Benefits of Purchasing Used and Classic Cars (2024)

Classic cars are sure to turn heads and make you feel like an Old Hollywood movie star. Classic cars are exciting to drive, allowing you to express your own unique style. Unlike new cars made today, classic cars have character and detail that set them apart. Plus, owning a classic car allows you to get involved in fun car shows and antique car events while joining a whole community of classic car lovers.

Classic Car Benefits

Owning a classic car have some serious benefits, but of course, you won't be able to make the most out of it if you don't have the right collector car insurance, classic car insurance, or vintage car insurance. Let's take a look at the benefits of classic cars:

Vintage Style & Unique Character

Perhaps the most obvious reason to purchase a classic car is its vintage style. If newer, more modern cars don't fit your old-fashioned aesthetic, a classic car may. Classic cars have charm and character that set them apart from the mainstream, newer cars. If you like attention, you'll love the engagement owning a classic car brings you. Available in so many different models, styles, and colors, owning a classic car gives you lots of flexibility to make modifications too.

Value & Investment

Another benefit of owning a classic car is as an investment. The price of classic cars increases with time, which makes for a wonderful investment. As these cars are no longer made and become rarer with time, you may be able to sell your car for more than you purchased it for. You may also be eligible for low plate taxes on a classic vehicle. Two great bonus points that you can't get with your everyday Tesla!

Fun to Work On

Another reason people love to purchase classic cars is to work on them. If you're a car lover, chances are you enjoy working on and caring for your antique car. This is a fun hobby to get involved in and gives you something to do that you feel proud of.

Social Connections and Memberships

Not to mention, owning an antique car lends itself to fun social activities too. Many memberships and antique car groups are available on both national and local levels. This provides opportunities to connect with other car owners with similar interests. The social aspect of owning a classic car is often what draws many car-lovers to connect with like-minded people and make new lifelong friends.

Used Car Benefits

So, you might be wondering why exactly do you need collector car insurance, classic car insurance, or vintage car insurance if you're planning to purchase a used car? The answer is quite simple — to take advantage of the benefits of owning one. The benefits of used cars are more plentiful than people realize, including:

Saves Money

One of the primary reasons people choose to purchase a used vehicle is to save money. On average, you can save up to 50% as opposed to buying a new car. Many used car lots have safe and reliable used cars which have been properly inspected to ensure good condition and operation. Your car may lose up to 20 to 30% in value as soon as you drive off the lot. Learn more about new-car depreciation here, and how owning a used car can help you cut your losses.

Warranties

Some used cars may still be eligible under part of the original manufacturer's warranty. Depending on the car, you may also have the option to add a warranty. This can help you protect your investment in a used car as it ages. If problems arise as your car gets older, the warranty will be a smart choice in helping to cover costly repairs or expenses.

Lower Insurance

Every year, the price of insurance for new vehicles continues to rise. Insurance on a used car may be less expensive than insuring a brand new car. You won't need gap insurance because the car has already depreciated. In turn, your premium on a used car could be lower than a new vehicle.

Safe and Inspected

Purchasing a certified pre-owned used car helps know the true condition of a car. When you purchase a used vehicle from a third-party, such as Craigslist, you may not know the true condition of the car. Buying a used car through a trusted car seller will offer you safety inspections and offers to finance the purchase.

Buying a Classic or Used Vehicle

Want to purchase a classic or used vehicle but are short on cash? Many financing options are available to make purchasing your dream car a reality. For tips and considerations about financing your next car, check out myAutoloan's free consumer finance guide. This guide explores your many options for loans and financing to make your car purchase affordable.

Thinking about insurance for your classic vehicle? You must have great coverage for your classic vehicle, given its value. American Collectors Insurance allows you to get a free quote for car insurance in just minutes or use their online tool to estimate the value of your vehicle. Learn more about Classic Car Insurance, collector car insurance, and vintage car insurance today!

Benefits of Purchasing Used and Classic Cars (2024)

FAQs

Why are classic cars important? ›

One of the main reasons people decide to buy classic cars is nostalgia. For many people, classic cars represent a different era in history and evoke memories of childhood or past vacations. Owning a classic car can be a way to relive those memories and experiences every time you drive it.

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What's the advantages of buying a car? ›

Benefits of buying usually are car ownership, complete control over mileage, and a firm idea of costs. Experts generally say that buying a car is a better financial decision for the long term.

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Why are classic cars better than new ones? ›

Since they lack modern tech and safety features, classic cars have a more hands-on driving experience, and they can be easier to work on yourself. And while newer cars will depreciate with age, classic car values tend to appreciate due to supply and demand, especially for well-maintained ones.

Is it worth buying classic cars? ›

Key Takeaways. For the automotive enthusiast, one way to diversify an investment portfolio is to start collecting classic cars. Most cars lose value immediately after they are driven off of the dealer lot, but classic cars gain in value over time, due to rarity, performance, or special attributes.

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Do classic cars have a future? ›

For cars that hold value in their rarity, it could be good news. Though running and maintenance costs are likely to increase, cars that are already rare may become even more sought-after as collector's items, pushing up their value.

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Is it OK to daily drive a classic car? ›

Before daily driving a classic car, you'll need to make sure the car is roadworthy with regular inspections and preventative maintenance. Certain steps might help lower your risks on the road, but a classic car may still carry significant safety concerns because of its age.

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Are classic cars better for the environment? ›

Classic cars were made years ago. Buying a used car or a classic car is similar because you aren't making auto manufacturers produce their own emissions when making a new car in the factory. As mentioned earlier, repeating those efforts by buying a new, modern car is less energy efficient.

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What makes a car a future classic? ›

Determining which makes and models of car will become future classics isn't always easy. You have to look at factors such as historical significance, beauty, rarity and future desirability. But when you get the mix just right, a few great cars will become classics in 2023 and beyond.

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What are the benefits of cars on society? ›

Furthermore, cars gave people the ability to travel in and out of cities as well as between cities. More cars on the road helped in the development of paved highways and along with more cars and better roads came the suburbs. This allowed for easier transportation of goods which was beneficial to the economy.

Is it better to buy older or newer cars? ›

Key takeaways. Buying a new car allows for customization and the latest technology, but it comes at a higher price and depreciates quickly. Used cars are less expensive and slower to depreciate, but may require compromises and can come with higher maintenance costs.

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Are classic cars making a comeback? ›

80s Classic Cars & Trucks

With the introduction of Ford's V-8–powered Fox-body Mustangs and Buick's turbocharged V-6s, the 80s marked the beginning of a muscle revival. One of the biggest classic car market trends in 2024 is the shift towards cars and trucks made in the 1980s.

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Which is better old cars or new cars? ›

An old car will typically have seen more wear and tear, whereas a new car will be in much better condition and have more modern features. New cars will also usually offer better fuel efficiency, since they are fitted with newer, more efficient engines.

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Are classic cars cheaper to insure? ›

Classic car insurance is usually much cheaper than regular car insurance. According to Baily Insurance Agency, a classic car policy costs around $200 to $600 annually. If you own an abnormally expensive vehicle, your rates may be higher. In contrast, regular car insurance usually costs over $1000 per year.

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Is it expensive to maintain a classic car? ›

The most significant con is the maintenance of classic cars. The cost of maintaining an old-timer, including insurance and maintenance, can be up to 20 percent of the classic car's value. Spare parts or even simple consumables may be really difficult to buy in auto parts stores, so you have to 'hunt' for them.

Are classic cars more to insure? ›

While the saying "the older the car, the lower the insurance" is generally true, it depends more on your coverages, location, and the car's make and model than its age.