Bear in mind that the initial purchase won’t be the only expense: by their very nature, classics tend to be high maintenance. A rough example may be a fraction of the price of a similar car that’s been treated to a nut-and-bolt restoration, but it will invariably need considerable investment to bring it up to similar condition and so may prove costlier in the long run - especially if you’re not a hands-on owner or it’s particularly exotic. By way of an example, rebuilding a typical Ferrari V12 might swallow up 300 hours’ labour, which won’t come cheap - although in our experience the end result will definitely be worth it.
Having established that your dream car is within reach, the next step is actually finding one. The market for ultra-low-mileage classics in exceptional condition is particularly strong at present (a 15,000-mile 1985 BMW M635CSi made a staggering £100,000 at auction in 2017, for example) and that has perhaps led to a greater number of such cars being offered for sale, but whether you favour originality, concours restorations or beautifully patinated old warhorses, don’t rush out and buy the first example you see. Unless you’re after an extremely rare vehicle or a very specific model, we would always recommend viewing several cars before settling on one to buy. Persistence usually pays off and, again, clubs and marque specialists can be very useful in helping you to find vehicles that might not be advertised on the open market.
Regular readers of C&SC will know, of course, that there is a huge auction scene in the classic car world, with hundreds of sales taking place around the globe every year. Vehicles and venues encompass everything from the glitzy multi-million-pound extravaganzas at Pebble Beach, Monaco and Goodwood to unglamourous industrial units, but whether you’re after a Bugatti Type 35 or an Austin-Healey 3000, these can be an excellent hunting ground. The same advice about studying the market applies, and we would add that the most important rule is to set an upper limit that you’re prepared to pay - and then stick to it. If ‘your’ car bids beyond that figure, be prepared to walk away. That said, bargains can be had at auction, especially if the car is offered without reserve, but remember that the vehicles are sold as seen, and that you’ll be expected to pay the full amount (plus commission) before you’re handed the keys – so plan your finances beforehand.
