Although vintage cars definitely attract attention, it's essential to understand that there is a cost to owning one – and not only in terms of finance. What makes these cars so attractive to collectors? What makes a car ‘classic’? And what should be considered before making a purchase? Let’s find out.
What Is A Classic Car
There is an unspoken rule that a car must have been produced at least 25 years ago to bear the proud title of a ‘classic car.’ For example, any car produced before the Second World War is considered such. The same goes for vehicles produced in the 1970s. However, the rule is not always valid. Models produced less than 25 years ago may also fall into this category; they must represent a rare model range or be produced initially in a limited number, namely, not more than twenty-twenty-five thousand pieces. There were even cases where only several dozen cars were produced in the history of the world automobile industry. Only highly wealthy collectors hunt for these cars.
There are also so-called retro-inspired cars. Adherents of old traditions do not recognize such cars as ‘classic’ because they are either overhauled using modern materials and technology, or created from scratch according to existing drawings. Conservative collectors recognize only really old and rare cars, which have undergone minimal modernization or avoided it altogether, such as classic retro cars.
Pros
One of the pros is that you have a rare, unique item in your possession. When you drive a rare car, you become an object of attention, admiration, and envy of many car owners. People may feel especially nostalgic for vehicles from a specific era or have early memories associated with a particular car model. Whatever reason you chose your particular classic car model, the sensation you get from it is truly priceless.
Another advantage worth mentioning is that a classic car can be a profitable asset. The financial crisis has forced people to look for new reliable sources of investment, so they put money into vintage cars. A new car gets cheaper every year, but a retro one, on the contrary, gets more expensive every year; it can generate as much income as stocks or real estate. For example, sports cars like Bugatti, Alfa Romeo, and Bentley steadily increase in value by 20%. If you manage to buy a vintage car at an affordable price, be sure that in a few years, you can sell it at a higher price.
Cons
The most significant con is the maintenance of classic cars. The cost of maintaining an old-timer, including insurance and maintenance, can be up to 20 percent of the classic car’s value. Spare parts or even simple consumables may be really difficult to buy in auto parts stores, so you have to ‘hunt’ for them. Of course, the Internet is very helpful in this case; forums, websites, groups in social networks, and online stores are all at your disposal.
Imagine that you buy a classic car that requires restoration. It will take much more time than it would with a modern car in need of repair. Therefore, purchasing a retro auto is more suitable for a person who is not only in love with the design of the last century’s car industry but will be ready to persevere and lurk under the hood. And consequently, have a lot of free time for the classic car’s maintenance and service. Note that classic cars can break down more frequently than modern cars. It’s not so bad if you only take your classic car out for a spin for short drives on the weekend, but it can be a pain if you’re a fan of taking long, cross-country trips.
In addition, the high value of vintage cars makes them an attractive target for car thieves. It also means you need to rent or purchase a garage or a special hangar for your classic car fleet.
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