Write an article based on this "Prepare for hidden costs. Pay an appropriate price. Buy the car."
A classic car will cost a lot more than its original price. Plan to spend up to seven times more for insurance than you would with an average car. Storing the car can also cost a lot if you don't have your own garage. Storage in an auto facility or motor club can cost $500+/month. Classic cars generally require a lot of upkeep, and unexpected repairs can cost $1000+. Make sure to factor all costs into its price so that you have enough money to maintain your car. Be prepared to pay more for parts. If you buy something rare, be prepared to pay more not only for the car, but also for its parts. In many cases you'll have to get parts custom-made, which can be very expensive. You may also be able to buy used parts from someone who is "chopping" up a similar model. You can check online auctions for general availability of such parts. It is not uncommon for new classic car buyers to overspend. A fair price needs to be calculated based on the car's age, the condition it's in, how rare it is, and what features it has. Find the market value of your car at the National Automobile Dealers Association at nada.org. If you need to finance the car, you will likely have trouble finding a bank or lending institution that is willing to help because they don't understand the value of an object that is several decades old. But there are some companies that will help, such as J.J. Best Banc & Company and Woodside Credit. You will need to make a down payment of 10-30% and will pay interest ranging from 5-10%. The loan is often for 10-12 years and you can often build in the cost of warranty. The insurance and car title will need to be in the owner's name. You can transfer the car title at the DMV. Of course, if you have the money to pay for it, you can simply buy it with your own money. It is always preferable to avoid going into debt. Save up for it and then pay by check. Another option is to lease a classic car if you can't afford to own it. This is advantageous because if the market changes and the car's value decreases, it won't affect you.