Beyond the hood: Rules when buying your dream car

There is nothing quite like having the car of your dreams. If you’ve spent so long trying to modify your existing engine to resemble your dream vehicle, there is nothing quite like the real deal. For many of us, buying our dream car is going to be out of reach. But there can be times when you can get your dream car but you’ve got to buy used. But when it comes to buying your dream car, what do you really need to know?

UNDERSTAND THE MARKETS

Assumedly, the vehicle you have your heart set on isn’t going to be used for commuting. Therefore, the market will vary, depending on where you are looking. There are numerous online price guides that can help you. But while these guides are sometimes based on vehicle valuation data a lot of the time, you have to take it with a pinch of salt. While it’s possible to get an auto loan, you’ve got to think about your own personal financial situation. But before that, you need to find out what you should really be paying. Have a look at online auctions as well as in-person auctions so you can see the state of the market and, therefore, the state of your vehicle.

LEARN ABOUT THE VEHICLE

Any car has its own set of issues. And just because it’s your dream car doesn’t mean that you should skimp on the research. You could either do the research yourself and spend a lot of time amassing information, get in contact with a local shop that has the knowledge. Working with a local shop can help you to inspect the vehicle appropriately. This is absolutely essential but is a step many buyers avoid because of the logistics. But this is crucial and your dream car needs to take a trip to a mechanic for inspection. Because if you find there’s a lot of deferred maintenance from the previous owner, you will be paying more for the vehicle overall.

RESEARCH PARTS AND LABOR COSTS

Before you buy the vehicle, it’s always a good idea to see if there are reliable sources that can provide parts. Any car will require some work, and the best approach is to liaise with other owners. You could join online forums dedicated to your vehicle so you can understand the best vendors and the best prices. The same thing applies when it comes to finding a mechanic. When you join these forums you will be privy to a lot of information that you hadn’t considered before. Take the opportunity to scour the forums before asking any questions; it could save you a lot of time, effort, and money.

CONTACT THE INSURANCE COMPANY

If you are purchasing a classic car, you might be surprised to find your insurance company won’t write you a policy. You can either go through a broker or you can take the time to look online for specialty insurance companies. You have to remember that with any insurance policy that there can be certain restrictions so it’s best to understand these before you make the purchase.

Your dream car may be the icing on the cake, but there are a lot of things to consider before you dive in.


Photo Credit: McLaren

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