Classic cars are objects of fancy for every human being who has driven a car in his life. Even in this age of supercars, these vintage machines are still in high demand. Some buy these vehicles to fulfill their childhood fantasies, while a few others treat it as a pat on the back for years of hard work. Some people are simply collectors and car enthusiasts, while a select group of individuals view them as worthy investments. Thousands of people harbor dreams of owning these cars and collector's edition vehicles, but only a handful actually manage to get their hands on them. However, in the past decade or so, this scenario has slowly started to change, mainly due to the availability of financing options for the buyers and enthusiasts.
Need for Finance
Vintage vehicles incur a much greater expenditure as compared to the regular ones. This is mainly due to their astronomical price, along with regular expenses arising out of maintenance, procuring spare parts, and ensuring an overall good condition of the vehicle. Their price varies greatly, depending on the brand, type, year of make, and many other factors. They can typically cost anywhere between USD 25,000 to a whopping USD 150,000, in case of high-end luxury cars and sports car models. Most people find it a bit difficult to pay that kind of money upfront, or in a lump sum amount. Also, it's generally not a wise decision to spend all your life's savings and your hard-earned money on a single purchase.
There are several dealers and other companies, who provide exclusive financial assistance for classic car buyers. They offer special deals which are customized according to the individual's financial needs and requirements. Some of the common advantages include:
- Fast and easy loan approvals
- Flexible interest rates
- Low down payments or deposits
- Convenient payback periods
- Comfortable monthly installments
- Customized loan terms and associated conditions
In addition to financing, dealers also provide a few added benefits and perks which can prove to be quite valuable for buyers. Some of them include:
- Special insurance deals
- Free service and maintenance for an initial period
- Discounts on spare parts
- Enrollment in vintage car clubs
- Finding appropriate buyers at the time of resale
- Timely roadside assistance in case of breakdowns
- Organizing regular shows for vintage vehicle owners
As these cars are an expensive proposition, prospective buyers should also pay attention to the following points before going ahead with the purchase.
- Put a cap on your spending limit. Car enthusiasts are typically vulnerable to being overawed by the sight of their dream machines, and in the process, fork out much more than their planned budget.
- Do comprehensive research on your desired model. These vehicles are known to be riddled with minor engine-related issues and other problems, so pick a model only after you do a thorough background check on its history.
- Beware of fake and stolen cars. These vehicles are a collector's delight; there are many crooks who exploit this aspect, and come up with fake spare parts or even fake versions of an entire car. To avoid being a victim, make sure that you verify and authenticate all the ownership and history documents.
- Discuss with fellow owners before buying your desired vehicle. There are various vintage car clubs where fellow owners periodically meet, interact, and discuss the latest happenings regarding their prized possessions. Speaking to some of these people will give you some valuable insight, and this will surely benefit you as a prospective buyer.