back to articles

Publish Date - June 02, 2022

Author: Tim Setterfield

Categories:   Buying & Selling Cars    Vehicle & Buying Research   

Benefits of Purchasing Used and Classic Cars

Classic cars are sure to turn heads and make you feel like an Old Hollywood movie star. Classic cars are exciting to drive, allowing you to express your own unique style. Unlike new cars made today, classic cars have character and detail that set them apart.

content article image


Classic cars are sure to turn heads and make you feel like an Old Hollywood movie star. Classic cars are exciting to drive, allowing you to express your own unique style. Unlike new cars made today, classic cars have character and detail that set them apart. Plus, owning a classic car allows you to get involved in fun car shows and antique car events while joining a whole community of classic car lovers.

Not into a classic car but don't need something brand new? Consider purchasing a used vehicle. Purchasing a used vehicle is a smart way to save money while still getting a reliable car. On the fence about purchasing a used or classic vehicle? Keep reading to explore the benefits of purchasing used or classic cars as well as different types of insurance you may need, including collector car insurance, classic car insurance, and vintage car insurance.

Classic Car Benefits

Owning a classic car have some serious benefits, but of course, you won't be able to make the most out of it if you don't have the right collector car insurance, classic car insurance, or vintage car insurance. Let's take a look at the benefits of classic cars:

Vintage Style & Unique Character

Perhaps the most obvious reason to purchase a classic car is its vintage style. If newer, more modern cars don't fit your old-fashioned aesthetic, a classic car may. Classic cars have charm and character that set them apart from the mainstream, newer cars. If you like attention, you'll love the engagement owning a classic car brings you. Available in so many different models, styles, and colors, owning a classic car gives you lots of flexibility to make modifications too.

Value & Investment

Another benefit of owning a classic car is as an investment. The price of classic cars increases with time, which makes for a wonderful investment. As these cars are no longer made and become rarer with time, you may be able to sell your car for more than you purchased it for. You may also be eligible for low plate taxes on a classic vehicle. Two great bonus points that you can't get with your everyday Tesla!

Fun to Work On

Another reason people love to purchase classic cars is to work on them. If you're a car lover, chances are you enjoy working on and caring for your antique car. This is a fun hobby to get involved in and gives you something to do that you feel proud of.

Social Connections and Memberships

Not to mention, owning an antique car lends itself to fun social activities too. Many memberships and antique car groups are available on both national and local levels. This provides opportunities to connect with other car owners with similar interests. The social aspect of owning a classic car is often what draws many car-lovers to connect with like-minded people and make new lifelong friends.

Used Car Benefits

So, you might be wondering why exactly do you need collector car insurance, classic car insurance, or vintage car insurance if you're planning to purchase a used car? The answer is quite simple — to take advantage of the benefits of owning one. The benefits of used cars are more plentiful than people realize, including:

Saves Money

One of the primary reasons people choose to purchase a used vehicle is to save money. On average, you can save up to 50% as opposed to buying a new car. Many used car lots have safe and reliable used cars which have been properly inspected to ensure good condition and operation. Your car may lose up to 20 to 30% in value as soon as you drive off the lot. Learn more about new-car depreciation here, and how owning a used car can help you cut your losses.

Warranties

Some used cars may still be eligible under part of the original manufacturer's warranty. Depending on the car, you may also have the option to add a warranty. This can help you protect your investment in a used car as it ages. If problems arise as your car gets older, the warranty will be a smart choice in helping to cover costly repairs or expenses.

Lower Insurance

Every year, the price of insurance for new vehicles continues to rise. Insurance on a used car may be less expensive than insuring a brand new car. You won't need gap insurance because the car has already depreciated. In turn, your premium on a used car could be lower than a new vehicle.

Safe and Inspected

Purchasing a certified pre-owned used car helps know the true condition of a car. When you purchase a used vehicle from a third-party, such as Craigslist, you may not know the true condition of the car. Buying a used car through a trusted car seller will offer you safety inspections and offers to finance the purchase.

Buying a Classic or Used Vehicle

Want to purchase a classic or used vehicle but are short on cash? Many financing options are available to make purchasing your dream car a reality. For tips and considerations about financing your next car, check out myAutoloan's free consumer finance guide. This guide explores your many options for loans and financing to make your car purchase affordable.

Thinking about insurance for your classic vehicle? You must have great coverage for your classic vehicle, given its value. American Collectors Insurance allows you to get a free quote for car insurance in just minutes or use their online tool to estimate the value of your vehicle. Learn more about Classic Car Insurance, collector car insurance, and vintage car insurance today!