You may see a tempting classic car restoration project listed in a newspaper, or classic car magazine, or on this website that may only be one or two thousand pounds to buy and could be worth ten times as much once it is restored.
Before you start looking for a classic car, ask yourself whether you have enough storage space? Do you have enough working area, remember once stripped down, the bits can take up an awful lot of space. No old car likes to be kept out in the open, not even with a plastic sheet to protect it from the rain, frost and snow and even the worst masochist won't like working out in the open when it is blowing a gale! Lying on a cold concrete garage floor is bad enough but working outside in all elements usually puts a restoration project on hold permanently.
Look in your local newspaper, classic car magazines, the Internet or even just take a stroll down your street. There is no shortage of old cars to buy. But what if you are looking for something special? Well, let's face it, these days the easiest place to look is on the Internet. Go to our home page and you will find thousands of classic cars from a rusty Mini for £100 to a Ferrari for £500,000.
Once you have identified the car that you want, read between the lines and look at the background of the pictures. You can learn a lot from what is not said as well as the way a description is written. I am always cautious when it says "selling it for a friend" and yet there is no contact number for the friend so you can make personal contact. When the subject of mileage is omitted from the specification box and the description, ask yourself why?
Keeping in touch with reality is essential. If in any doubt, then check it out. Answer those niggling questions. In the pictures you can see what looks like oil on the ground. Is it from the car you are buying? Is that mud or rust?
Ask yourself four basic questions. Why do I want the car? How much can I really afford? How far do I want to travel to view or collect it? Finally, ask the most important question of all, do I really know enough about these cars to commit thousands of pounds on a piece of pretty or perhaps rusty metal?
So, buying a classic car on an online auction? Well, I would advise you to adopt the following rules before commencing such an undertaking, and before you make a bid.
Remember if you are the highest bidder, assuming if there is a reserve that it has been met, and you win the auction then you have entered a legal contract to buy that vehicle, providing the seller has described the vehicle correctly.
If you have decided to go and see the car then arrange a viewing and if for any reason you can't make it, let the seller know. It's only courteous not to waste their time, just as you would not want them wasting your time.
Things to take: a jack, perhaps some axle stands for safety, a torch, gloves and at the very least, a list of points you want to look at.
When you get there take a quick look around. Has the car been kept outside or has it been garaged, this can give you a good indication of the condition you can expect of the body and or chassis. Are there other rotting hulks just lying around, maybe the seller just buys any old junk they can find and try selling it on, not much chance of the car you have come to see having had a service any time recently.
Take a walk around the car and look for the tell tale signs of sagging which could indicate suspension problems or perhaps chassis problems. Do the doors and panels line up correctly, another indication of chassis problems, or perhaps the car has had a bump at some time. Is it even one car or was it once two? Have any repairs been completed well, or have the repairs been bodged? What condition are the tyres in? Check for rot in the body or in fibre glass cars/panels, look for stress cracks. Check the areas which are most prone to rot, around the arches, sills, doors, boot and bonnet. There are many different types of panels that can be used to effect repairs on a car and because of this the quality of repairs can vary.
Check inside the car. Do any of the windows not shut properly and are there any signs of leakage? Is the headlining damaged or dirty? Lift the carpets where you can, check for water and any rot, maybe even holes in the floor? Check the floor pan and joints, don't forget inside the boot, the floor and spare wheel area. If you are happy so far with the body, then move on to checking the engine. Will the engine start from cold? If the engine is already warm perhaps the seller is trying to hide something, maybe cold starting problems, maybe he had to get a jump start or a tow just to get it going? Listen for any knocks, look for smoke. If you see blue smoke on start-up that quickly clears it could mean the valves are tired and leaking oil into the combustion chambers. If the smoke does not clear that could indicate a very tired engine, something that will have to be added to the budget, not only for investigation but for the repairs.
Clouds of steam on start-up could indicate a blown head gasket or even a cracked cylinder head. Remove the radiator cap and look for "goo". It is cross contamination and a good give away of cylinder head problems. Black smoke, probably just an over rich mixture but could just as easily be a worn carburettor.
If you can hear knocking from the engine, this could be for a number of reasons, light tapping on the top of the engine could be a worn camshaft or a small end on its way out. Knocking from underneath could be a sign that the big end bearing is reaching the end of its life, and very expensive to repair. A rumbling noise could indicate that a main crank shaft bearing is on its way out, yet another expensive repair. Check the various hydraulic fluids and water levels. Look for any stains around the compartment and on the engine. Does the radiator smell of anti-freeze? Is there any oil lying around? Not a good sign. Keep the engine running for a while, some problems won't show up until the engine is warm. If the car is driveable, take it for a spin. How does it feel on the road, does it pull to the right or left? Is the clutch "spongy" or firm? Does braking throw the car into oncoming traffic? Wiggle the steering wheel, any clunks? When you accelerate does the car lurch in any particular direction?
OK so far so good. Now, the car may be 20 or 30 years old so it is not going to have all original parts. Brake shoes, clutch, spark plugs, and points. If they are the original parts, they are not going to be working very well by now. But seriously, if you are looking at an older car, does it have any of the original panels? Is the interior original? These points can add value to the car but the seller may try to pass off parts which were made last year in China as "original parts".
Check the paper work. Does it have all of the required paperwork with it? Check the logbook, a very good place to start and don't be fobbed of with "We have just moved house and can't find it at the moment, I will post it on to you. Never buy a vehicle without a logbook unless you know exactly what you are doing. It is also useful to have any old MOT certificates and any receipts are good as well.
Valuing classic cars
How much should you pay for a car? Well, the actual value of a classic car will vary considerably. It depends on condition, make, model, year, and of course what is it worth to you? Just how much would you pay to have that special car sitting on your drive at home?
Be realistic! Just because you can, isn't a good enough reason to buy a chassis of a 1926 Rolls Royce, if you have no idea where to get the rest of the car and no idea of what to do with the parts if you can get them. Providing you followed the advice above on checking the car over, you should have a good idea of whether you are bidding for a car you can drive away or one that will take months before it even has wheels.
If you read the classic car magazines, talked to the owners club and browsed the Internet to get a good idea of what your car is selling for, then you should have a price in mind that you will pay for the car depending on its condition.
Most classic car insurance policies include an agreed value based on the market value of the car. At the end of the day, it is up to you and your budget. If you feel happy with what you have paid for your car then that is all that matters.
The basic rules for internet auctions
Identify what you want, and have some idea how much you want to pay for it. Set a budget only you know what you can afford to spend, or borrow. Use classic car magazine price guides and real adverts to see what your classic will cost to buy. Ideally hold back 10 percent to cover any unexpected problems. Calculate running costs by looking at mpg figures. Get insurance quotes: classic cars can be covered on cost-effective limited-mileage policies and are often surprisingly cheap to insure. Remember also that pre 1972 vehicles also have no road fund licence to pay. Talk to owners about how costly your classic will be to run.
Join the owners club. A full list of club contacts can be found via the link on our home page. A huge resource of expertise can be found in owners clubs. Not only will they have some of the best looked-after cars but they have huge amounts of knowledge on the subject of buying and running your chosen classic car. They often have cheap insurance and parts schemes too.
Buy some books on your chosen classic, read magazines and become a classic car bore. Research on the Internet, and visit classic car shows to talk to the owners. You can never know too much.
Select a range of examples available, and do not let the cash burn a hole in your pocket. There are thousands of cars for sale every day so be patient, if it is not there today, it will be soon.
Check the seller’s location, are you prepared to travel to inspect and then collect the car if you win the auction. Do you need to consider the cost of having your new pride and joy collected by a car transport service or could you hire a trailer and collect it yourself?
Check out the seller. Read all the feedback for the last three months, negative feedback should ring alarm bells. Ring him or her and get to know about your seller. Why is it being sold? Does it come with any spare parts? How long have you had it? Is there any rot? Does it have any history? Does it have a current MOT, and do they have any receipts for any parts that they bought for the car. These things can be helpful if the car needs to be rebuilt. If you know any specifics about the car you are enquiring about then ask any of the questions you feel you need answers for. It could save you a long drive and time away if you have the necessary information before you leave.
If a vehicle has less than 3 months MOT ask the seller if they would be willing to send the car for a fresh MOT, to correct an MOT failure could be expensive. In the event of a car being sold as an MOT failure, ask the seller to specify the list of failures, then give your local garage a ring and ask them to give you a quote for the work that needs to be carried out. This will give you some idea of the costs involved in getting the vehicle through its MOT. It will save you time and money in the long run, no point in bidding on a vehicle that is going to be too costly to put back on the road.
Keep copies of all emails sent and received between you and the seller. They will come in handy if a dispute or conflict arises over the description of the item or any promises the seller makes you.
Check if the seller is a private individual or a dealer, there are many people who buy junk from car auctions and then simply try to pass themselves off as their own vehicles for a quick profit. If the seller is a trader passing them self off as a private seller and they are willing to lie about their status what else are they willing to lie about.
If the vehicle is being sold by a private seller, ask them how long they owned the vehicle for? Is the logbook registered in their name and at their home address? If it is a genuine private sale, then the answers to the above questions should be yes. If the answer is no to any of the above, walk away.
In the event that you have bought the car without prior inspection, before you go to collect the car, print out the item page and take it with you. If the seller has miss-described the item in anyway, you will have proof in your hands to argue your case.
Once you have handed your money over, you will not be able to get it back. If you have not viewed the car do not pay prior to collection, if you do you will have little choice but to take the car away or lose all your money. What's the worst that can happen if you walk away? The seller will give you negative feedback. It’s better to have one negative feedback than a car which is going to cause you lots of problems and cost you time and money. You can always argue your case with the online auction site and you may get the feedback comment removed.
As a winning bidder you have a legal obligation to complete the transaction, however the seller has a greater obligation to be honest about themselves and the item they are selling. If the seller has miss-described the vehicle and you do not complete the transaction they are very unlikely to take legal action against you for not completing the deal. Remember however, if you simply change your mind and walk away without good reason the seller may take steps to recover the money from you.
The basic rules apply even if you are buying from a trader or private seller if something sounds too good to be true then it usually is.
I hope that you have found this guide helpful and that using this advice when purchasing a classic car online will help you to avoid the pitfalls and hopefully you will end up with a classic car to use and enjoy over the coming years.
Copyright 2010