Ready to Own Your First Classic Car? Here’s Where to Start
Whether you’re a car enthusiast or you get a while hair to invest in a classic car, owning a collector vehicle can be equal parts exciting and daunting. Is there a classic car you’ve always wanted since you were a kid? Looking to take on a restoration project in your spare time? Whatever the reason, it’s important to have the right information before jumping in.
Here are some important things to note when looking to buy your first classic car.
Classic Car Insurance
If you’ve made your mind up and are looking online or searching high and low for a classic car, investing in local coverage, such as classic car insurance CT, will help to keep you protected from the start. Classic car insurance CT, like from the Byrnes Agency, will help to keep your new old ride safe from many outside issues, much like regular car insurance.
It’s important to keep your classic car safe from not only accidents on the road but also everyday issues like theft, weather, mechanical problems, and storage.
Where to Find Classic Cars
After you’ve decided to invest in a car and researched the right classic car insurance CT, you should know where to find them. There are a number of places to find information and to see classic cars. Traditional swap meets are a good place to start if you’re more passively looking. You can also look online on websites such as autotrader.com and cars.com. There are also meetups, as posted through Facebook and Meetup.com, that are meant for auto enthusiasts. Another option is an auto auction, which brings together classic cars and their owners.
Prices of Classic Cars
As with any vehicle of any age and type, price will vary widely with each vehicle. Looking at a 1970s Chevelle? You may end up paying much more for a 1966 Mustang GT. Have your eye on a 1925 Model T? This may end up being more expensive than a one-of-a-kind Corvette. Specialty cars such as race cars or limited editions usually mean you’ll end up paying more. Prices can range from $15,000 for a reasonably priced and well-maintained classic vehicle, but nearly priceless vehicles can head up past a million dollars.
Classic Doesn’t Mean Collector
A car may be a classic in terms of age and overall appearance. But this doesn’t necessarily make it a collector car, which is another kind of vehicle entirely. These two terms are usually mistakenly intermixed and can cause confusion to someone just getting into the game. The value and rarity of a classic car will help determine whether it’s a classic or collector car. Just because a car is older doesn’t mean it has market value.
Is it a Good Investment?
Some people may be getting into a classic car to try to turn a profit. However, it’s important to note that classic cars don’t resell well for those looking to flip them and make money. Antique cars are interesting because while some cars appreciate in value, the exact condition and restoration plans for a car can impact the overall value and worth.
Almost all vehicles depreciate greatly regardless of their age and condition unless they are properly maintained and restored. Even if a car you find is perfectly maintained, this is no guarantee that it will resell to the number you’re looking to be at.
About Byrnes Agency
At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.
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Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm
Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm
Tags: auto, Auto Insurance, Buying a Classic Car, car, Car Insurance, Classic Car, Classic Car Insurance CT, personal insurance