The business potential of the classic car industry has increased significantly over the last few years as new car sales have skyrocketed and more collector and used cars come into the market.
If it is your dream to get into the collector car market, public auctions can mean more risk in terms of the authenticity of the model, but if you know what you’re getting into, they can mean great deals. Doing your homework beforehand can help to ensure you don’t get burned while bidding.
Despite the challenges at public auctions, we want to help you capitalize on the deals that are to be had. Here are a few basic tips on what to watch out, and how to make sure you’re getting your money’s worth:.
– Inspect as much of the car as possible, checking for repair signs, puddles on the floor, sheet metal variations, and other inconsistencies. Take your trusted mechanic with you, and have him look over every detail of the car before you place any bids. Always confirm the inspection policy of an auction before you attend. Some auctions will let you inspect cars 2-3 hours prior to the bidding; others are more strict.
– The VIN numbers on classic cars help you check for the authenticity of parts. Jot down the VIN number and check it against other parts of the car. If they don’t match, that means the car has undergone some major repair and parts have been replaced. This is not necessarily a bad thing (in terms of car function), but it can mean a decrease in value if the car is not completely original.
– It’s always a good idea to attend a few auctions before placing a bid on the type of car you really want. Get a feel for how they run, get familiar with people who might be there only to pump up the prices, and see how well you can acquaint yourself with the entire bidding process.
– Walk away from a bid if you see the price tag going up with no sign of it stopping near your budget. You don’t want to get lost in a bidding war and end up spending more money than what you can afford.
The Scottsdale auctions would be a great place to start your collector car auction journey. With some of the finest models of vintage cars on display, you will certainly enjoy and experience the feel of a classy, worthwhile auction. Take these tips along with you as the auction season gets into full swing, and feel free to share other advice you have learned on the auction trail!.
Most importantly, don’t forget collector car insurance! Specialty insurance from Classic Auto Insurance offers you excellent advantages and customizable insurance options for securing your classic car, including “Agreed Valuation”. Visit us online to get a free, instant quote!
About the Author
Drew Yagodnik is Vice President of Classic Automobile Insurance Agency, Inc. Classic Automobile Insurance Agency has been protecting collector, classic and exotics since 1992.