have something in mind you simply can’t live without, talk to the Max Loans team about financing options for a classic car loan.

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