The Internet has not only revolutionized how people communicate but also how they shop. Today, people can buy and sell classic cars. This makes it easier for buyers to compare rates, search for hard-to-find classic car models and really see what is out there. People need to be careful when looking for such vehicles online. Taking the necessary precautions protects buyers so that they are not scammed.
Research the Lister or Seller
A buyer needs to know who is selling this classic car. The seller could be someone experienced in the classic car world or could be a novice. It is important to know this person’s background, key affiliations and reputation. Using a search engine helps buyers find out whether or not this person has a solid selling record online. It is also appropriate to ask loved ones and classic car experts if they or someone they know has worked with this person before.
Have the Vehicle Appraised
No matter where the classic car is located, it is important to have it appraised. The buyer should of course inspect the vehicle in person. However, professional appraisers should be brought in to make sure that this car is legit. This is a chance to look at not only the exterior and interior but also the car’s transmission and engine. Any blemish or issue can lower the value of the classic car.
It is important to know who owned the car first. This is possible by using the vehicle identification number (VIN) and also if the car has a full service history report. A general rule is that the more honest and open the seller is, the more reputable the sale is. However, research is important.
Ask Specific Questions about the Car
One should understand if there are any blemishes on the vehicle, information about how it has been stores, details about its engine and more. All information and photographs should be sent in a timely manner. Buyers need to make sure that the seller has the title of the car too – this ensures that he or she has the right to sell the vehicle. If a person is unwilling to send additional information, it could mean that the seller is hiding something.
Know the Car
Classic cars are a huge investment for car lovers. Thus, it is important to research the specific make and model to know what one is buying. Buyers should research current values and talk with experts in the industry about what to expect from this vehicle. This ensures there are no unpleasant surprises and that an in-person inspection goes smoothly.
Visit the Vehicle
The biggest mistake people make when investing in a classic car is buying it without seeing it. These vehicles are one-of-a-kind, rare or expensive investments. Thus, a buyer needs to take the trip to see this car. If a person is unable to do this, a proxy should be sent. It is important to note that a buyer may need to pay as much as $300 if they want to view, inspect or even drive the classic car.
When a classic car is bought, an escrow service holds the money before it is exchanged. The service keeps the money until the buyer has the car in his or her possession. This is insurance that the item is legitimate and that the money is also reliable. Both the buyer and seller are protected this way.
Get Everything in Writing
Smart buyers make sure that they have warranties or guarantees in place in case the vehicle is not as advertised or damaged during delivery. Having specific contracts protects both the buyer and seller and ensures that everyone is on the same page.