Classic Car Values
Classic Car Values
If I drive ~5,000 miles per year, and I buy a classic car, will it hold value better than a new car?
I'm considering getting a classic car, cost between 10K and 20K, as my primary car. I guesstimate that I'd drive it around 5000 miles a year or less. I'm not thinking of it as an investment, so much as a break even car. New cars drop their value so quickly and even with repairs, I figure I'd be financially better of with a classic. Note that it would be a previously restored car. I'm not a mechanic so I'm not trying to make money by fixing it up.
it all depends on the 'classic'. Many do go up in value like Challengres, Cudas, Chargeres (I am a Mopar guy...)
But if you get a 73 Fury Wagon, dont expect much.
Classic market is very fickle too. There was a 3-yr period where anything Mustang was bringing all teh dough. That calmed and then it was all about 55-7 Chevys. Its very hard to predict what classic will be vogue in the future. If you go classic, stick to the "standards" - ie Camaros, Corvettes, the ones I mentioned earlier - those are cars that never lose their popularity.
Keep in mind that old cars are rarely driven for a few reasons, First, they get lousy mileage. If you are only driving 5k/yr that is not a big of a consideration. Second, they are not as safe. They usually did not have great brakes, bad in collisions, bad safety restraints, no airbags - you get the picture. They are not cheap to repair properly. Parts are getting more and more scarce. Insurance is tricky on a classic, you have to get specialty insurance if you drive a classic. Your standard State Farm policy isnt going to be adequate
There is a lot to weigh on this decision. Make sure you are thoroughly informed about the pros and cons.
Aston Martin Classic Car Insurance
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