Owning a classic car can be pretty expensive when it comes to maintenance, or it can be very reasonable. As a general rule, the more expensive the car, the more expensive the upkeep, but other factors are also involved, including rarity of the automobile, accessibility of the parts, and age of the car. Show cars and collector cars are also typically more expensive to maintain. It is interesting to note that many classic car owners say that their classics are well built and rarely have problems. Protecting your car with a cover and cranking it regularly will help keep repair costs down.
These questions can help you get an idea of whether you are going to be shelling out a lot for maintenance costs or if it will be less expensive for you.
What kind of car?
Just like modern cars, some classics are more expensive to keep up than others. For instance, a classic Fiat might run around $2,000 a year for maintenance, while a classic Ford could run around $600.
How much will you drive it?
A daily driver will require more maintenance due to standard wear and tear, but not running your car at all could actually cost you more. Classic cars that are never cranked or driven tend to experience mechanical issues more often than cars that are driven regularly.
Is it a resto project or showroom ready?
A resto project will naturally cost more than a car that is ready for show. Resto costs may not necessarily fall under maintenance, per se, but some can be. Showroom ready cars are ready to go so there are little to no costs related to restoration.
Is the car stock or modern?
A car that has stock parts (original) is usually less expensive to maintain, but can be more expensive if you have to replace a part. Some older car parts are hard to find. The scarcity drives up the price. On the other hand, a classic that is modern may have parts that are easier to locate, but they can be more complex when it comes to repairs or even maintenance.
Are you doing your own repairs or hiring a mechanic?
As with any car, doing your own repairs can be less expensive that hiring a mechanic – if you know what you are doing. If you know how to do basic car maintenance or simple repairs, that can be golden, but if you don’t the costs could go through the roof, especially if you have to get repairs for damage you caused. If you don’t have the mechanic skills, it is cheaper to find a pro to do it.
Your classic car can be a great addition to your collection or make an excellent daily driver. Woodside Credit can help make it happen. Visit our website to apply for your classic car loan and get that classic beauty you’ve always wanted.