Every car owner has to be prepared for unexpected costs. You never know exactly what is going to happen as you drive your car, especially with degrading roads, increasing fuel prices, and more. However, when you buy your dream vintage car, you need to be prepared for a whole other set of hidden costs.
What are these hidden costs? These include the special type of collision car insurance you are going to need to get for an irreplaceable car. There are also inspection costs and other factors that make owning a classic car more expensive than you expect.
Here are the hidden costs when buying your dream vintage car.
Inspection and Registration
When you buy a classic car, you will need to get it inspected by an expert for the sake of registration. This costs more than a regular car inspection that can be completed by any mechanic. While this will be a one-off cost and won’t break the bank, it is something to keep in mind when buying a vintage car.
Classic Car Insurance
Vintage cars need their own type of insurance. This is because their values work very differently from most cars. Regular cars begin to depreciate the moment they leave the lot. Classic cars, however, appreciate in value over time. This means that the losses you incur in a collision with your classic car will increase as time passes.
The valuation of a classic car is also more difficult. Regular cars have set values when new, and factors like mileage influence their values as they age. Insurance companies have basic formulas to calculate the value of a regular car. Classic cars, on the other hand, are irreplaceable. The fact is that the fewer classic cars there are available, the higher their values will be.
Classic car insurance requires the insurer to come up with a value that you agree on if your car is damaged beyond repair or stolen. This value is going to be much higher than the value of a regular car.
That said, you might be surprised to learn that classic car insurance is often cheaper than regular car insurance. This is because classic car drivers are far less likely to put their car at risk. Most drivers of vintage cars do not use their cars for regular transport. They take them out on a quiet Sunday for a drive, rather than racing down the highway on their way home from work.
Classic Car Storage
Depending on the vintage car you are buying, a regular garage may not provide storage that is good enough. You may have problems with climate control, weather events, and safety. Both for your own peace of mind and insurance purposes, you need a secure place to store your car and one which will give your car protection from the elements it needs.
You may have to renovate your current garage or build another one onto your house. If you are not using your car during particular seasons, you can pay for long-term storage at places that specialize in vintage cars.
Vintage cars are more particular than modern cars about what goes inside them. Modern motor oil is made up of different compounds than were once used. This is fine for modern cars, but your vintage car may need those components (such as zinc and phosphorus). You are going to have to get these fluids from specialists, and they will cost you.
However, as with insurance, this is another case in which you benefit from the fact that you only drive your car on special occasions. Yes, the specialized motor oil is more expensive than what you put in your regular car. But you will replace it far less often. This is saying a lot, considering that even with regular use, a car does not need its oil replaced all too often.
Owning a vintage car comes with hidden expenses. But it is not as expensive as you might have thought, with insurance generally costing less, rather than more. Storing your car is going to cost you, but it is well worth it for the sake of owning your dream vehicle.