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Tim Setterfield – June 4, 2022

Classic cars like the 1968 Ford Mustang, Aston Martin DBR, and the Jaguar 1955 D Type — to name a few — are head-turners wherever they go. They carry the sophistication, artistry, and style of the golden years when cars were still meticulously put together with the highest craftsmanship. However, although antique cars are undeniably beautiful, are they worth the time, effort, and money you’ll put into restoring one? We’ll discuss the benefits of owning an antique car to help you with your decision. 

What is a Classic Car?

Before we go to the benefits of owning a classic car, let’s first define what a “Classic Car” means. Several different authorities contribute to its determination. In the US, State governments usually define a classic car as a vehicle over 20 years. For example, Pennsylvania defines it as: 

A motor vehicle, but not a reproduction thereof, manufactured more than 25 years before the current year which has been maintained in or restored to a condition substantially in conformance with manufacturer specifications.

The Classic Car Club of America defines a Classic vehicle as a” fine” or “distinctive” foreign, or American-built vehicle produced only between 1915 and 1948. No “mass-produced” vehicle assembly line vehicles are considered classics, and they have a list of models they believe to be classic cars.

Regardless of the definition you choose, you’ll still enjoy the following benefits of owning and driving one. From owning a car with undeniable style to having the best auto insurance, here are the benefits of driving a classic car:

1. Style and Character

One of the most apparent benefits of having a classic car is its visual appeal. When maintained well or restored properly, classic vehicles look good and have a style and character that stands out when you are driving them down the street. You cannot deny that each classic car brings the style and personality of its era. If you love getting attention by riding your vehicle down the street, you cannot go wrong with a beautiful classic car.

2. Easy Maintenance

Modern cars have all these complicated motors and computers onboard that make them great to drive but terrible to repair if they get bogged down. You’ll probably have to take them to a mechanic or dealership to have them repaired. On the other hand, a classic car has basic parts, so you can fix it yourself if you need to. 

There’s also a lot of information online and a lot of YouTube videos if you ever need any resources to help you out. Owning and repairing a classic car is a great way to learn how cars work and get your hands a bit dirty while fixing them up.

3. It Appreciates, not Depreciates

Well-maintained classic cars are worth a lot of money. But how does an old car become more valuable than a new one? Cars begin to appreciate once they reach the peak of depreciation. Thereafter, their value slowly rises over time. For instance, cars usually start to appreciate when they are older than 30 years. Of course, their value also depends on their condition, model, and rarity. How much can a classic car appreciate? For example, a ​​1956 Ferrari 290 MM in excellent condition can cost as much as $30.45 million. 

4. Lower Insurance Rates

The way to get the best car insurance rates for your classic car is different than for your regular modern car. A classic car is not the same, so do not call car insurance companies to request the best auto insurance for your classic car as you would for your average variety. If you want to get the best car insurance for your antique vehicle, you want to do the following:

  • The first step for the best auto insurance is to register your vehicle under antique plates. Check with your state because each state has a different policy. Depending on which US state you live in, you usually pay a one-time fee of $50-$100. Another bonus for getting the antique plate often the state also waives the inspection and emissions testing. 
  • Once you have your car under an antique plate, contact several car insurance companies that offer classic car policies and ask for car insurance quotes. Be sure to tell them your classic car has a traditional plate. Antique plates carry limited mileage, so the lower the mileage, the lower your insurance. So, if you do not drive your classic car around a lot, you can get lower insurance rates from car insurance companies.

If you follow these two tips, you’ll be on your way to getting the best car insurance from car insurance companies for your classic car.

5. Easy to Find Parts

In addition to getting the best auto insurance with your classic car, it’s also easy to find parts. Since classic cars have very basic technology, you do not have to worry about compatibility when it comes to parts. This compatibility does not apply to all parts, but most car parts (even the engines) are interchangeable with parts from other antique cars. Of course, you can still do this with modern vehicles, but this practice is more common with classic cars.

If you’re prepared to invest the time and effort, owning a piece of history in the form of a classic car can be very rewarding emotionally and financially. Should you decide you want to be a classic car owner, there are many to choose from that’ll be an excellent fit for you.

Are you looking to begin your own collection, or add to the classics you have? Gateway Classic Cars sells and consigns hundreds of vehicles each month. Or do you have a classic car for sale with a story to tell?   We’d love to hear about it, please email us at news@gatewayclassiccars.com

Post by Kim Althage
June 4, 2022