Gone are the days of placing an ad in a newspaper to sell your classic car or truck. Today, most buyers are looking online for classics for sale. There are many internet websites that you can use to search for your next collector car.
Buyer beware however as it also opens you to the possibilities of fraud or buying a lemon. Here are six things to think about before buying a classic car online.
Tip # 1 – Know what you want to do with the vehicle.
What do you ultimately want to do with the vehicle? The reasons for purchasing a car differ drastically if you want to compete in car shows versus one you want to drive frequently. Know what you want to do with the vehicle so you will know what type of vehicle you are searching for online.
Tip # 2 – Determine the vehicle’s condition class.
The condition class of the vehicle can be represented by a numerical rating system universally used for measuring the condition of classic vehicles. Here’s an excellent article about what the numbers mean.
The best way to determine a car’s condition class is to have it professionally appraised. Our advice is to never, ever, buy a car sight unseen. We always recommend the use of a professional appraiser before buying any classic, especially if it is an investment vehicle.
Tip # 3 – Know the value.
The internet has a ton of information about the value of classic vehicles. Hagerty’s valuation tool is an excellent place to get a promising idea of any vehicle’s value. Other sites like Sports Car Market and Hi-Bid and Old Cars Report attend auctions and publish results. Check them out to assess the value of vehicles in which you are interested.
Tip # 4 – Check the documentation.
This is crucial, especially when selecting a vehicle for investment purposes. When cars were originally sold, dealers furnished the buyers with a manual. It contained original paperwork – things like the dealer invoice, window sticker, warranty card and owners’ manuals. It may even have included build sheets or buck tags (Fords). These helps identify the authenticity of a vehicle. If a claim is made that the vehicle is original, ask to see the original paperwork. Copy’s can easily be scanned and sent via email.
Tip # 5 – Use an inspector.
The single best way to protect your interests when buying a car online that you have not seen is to hire a reliable inspector. It will usually cost you around $300 to $500 for a good inspector and they are worth every penny. Look online for reliable sources (never use one recommended by the seller).
Tip # 6 – Always use a bill of sale.
A bill of sale is an agreement between you and the seller regarding the terms of the sale. You can find templates online or contact your local attorney. A good bill of sale should be as detailed as possible, and include information like:
- The condition of the vehicle
- The delivery date
- Year, make and model of the vehicle, as well as other descriptive information
- VIN Number – the vehicle identification number
- Odometer reading (mileage)
- Buyer’s contact and address information
- Seller’s contact and address information
- Date of the sale
- Agreed upon purchase price and payment terms
- Signatures of both buyer and seller
- Any relevant terms and conditions
Buying a classic car online before you can see it can be a risky proposition. Follow these tips so you avoid getting scammed.