4 Important Expenses to Cover When Purchasing a Vintage Car
Thursday, October 24, 2019, 6:00 AM | Leave Comment
Having a classic car can be a great experience. It can also be far more expensive than one might think.
If you’re looking for a classic car, you’ll want to consider the additional costs listed below.
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Maintenance
Maintenance costs are a part of owning any type of car, but they’re especially important to remember if you are buying a classic car. Remember, not just anyone can work on a classic and the work you can’t do on your own is likely to be quite costly. If something goes wrong with your vehicle, you’re going to need to make sure that you are able to afford the help of a good mechanic who will take excellent care of your vehicle.
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Insurance
If you have an antique car, you are going to have to get antique car insurance. Antique car insurance is a special type of insurance that is made specifically to cover classic vehicles, providing coverage that’s actually useful in case a classic vehicle gets damaged or stolen. If you can’t afford this insurance, there’s a very good chance that you could end up losing thousands or even tens of thousands of dollars if something ever happens to your vehicle.
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Storage
You will also need to think about the cost of storing your vehicle. If you live somewhere with absolutely ideal weather, this will mean buying a good cover that will protect your vehicle from rain. If you live anywhere else, though, this might mean investing in a garage space during at least part of the year. Having a good place to store your car is going to keep it looking great for much longer, but it definitely comes at a price.
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Replacement Parts
Finally, you’ll need to think about the cost of replacing various parts of your vehicle. If you want to keep an authentic vehicle, this means finding authentic replacements—and the older and rarer the car, the more these replacements are going to cost. Having to replace a mirror or a hubcap is one thing, but you can look at some pretty significant costs if you find yourself having to replace a fender or a door.
Buying a classic car is just the first expense of many. You’ll need to think about what it costs to repair and replace parts, as well as to store and insure the vehicle. These costs can add up, but being prepared for them definitely makes them much easier to bear.
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