Attending a Classic Car Auction? Here’s What You Need to Know

Attending a classic car auction

Modern cars can be extremely exciting to own and drive, but there’s just something about classic cars that makes them hard to beat. If you love the analog charm of wheeling a vintage sports car or coupe, then you are not alone. While buying a classic car from the era of ripped jeans and Nintendo (or older) isn’t as easy as walking into a dealership and purchasing a modern car, there are ways in which classic car enthusiasts can get their hands around the steering wheel of a vintage car.

Whether you’re in the mood for a modern or classic car, you’re certainly not going to want to purchase a lemon. This is where classic car auctions come in. Since even the classic cars that are considered to be the more reliable require proper maintenance and upkeep, classic car auctions allow enthusiasts to purchase the classic car of their dreams without having to bother about whether the car will start or not (because it will!).

Furthermore, classic car auctions have garnered quite a following over the years mainly because they take care of any defects and are constantly updating their listing with high-quality classics that are worth every penny. This makes a classic car auction an absolute gold mine for enthusiasts who want to own a classic. But first, there are some things that every vintage car enthusiast needs to know before raising their hand at a classic car auction.

Keep Your Budget in Mind

Sure, you love classic cars, but it wouldn’t be smart to blow all of your savings on one. The first step to a successful evening at a classic car auction is having a budget. Having a good idea of your budget will not only help you know when it’s time to lay down the auction paddle, but it will also help guide your search on the classic cars that are listed for auction. At the end of the day, knowing your budget saves you from wasting time on cars you cannot afford at the auction (without selling a kidney).

While you’re at it, take note that the seller’s price of the classic car on auction is not going to be the final price. You will still have to pay the buyer’s fee that’s set by the auction company along with any other arrangements such as shipping the vehicle, additional paperwork, etc. All these additional costs can add up, so make sure to include them to find the true cost of your classic purchase.

Get Your Paperwork in Order

It is also advised to make the necessary preparations before attending the classic car auction. This means getting all of your registration and any other relevant paperwork in order. This also includes purchasing the bidder’s pass from the auction company so that you can get access to the auction stage.

Some auction companies require attendees to pay a cash deposit after winning an auction, and needless to say, you will also need to return later to the auction house to seal the deal with a cashier’s check or letter of credit.

Choose More than One

This doesn’t mean you’re greedy – just that you’re open to options. When at a classic car auction, there is a good chance that somebody else may outbid you on a classic car you were eyeing in the auction catalog. But if you have a second-best (or third-best) choice in the auction catalog, you can still leave the auction lot happy.

Do Your Homework

Once you have paid for the bidder’s pass, you will receive the classic car catalog from the auction company. It is recommended to take your time and comb through all of the options in that auction catalog to make sure you get the most bang for your buck. This means reading the personal history of the classic car (which is usually included in the catalog), along with reviewing all the information on the car, including the photos, both in the catalog and online, to get a better idea of what you’ll be getting into.

Other factors to consider during your research on classic cars in the auction catalog are the resale value of the cars, their production numbers, and recent selling prices. Also, make sure to visit online forums for classic car enthusiasts or classic car clubs if you need answers to any questions.

Plan Your Trip the Night Before

There’s more to attending a classic car auction than just making sure you find a seat in the front row and waving the auction paddle from time to time. It doesn’t matter whether the classic car auction you’ll be attending is across state lines or downtown; you will need to make sure that you’ve covered all of the details.

This includes planning so that you can arrive early at the auction company to walk the car corral, and more importantly, ensure you find a seat in the front row. If you are feeling lucky, and are planning on making a purchase, then it is advised to find and contact a reliable shipping company and work out the details in advance.

Get an Insurance Quote for Your Classic Car

One area that gets left out of the planning phase by those who are attending a classic car auction is insuring your investment. It is advised to get a classic car insurance quote beforehand just in case the engine falls off or you drive it into a tree (hey, it’s always best to prepare for the worst). Getting a classic car insurance quote before you get to the venue of the auction is a smart idea and one used by more seasoned classic car enthusiasts who frequent auctions mainly because your car is covered as soon as the purchase is official.

Furthermore, this will also ensure that your classic ride is insured when it’s being shipped to its new home. It is important to note that a classic car insurance policy is not going to be the same as getting coverage for regular or newer cars. This is why it is important to learn more about classic car insurance policies near you and compare prices so that you can get the best quote possible, along with better coverage.

There can be nothing more exciting than attending a classic car auction for vintage and classic car lovers. But, the right preparation can help auto enthusiasts make the right choices when bidding for their favorite classic cars. To find out more about attending classic car auctions near you and just about all other aspects of owning and maintaining classic cars, be sure to explore RideSafely.com.

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