The Costs of Owning a Classic Car

The Costs of Owning a Classic CarWhether you have one or ten classic cars, collecting them is more than a hobby-it’s a passion. While acquiring cars are going to be your biggest expense, there are some hidden fees associated with ownership. In addition to getting the best NJ Collector Car Insurance, consider these tips when choosing your next vehicle.

Don’t buy only for the investment.

You’ll be lucky if your car appreciates over time. However, most classic cars sell for a pretty penny. If you buy a car for a couple hundred thousand, ensure your investment will stand the test of time and that there will be some willing buyers should you decide to sell one day.

Pay the right price.

Check that the pricing of the car is worth it. Factor in age, miles, condition, and scarcity of the vehicle and determine what the fair market value of the car before buying. Further, get a pre-purchase inspection done by a professional to ensure you don’t miss anything and overpay.

Get the right insurance.

Insuring a classic car is critical for protecting it. However, it doesn’t have to be expensive. Bankrate states that most collector cars are driven only occasionally and are carefully maintained, translating to lower insurance rates than the family sedan. Check with your insurance professional to see what discounts can apply to your vehicle.

Storing the car.

Naturally, after buying a designer collector car, you can’t expect to just park it in the driveway. Consider storage options and what it will cost you to have them professionally kept year-round. Some companies will offer air, heat, battery charging, and even surveillance of your prized possessions- but all for a price. Determine what your needs are and what you’re willing to pay.
At Tri-State Insurance Agency, we offer custom tailored insurance policies that are crafted with you in mind. With over 60 years of experience, we have a deep understanding of the insurance industry and the necessary protections your classic car needs. To learn more, contact us today at (888) 990-0526.

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