The Realities of Buying a Classic Car: Costs, Challenges, and Rewards

Be Intentional About Choosing the Right Car

With thousands of classic cars for sale, choosing the right one can be daunting—especially if you’re after a particular make, model or year.

One constant from every expert was to consider why you’re buying a classic car. Terry Shea, Marketplace Editor at Hemmings Motor News, says, “Will it be an investment, a restoration project, ready to drive around town, or to show off in parades or towed to car shows?” Shea adds, “No matter what car you choose to purchase, do your research.” Here are some tips from the experts:

Is the car an investment?

“Not every classic car is a goldmine. If you’re buying with investment in mind, do your homework and be patient,” says Kye Grisham at Christian Brothers Auto.

Black, on the other hand, notes, “Classic cars may appreciate in value over time, often leading to higher resale values, especially when well-maintained or have unique elements.” But he stresses that one should “know the market value, common issues, and history of the model you’re considering.”

Shea explains, “If you’re buying online, you may not see the car until it’s dropped off at your home. To protect yourself, ask for documentation, contact a local car club to see if they can inspect the car, or can recommend as expert who can (expect to pay $200 or more for this service). If [the] seller refuses an inspection, walk away.”

Is the car a restoration project?

One of the biggest mistakes people make is underestimating the amount of work and money that can be involved in restoration. Whether you want to do it yourself or pay to have one restored, restoring a classic car is rewarding, but the hidden costs can creep up on you, says Hunter.

Choose a car where parts are readily available. “Virtually every part for many Fords, Chevy and MOPAR (Plymouth Chrysler) classic muscle cars of the 1960s are easily sourced, and [these cars are] simpler to work on,” says Hunter. “Buy parts from established vendors,” he adds. “Reproduction parts do not always fit well, are usually made with cheaper materials [than original equipment manufacturers], and do not last as long.”

Do your research if you’re looking for a Sunday driver, says Hunter, who also advises to “never judge a book by its cover,” as there are many so-called restorers who will paint a car or do minimum repairs. Shea adds, “If the car has claimed to have been painted, use a paint depth gauge to measure paint thickness.”

Know What You’re Buying

“Research and understanding [classic car] terminology of the car you want to buy will go a long way in helping make the right buying decision,” Shea explains. Matching numbers, for example, is a classic car where all stamped parts—engine, transmission—match the vehicle’s Vehicle Identification Number).They “have more value for some cars, like late 1960s 426 Hemi Barracudas and big block Corvettes than Porsche’s,” according to Shea.

As an investment, Shea explains, “Hemmings has hundreds of ads where sellers have easily invested $20,000 or more in parts and labor than the asking price of the car, making this an expensive hobby.”

Classic Car Insurance

Depending on how you’ll be using your classic car, insurance coverage and costs can greatly vary. Classic cars are normally driven less often and are well-maintained, which can lower insurance premiums. Look for a provider that specializes in classic car insurance and can offer:

• Agreed value coverage where you and the insurer agree on the car’s value in case of a total loss.
• Lower premiums based on how you can use the vehicle, such as driving to and from car shows, and parades, but not for daily commuting.
• Specialized coverage policies may cover spare parts and damage during transport or while being restored by your mechanic.

Insurance agent Gregg Englebreth says State Farm has a marketing agreement with Hagerty Drivers Club, a top-selling antique/classic car insurance company. According to Nationwide Insurance, “the definition of classic car can differ greatly.” Meanwhile, the Classic Car Club of America defines a classic as a “fine or distinctive automobile built between 1915 and 1948.

Check your state’s specific laws to determine how they categorize an antique, classic or vintage car.

DIY or Professional Restoration: Know Which Route You’ll Take

Restoring a classic car can be a formidable challenge, a labor of love or even a bonding experience. I know, I’ve lived all of these. Plan for spending time and money you didn’t count on. If you are serious about investing in a classic, always budget at least 30 percent more than you think you’ll need.

The internet has made finding NOS (New Old Stock) parts easier. Check online forums and local car clubs to gain a better understanding and appreciation of how to complete a proper restoration. Some automotive part rebuilders will rebuild your part if the part you need is unavailable.

Making particular mechanical or body and paint repairs or improvements doesn’t automatically hurt the value of a classic car. For example, Shea explains, “Repairing dings and dents, adding disk brakes, an alternator, or upgrading from a six-volt to 12-volt battery electrical system adds a layer of reliability while enhancing safety.”

Depending on the age of the classic, talk to the “old-timer” at your shop for hints and advice. The latest generation of auto technicians understands today’s sophisticated vehicle electronics but may not have much experience rebuilding carburetors, adjusting ignition points or using a timing light to adjust spark timing. Remember, you’re preserving a piece of automotive history or possibly a fond memory.

Prepare for Hidden Problems

Classic cars can come with high price tags. Carefully inspect for body (plastic) repairs, paint cracking or bubbling, frame/chassis rot or welds, and distortion from accident damage. Then, of course, there’s rust. Rust repairs can quickly eat up an entire restoration budget or result in a vehicle losing its distinctive charm and appeal.

Chris Yancey, Volvo and ASE Master Technician, explains, “I’ve done basic restorations on classic 1980 and 1990 Volvos that cost over $15,000. Labor costs soared due to broken bolts, [the] high cost of replacement parts and additional costs when I had to rebuild or recondition a part that was no longer available.”

Classic cars are rewarding but require patience, money, and mechanical know-how. If you’re ready for that, go for it—but go in with your eyes open,” says Black.

Pros and Cons of Buying a Classic Car

Pros:

• Classics have charm, character and are conversation pieces. People will want to talk to you about your car whether at the gas pump, car show, or a parking lot.
• Arouse a sense of nostalgia and memories of a different era.
• Classic cars have enduring features and designs that distinguish them from modern vehicles.
• Offer a unique affinity to automotive history.
• A classic car can connect you with like-minded enthusiasts. You can also join a classic car club to participate in car shows, events, and club meetings.
• It’s hard to put a price tag on the miles of smiles you get when you cruise around, showing off your classic car.

Cons:

• Finding the right car at the right price, in the right condition is very challenging.
• Unexpected costs and unseen problems.
• Maintenance and repairs can be expensive and time-consuming.
• Finding replacement parts for rare or obscure models is difficult (but not impossible).
• Prone to breakdowns, the same as any older car.
• Lacking modern safety features makes them inherently less safe than modern vehicles.
• It can be burdensome to properly and safely store your classic in a garage to protect it from the elements.

The Final Word

Shea says, “Buying and driving a classic is so much fun. Fixing or restoring one can be incredibly rewarding no matter if you’re a seasoned pro, experienced DIYer, new to car repairs or even mechanically challenged.”

Rebuilding the engine in my 1956 Chevrolet Belair with my father when I was 14 years old was a rite of passage. When we started that engine, the sound of it running instilled in me a sense of accomplishment and pride that I never felt before.

Buying a classic car, say for $30,000, spending $10,000 on maintenance, insurance, and repairs over the next five years while you enjoy driving, displaying at car shows, or putting on another coat of wax, and then selling it for $20,000 (or less) will be extremely gratifying.

FAQ

What is a Restomod Classic Car?

Restomod combines the words “restoration” and “modification.” The exterior of a classic car is restored to a “level of style and craftsmanship you just don’t see in today’s mass-produced vehicles,” says Black.

Modifications include replacing all of the mechanical systems (drivetrain, electrical, steering, suspension, brakes, wheels) with the most up-to-date technology, including safety (disk brakes, airbags, modern tires, lighting), air conditioning and entertainment systems —while keeping the spirit of the car alive. In other words, you’re driving a 50 or 60-year-old car with all the same allure as when it was in its glory days, without all the headaches of a 50 or 60-year-old car.

Meet the Experts

• Terry Shea is a lifelong car guy. For the past 13 years, he’s been the Marketplace Editor for Hemmings Motor News and Marketplace, the world’s largest collector car marketplace, writing on classic car values and trends. Terry has also written for Car and Driver and has managed Hemmings live and on-live auction and has seen tens of thousands of cars cross the auction block.
• Bob Hunter has more than 30 years of experience as an autobody and painting technician. He is an ASE Master and I-CAR ProLevel Technician and currently is a Pennsylvania Department of Education-certified Auto Collision instructor at North Montco Technical Career Center in Lansdale, PA. During summer break, Bob works in automotive restoration at The Vette Shop in Pipersville, PA, and has restored classic cars that have sold at Barrett-Jackson Auctions.
• Kye Grisham has been in the auto service and maintenance industry for over 25 years and currently serves as Vice President of Procurement and Automotive Technology at Christian Brothers Automotive Corporation.
• Alex Black has a deep understanding of the automotive industry, is a recognized car expert and as Chief Marketing Officer at EpicVIN, empowering dealers and consumers with the best tools and services for when buying or selling a car.
• Chris Yancey has been a Volvo and ASE Master Technician for almost 30 years at Faulkner Volvo Cars, located in Trevose, PA.

Resources

• Adam Bushell, Director of AB Electrical & Communications, long-time classic car restorer and enthusiast. (Email communication, Feb. 11, 2025.)
• Classic Car Club of America: “Official list of Approved CCCA Full Classics” (Feb. 15, 2025)
• Greg Englebreth, ChFC, CLU, principal of Gregg Englebreth Insurance Agency Inc. located in Phila., PA. (Email communication, Feb. 13, 2025)
• Hemmings Motor News and Market: “10 Tips For Storing Your Classic Car” (Jan. 8, 2025)
• Hemmings Motor News and Market: “Matching Numbers? (Part 1” (Feb. 14, 2025)
• Nationwide Insurance: “At what age is a car considered classic?” (Feb. 11, 2025)
• Pennsylvania Department of Transportation: “Fact Sheet, Antique, Classic Vehicles and Vintage Registration Plates” (May 2023)
• The Law Dictionary: “All The Traffic Will Bear, Definition and Citations” (Feb.15, 2025)
• U.S. Department of Transportation, National Highway Traffic Safety Administration: “NHTSA’s VIN Decoder” (Sep. 21, 2024)

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