So what do need to do if you are considering investing in a classic car?
- Get a good understanding of the characteristics of the particular mark that you wish to purchase and its quirks and challenges. Much of this information is now freely available on the internet, or from the secretary of classic car owners clubs.
- Having chosen your classic car, investigate the prices that are being paid for such a classic and have been paid at auction in the last few years. Auction houses keep tables of sale prices and classic car magazines have comprehensive prices tables which will give plenty of useful information.
- Identify a specialist mechanical engineer who can advise you about your proposed classic purchase and who can carry out an inspection before the purchase, and establish its condition. Once again, these can be identified from classic car magazines, or classic car owners clubs.
- Investigate if the seller actually owns the classic car being purchased, in other words has a good legal title and is in a position to sell it, in other words is not bankrupt or has entered into a finance agreement.
- Consult with a specialist lawyer, who can advise you on terms of purchase that you should impose if buying privately, or if buying at auction what the auction terms actually mean! They may also have a stable of specialist motor engineers, who they have knowledge of, to assist in the investigations and in obtaining a written valuation that you are likely to need following the purchase for insurance purposes!
For more information contact Philip Radford on 01242 248247 or email email@example.com