Buying a Classic Car: What to Know & When to Buy

Buying a Classic Car: What to Know & When to Buy
September 28, 2020 Aldo Flores
Classic car in a parking space

When you’re ready to jump into the world of classic cars, it’s best to avoid impulse buys. Buying a classic Mustang ‘68 that somebody’s put up on Craigslist for sale can either turn out to be a classic bargain or a classic waste of time and money. It’s a big investment you are going to make down the line. Maintaining, restoring and purchasing a vintage car is extremely costly. Moreover, the insurance coverage here works differently from that of a general car insurance.

Unlike normal cars whose value typically depreciates, the value of a classic car appreciates with time. Classic car imports are on demand in the US, and since the service can be expensive, an informed decision always helps.

No matter if you are planning to purchase a restored car, or want to restore it yourself, these tips will come in handy. Check out all the aspects of importing and exporting vehicles from the USA and the best time to buy a classic car.

Differentiate Classic Cars & Old Cars

Knowing how to differentiate classic cars and old cars is half the job by itself. Classic cars often require a lot of attention and maintenance, which may have you bidding adieu to a lot of cash. You’ll not want to spend more time on maintaining the car than cruising on it. First-time buyers should focus on buying a classic car that needs little to no restoration, as restoration involves a lot of expertise and costs. And remember, all old cars aren’t classic cars.
Image of a classic Mustang car

Check Mileage:

When buying a classic car, do not forget to bring mileage under consideration. Fewer miles showing on the odometer will mean a higher value vehicle. A higher mileage car doesn’t need to be a dealbreaker, but keep in mind this will directly impact the price.

Run from Rust:

If you see rust on your chosen vintage car, avoid it by any means. Unless you hire a professional to remove all the rust, chances are high that it will reappear again. Rust on a classic car is never a good sign.

Check the VIN:

Always make sure to check the VIN or Vehicle Identification Number of the car you’re planning to buy. If the VIN on the title matches that of the original car, it is fine. If not, chances are high the vehicle was stolen or may have otherwise been illegally obtained.

Insurance:

Check out the insurance coverage of the car you plan on buying. Make sure you are looking at insurance companies that provide a good value, specifically for vintage cars.

Black Mustang Car

Classic Car Imports & Exports

Close up image of a vintage car’s engine and chrome detailing
Classic car imports or exporting vehicles from the USA can be challenging, but now is the right time to get started. 2020 has seen a massive downfall in the global economy. This has resulted in many taxes and import-export duties being lifted. If you are looking for the best time to buy a classic car, it’s now!

Classic cars imports and exports have been cheaper in several countries, but if you are planning to import a classic car in the US, you should know that there are specific import taxes and duties you may need to pay. Keep in mind, American classic cars come with no import taxes. This is much better than a 10% duty on foreign cars.

Another added advantage of American classic car imports, like the Mustang, is that you’ll only need to pay 5-10% VAT on the purchase amount. The exact percentage depends on the country you are importing it from. Exporting vehicles from the USA likewise has its own set of custom clearance rules.

Importing cars has become easier in recent years. As of 2020, several countries have waived tax to help boost their economy and hence, classic cars now cost less than they used to be before. 2020 has become the best time to buy a classic car as a result.

Hire an Experienced Transport Company for the Job

Classic car imports involve a lot of paperwork and other aspects that are far more complicated than you might think. Hiring an experienced car shipping company, especially one that focuses on classic vehicles, not only makes the process trouble-free but also cuts down costs and time.

When looking to export or import a classic car, always ensure your shipping company has proven expertise and is able to provide you with insurance coverage, should anything go awry. Affordability is another factor you should consider. Most importantly, the shipping company has to be licensed and should be able to take care of all the custom clearance documentation for you.

Why Work with Trans Global Auto Logistics for Your Classic Car Transport Needs

Trans Global Auto Logistics is a licensed NVOCC carrier and car transportation company with 30 years of experience. We help give classic car collectors peace of mind. Our experienced logistics team takes control of all the custom clearances, marine insurance, and inspections to help you transport your car in pristine condition. Contact us now for assistance with importing your newly purchased classic car to the USA, or export one anywhere in the world with ease.

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