As you scrimp and save in hopes of buying that sweet classic car you’ve been yearning over, have you considered all the expenses that come with this purchase? There’s a lot more to it than simply saving up the purchase price plus a little for an extra tank of gas or two.
It’s the hidden costs that will knock the wind out of your sails — but only if you don’t know about them. To help you prepare for such a thing, here’s a look at many of the lesser known costs of owning a classic car.
Registration, Inspection and More
For our purposes, hidden costs are the costs that you don’t normally include in the actual purchase amount of the classic car. So for instance, the vehicle registration cost, inspection cost by a classic car inspector to check the body, frame, tires, breaks and paint on the car, even insurance, these are all hidden costs associated with buying a classic car.
You may even consider budgeting for an appraisal to have a value associated to it. A classic car appraiser will typically use experience and comparables to establish a dollar figure value for your classic car, which plays out into numerous items, such as your insurance.
High Quality Oil and Other Fluids
When people say, “They just don’t make ‘em like they used to,” they’re not only talking about the cars themselves, but their fluids, too. As manufacturers changed the part designs and materials used for their vehicles, they no longer needed certain compounds in their fluids.
Modern motor oil, for example, lacks the zinc and phosphorus that classic cars crave. Without those anti-wear elements, engine internals quickly chew themselves up and spit their remnants into the oil pan. And no one wants to discover that.
Thankfully, high-zinc oil and other specialty fluids are still available. You’ll just have to pay a pretty penny for them. But the fact of the matter is, you’ll end up paying either way, so you might as well protect your classic.
Storage and Insurance Through the Off Season
Unless you’re able to carve out a dedicated space in the garage for your classic car, you’re undoubtedly going to need storage through the off season. By paying for a private storage unit, you can keep your car protected from the weather, wildlife, and even bumps and jostles from people walking through the garage. Although it’s pricier than basic storage, getting a climate-controlled unit is your best bet at keeping your ride in phenomenal condition.
Now that you’re prepared for the true cost of owning a classic car, you can get started on your buying journey in earnest. Once you pick up the ride of your dreams, don’t forget to give our team at a call at 1-844-929-4768 for all your insurance needs.
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