Why and how to buy a classic car?

buy a classic car
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Old cars are mythical vehicles that don’t drive like new cars. Some old car models have become legends . Lovers of old mechanics and old designlet themselves be seduced by an old traction, a period gearbox and an original leather interior. During a gathering, collectors like to drive as much as show off their Citroën 2cv or their vintage Bentley. Not all classic vintage cars have the same DNA, whether it’s a Ford Mustang-type sports car, a 1970s Jeep or Méhari, or beautiful American cars like Cadillacs, Buicks, corvettes or English cars like Rolls Royces or Jaguars. Between the pre-war luxury car or the retro youngtimer model like the Jaguar XJS, the Lotus Elise or the Lancia Thema 8.32, enthusiasts are not necessarily looking for the same sensations or are not attracted by the same eras.

Buy a vintage car

Beyond the pleasure, the purchase of an old vehicle is part of these interesting financial investments . While the collector’s car market offers opportunities for returns, especially for limited series cars or racing cars, which see their prices climb, the capital gain is not automatic. The market remains volatile. The Ferrari Testarossa, for example, saw its price go from 40,000 to 150,000 euros in three years, but has fallen back to around 100,000 euros today. Like works of art, investing in this type of car allows you to benefit from advantageous taxation (no ISF declaration). But you have to take into account the inherent costs : from insurance to maintenance and storage costs.

How to buy your old vehicle well?

A tour of the Salon Rétromobile will give a good overview of the trends. Auctions are held there every year. Even if it’s an opportunity to unearth a very rare vehicle, the price of a buy a classic car at auction can ignite quickly, even if the hammer price is sometimes lower than the market price. You can turn to a professional by going to a sales depot or even a brand specialist, for those who want an old Beetle or a gleaming Maserati.

Another possibility: the circle of amateurs, via the car classifieds. This purchase between individuals can cross borders: it is possible to import classic cars provided that you follow the administrative and tax procedures to the letter.

How to buy a collector car?

An old car can seduce with its rarity and elegance. Be careful not to be overwhelmed by your emotions. Before any purchase, it is essential to find out about the general condition of the vehicle . You have to make sure that the auto parts, the engine, the chassis are vintage, that the rocker panels and the inside of the fenders are in perfect condition, that there is no significant corrosion on the bodywork . Also take a look at the mileage: if it’s low, it’s not necessarily a good sign because a classic car that is not running tends to deteriorate faster. Feel free to start the car to hear the engine and feel a stable idle. The doors and trunk must not give any sign of resistance or be offset.

Also make sure you get all the paperwork in good order. The documents to be required are the registration certificate, the Cerfa form n°15776*01 of declaration of transfer of the vehicle; the certificate of administrative situation, as well as the report of the last technical inspection dating from less than six months.

Don’t forget to insure your vintage car

Collector car insurance provides protection in the event of damage or theft. Because if a collector’s car is more fragile than a classic car, it is above all a rare and coveted object . Auto insurance, whether all-risk or third-party, protects the owner against various risks. As the risk of loss is statistically reduced, the insurance premium tends to decrease. Thus, by choosing a specific collection insurance , you will be offered suitable offers at competitive rates . To know the cost, it is possible to make a simple quote online. Also, in the event of a claim, the car is reimbursed according to the official collection rating , which is higher than the Argus rating.

Also think about the vintage car gray card . The application for a registration certificate is made to the French Federation of Vintage Vehicles to obtain the FFVE certificate which will subsequently allow the obtaining of the mention collection on the gray card . As for the technical control of a classic vehicle, it must be done every five years, against two for a classic vehicle.

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