This is a short chapter, basically a prequel to chapters 3 through 6 where I will go over the different scenarios and tools available to a classic car buyer.
The next few chapters cover in detail:
Chapter 3: Classic Car Dealerships
Chapter 4: Internet
Chapter 5: eBay
Chapter 6: Auctions
However there are some other methods buyers use, which include using auto shows and car clubs. Auto shows are a great way to buy your collector car in a less hassling environment. When visiting a dealership or visiting an owners home to view a car, you are usually one on one with the seller which can make some buyers uncomfortable. At an auto show, there are many people around and looking, and you are able to just “blend in” as a spectator at the show and not be bothered as much. If you may be feeling intimated as a first time buyer, this can be a good option.
Car clubs are also a great way to find your car, especially if you know of an exact model you want. Starting out your search this way can be a great tool for you along your buying process, even if they can't help you find a car right away. The club members will be around to help you when you possibly do find a model for sale, and give you tips or maybe even tag along with you as you look over a potential buy.
Parts Availability Is Important
Knowing parts availability of your particular model(s) will be very important on your search for your dream car. Even the cars in very good condition may need some parts repaired or replaced, and over time wear and tear will guarantee something will need to be replaced. Knowing parts availability will steer you through the decision making process of what condition of car you should be looking at, and whether your model will be difficult to find parts over the life of ownership.
Do some research and document on paper the cost of the car purchase, the potential cost for parts needing replacement, and labor hours involved if you plan on restoring it. Even if you will be doing this restoration yourself rather than a restoration shop, your time is still money. Those potential hundreds of hours spent do matter! Don’t forget about tools and manuals you may need. Because of these costs, choosing a running car in decent shape is the best choice for most purchases.
Glass – flat glass is easy to find and can be easily manufactured to your needs fairly cheap. Custom or curved glass can be hard to come by, and nearly impossible for some models (such as a Studebaker Starlight Coupe)
Rubber – seals and gaskets can be found or created for nearly any model, but these can be very pricy. If most of the rubber needs to be replaced on an older rare model, you could be looking at thousands of dollars potentially.
Mechanical Parts – Most mechanical parts can be found used or NOS (new old stock) for any post WWII model.
Detailed Parts – This is where parts are hard to find and can be very expensive. Buttons, knobs, hood ornaments, etc. Details like these should be noted when you are shopping for your car.
Here are some good part websites to start with:
www.yearone.com – Great place to find parts for muscle cars, mainly performance cars between 1960 and 1980.
www.npdlink.com – Another great site for muscle cars, they offer free full catalogs for each model generation which is great to have "in hand" when car shopping.
www.lmctruck.com – Great site for American truck parts going back to WWII.
If you cannot find a site that specializes in your manufacturer or model for parts, join an online community or message board, or ask your local car club chapter.
Restoration
If you plan on hiring a restoration shop, your best bet is finding a car that is in the best condition possible. The cost of paying for a car in better condition will pay off quickly since the restoration shop should have less work to do. Labor hours are expensive. I have seen cars in bad shape brought in to be restored, and after being stripped down it is determined that parts of the body or the complete body itself needs to be replaced. That includes more money and time searching for a suitable "donor" car.
Tools to Evaluate the Value of a Vehicle
There are multiple websites that help you determine the value of a collector car. These are "guides" only, with the prices derived from many sources including recent auctions and sales.
NADA - http://www.nada.org
This is a great site which I have used for years. They also publish yearly books, but if you are doing limited research on a few particular models the free online version should serve you well.
Hagerty Valuations - http://www.hagerty.com/valuationtools/HVT/VehicleSearch
I stumbled upon this free tool recently when I was doing research for this guide. Being in the collector car insurance business for so long and needing to have true values for their insurance coverages, they have put together a fairly detailed price guide which goes back about 5 years if you want some historical data.
Old Cars Weekly - http://report.oldcarsweekly.com
This site is a paid service, but if you want historical pricing data over the last 30+ years, this site is for you. I have used it previously when i was doing some historical research. They also publish a magazine that is a great read.
Chapter 1 - Determine What Classic Car You Want