Inheriting a Classic Car Can Be Challenging
classic_car 9 (Photo credit: phamp197x)
It is wonderful to be left a beautiful motor car by a loving relative but with such a bequest comes a certain amount of responsibility too. Having looked after the vehicle in question for so many years, it is only natural that your relative will hope that you are going to do the same. If you have recently inherited a classic car and you are not sure what to do with it, take a look at the tips below.
- Protect your investment. The very first thing you should do is to make sure that your new acquisition is adequately insured. To get an idea of the costs involved, check out insurers such as http://cherished.carolenash.com/ and others that specialise in the classic vehicle market. You may be pleasantly surprised at what you find as the prices for policies on older cars are often lower than for newer models. If you are willing to stick to a yearly mileage limit, you could save a considerable amount of money.
- Find a reliable mechanic. One of the drawbacks of owning a classic car is that it can be hard to find a suitably qualified mechanic to take care of your pride and joy. However, if you are planning to use it on a regular basis it is essential that you locate an experienced professional to help you keep it on the road. Ask friends, relatives and work colleagues for recommendations and check out advertisements in industry magazines.
- Self-reliance – whilst it is definitely important to find a good mechanic, you should also take steps to learn the basics yourself so you do not have to call a local garage every time a small problem occurs. There are various tips and tricks for keeping classic cars on the road that you can find online and in books dedicated to the subject of motor vehicle maintenance so it should not be too difficult to give yourself a grounding in the basic concepts involved. As you become more proficient, you may like to learn how to tackle more advanced maintenance tasks.
- Involve the family. If you are married with children, you can lighten your load as far as keeping your vehicle clean and tidy is concerned by roping in other family members to help at the weekend. If you have a son that is interested in cars, he may be happy to help just for the chance to get closer to your classic vehicle. On the other hand, if your offspring should prove to be less enthusiastic about helping, consider offering a small financial reward if they do a good job of cleaning the paintwork on a Saturday morning.
- Keep an eye on prices. Whilst you may have every intention of keeping your new acquisition and one day passing it on to the younger generation yourself, it is worth checking guide prices every now and then. You never know when you may need some cash in a hurry and knowing the value of your car will make it easier to negotiate with potential buyers, should it ever become necessary to sell in a hurry.
Owning and driving a classic car can confer certain advantages that less distinguished vehicles will not but some things stay the same whatever the age of your vehicle. You will still need to have a good understanding of the Highway Code and to obey all the rules of the road, no matter how venerable your car is. It will cost you just as much if you are caught speeding in a vintage Jaguar sports car as it would if you were driving a late model family saloon.
About the Author:
A company that was started in 1985 in the UK, Carole Nash is a dependable provider of a wide range of insurance products catering to the needs of vintage car and motorcycle enthusiasts. Find out more at http://cherished.carolenash.com/.
Category: Financial Planning
