If you’re looking to begin or add to your classic car collection, you have a few different options. Each has their advantages and disadvantages. This summary will help you determine the best option for your personal collection.
Auctions
Classic car auctions are one potential place you could find your dream car. They’re exciting. There are many good high-end options. The other main advantage of auctions is the opportunity for a great deal. If very few people bid on a car it will sell for a much lower price than it would anywhere else.
Auctions, however, are not without their disadvantages. One of these is that auctions offer a very limited opportunity for inspection. Often the most you’ll be able to do is walk around the car and perhaps hear it turn over. You won’t have the option for a full inspection, meaning you may discover problems you didn’t know about after you have purchased the car. Auctions don’t offer any opportunity to return the car, even if you find issues.
You might also have to add between 10 and 25% of extra fees to the sales price. These seller and buyer premiums may cause the car to be more expensive than one purchased through a private party.
Dealers
Unlike auctions, dealers offer the chance for an in-depth inspection. Reputable dealers are happy to have you bring an outside party to look at the car before you purchase it. Prices from a dealer are often very flexible, depending on your negotiation skills. It’s in both of your best interests to reach an agreement.
However, you should remember that it is a dealer’s job to simply buy and sell cars. Because of this, they might not have an in-depth knowledge of the car’s history. Cars from dealers are also generally more expensive. After all, the dealer is just a middleman. Their commission is normally 10-15% of the total sale price.
Private Seller
Buying from another individual is another option. This method requires the most research and planning. You’ll have to check several different platforms on a regular basis. Otherwise a great deal could be snatched up by somebody else.
Although there is certainly an opportunity for a great deal, you may have to trust someone you’ve never met. Try to verify every claim that the seller makes. If you can’t, reconsider your other options.