Thinking about buying a classic car? The reality of owning a classic car can be very different to admiring one in a showroom, so before you make the decision, here are a few pros and cons to give you a better idea.
Pros
Uniqueness
There’s something fantastic about owning a car that, at best, maybe a few other people have. Getting to own and drive something unique can give you a real buzz and make you really appreciate the vehicle you own. Each different classic car has its own personality and joy can be found searching for the perfect make and model to match your own.
The drive
Classic cars don’t handle the same as modern vehicles. They just don’t. And that’s part of the fun. Many classic car owners will tell you the joy of having a classic vehicle is the drive – it really doesn’t matter where you’re going!
Increase in value
Any modern car you purchase will depreciate in value as soon as you drive it from the dealership. But many people collect classic cars and use them to make money. Even if that’s not you, it’s nice to know that your prized vehicle will appreciate in value over time, as long as its properly are maintained and taken care of.
Nostalgia
Owning a classic car can evoke such a strong emotional response that’s pretty hard to ignore. Many classic car owners love the style and feel of cars from a particular era, or have childhood memories of a certain model. Whatever the reason for you choosing your particular make of classic car, you really can’t put a price on the feeling it gives you.
Cons
High running costs
Owning a classic car comes with many associated costs. Initially, classic cars are generally more expensive to purchase because of their rarity. But maintenance costs are usually higher on classic cars. You may need to take your vehicle to be repaired more frequently than with a regular car, as classic cars are more likely to breakdown given their age. Additionally, repairs can be more expensive as you may have to take your car to a specialist garage, and spares can be quite expensive if they have to be custom parts fabricated specifically for your car.
Reliability
Or should we say unreliability. As we mentioned in the point above, classic cars can breakdown more frequently than modern cars which can be a major downside. It’s not so bad if you only take your classic car out for a spin for short drives on the weekend. But it can be a pain if you’re a fan of taking long, cross-country trips.
Safety
As classic cars were made in a time when many health and safety standards were not in place as they are today, there can be an issue of safety. However, you can make modifications and upgrades to make your classic car much safer for use on modern roads and if you want to take it on a motorway. You’ll need to ensure there are working seatbelts, the tires are upgraded and you can even add airbags.
Not eco-friendly
Due to the age and type of engines they have, classic cars are not eco-friendly and can therefore be a contributing factor to pollution. Additionally, these classic cars are subject to the recently implemented green tax which would be an additional running cost.
It’s important to put some real thought into whether you’re going to purchase a classic car, but at the end of the day, if the joy you’re going to get from owning one outweighs and drawbacks then we say go for it!
FAQs
Cost: Classic cars may cost more than modern vehicles, and you'll likely drive it less due to its age. Repairs and parts: Because they're old, classic cars may need to be inspected and repaired more often. If your classic is particularly rare, you might have difficulty finding the parts you need.
What are the disadvantages of classic cars? ›
Cost: Classic cars may cost more than modern vehicles, and you'll likely drive it less due to its age. Repairs and parts: Because they're old, classic cars may need to be inspected and repaired more often. If your classic is particularly rare, you might have difficulty finding the parts you need.
Is owning a classic car worth it? ›
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.
Do classic cars break down a lot? ›
Note that classic cars can break down more frequently than modern cars. It's not so bad if you only take your classic car out for a spin for short drives on the weekend, but it can be a pain if you're a fan of taking long, cross-country trips.
What is the average age of classic car owners? ›
The “Classic” Classic Car Collector
For instance, the average age of today's classic and collector vehicle owner is 54 years old. No longer reserved for the wealthy one percent, more women are buying collector cars than ever before, too – and she's typically a 52-year-old.
How many miles is too many for a classic car? ›
In general, though, cars with more than 100,000 miles on them are typically considered high mileage.
Are classic cars cheaper to insure? ›
Here's some good news; if you've been asking, “Is classic car insurance cheaper than regular insurance?” The answer to that is a resounding yes! You can often get this coverage for as little as $200 a year. Even on the higher end, it usually doesn't cost more than $1,000 per year.
Can you drive a classic car daily? ›
Only your mechanic can tell you conclusively whether or not your classic car is physically ready to be on the road every single day, but we can tell you this (and it shouldn't be a surprise): Classic cars are less safe than a modern day vehicle with three-point seat belts, air bags, anti-lock brakes and other safety- ...
How often should I drive my classic car? ›
You should drive your classic at least once a month so the tires, belts, and other components don't wear out from lack of use. And besides, you bought the car to have fun with it, so taking it for a spin every now and then is a good thing.
Why classic cars are 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.
Classic cars are not being banned, but it's likely the next few decades will see a shift that may eventually present a challenge for classic car drivers.
Who is the target market for classic cars? ›
Most classic car owners are white males aged 35 and above, with the majority in the 55-64 (250) and 45-54 (200) age range.
How many people own a classic car? ›
There are currently about five million classic cars in the U.S., and Baby Boomers own most of them. Most individuals who own classic vehicles were born between 1946 and 1964, and older members of this generation are starting to sell their cars or gift them to family members.
What age group buys Lexus? ›
Lexus does not appear to be attracting younger buyers, something that probably worries its owner Toyota. Research says the average Lexus owner is 56 years of age, almost as old as the average Buick buyer!
Are classic cars better than new cars? ›
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.
Are modern cars better than classic cars? ›
Less reliability: Given their age, classic cars are known to be less reliable than modern cars. However, their reliability largely depends on how owners maintain their vehicles as well. Just like modern cars, classic cars also require regular tune-up and maintenance. They can work well with proper and timely attention.
How much does it cost to maintain a classic car? ›
Classic cars require regular maintenance and the occasional repair to remain pristine, from oil changes to tune-ups. On average, classic car owners can expect to spend around $1,000 to $4,000 annually on maintenance and repairs, depending on the vehicle's age, condition, and how often they drive it.
How often should you drive a classic car? ›
You should drive your classic at least once a month so the tires, belts, and other components don't wear out from lack of use. And besides, you bought the car to have fun with it, so taking it for a spin every now and then is a good thing.
