A few decades late, you’ve finally got the cash to buy the car you coveted in high school. You can picture yourself behind the wheel, finally looking really cool. But do you have any idea what you’re getting yourself into?
“I tell people, ‘Cool your heels, you’ve waited this long, find the best one you can,” says John DiPietro, editor for classic car dealer Carroll Street Auto in Manchester, New Hampshire, and former automotive editor at Edmunds.com.
Nothing about buying your dream car will be easier than buying a new car. For example, most banks usually don’t finance expensive 20-year-old collector cars. You’ll need cash or a really low-interest personal loan. And without special classic car insurance, it’s valued as just another old beater if it gets totaled.
And keep in mind that many old cars are “creaky, they don’t have the latest safety equipment, they get lousy