How to Buy and Sell Collector Cars

INTRODUCTION

I wrote this book because there simply isn’t one out there like it. There are plenty of books about the technical minutia of specific collectible cars, but there is not one resource focused on the skill of understanding which of those details most impacts the long-term value of each of those vehicles. There also is not a guide providing strategies for navigating the collector car marketplace—be it the private party sector or the auction scene. Each of those sectors has advantages and significant drawbacks.

Anyone who has surfed the internet for a high-quality collector car that is accurately presented will say first and foremost that the market is not set up with the buyer’s interests in mind. Until now, people learned the collector car market the old-fashioned way: in the school of hard knocks. It seems some journeyman collectors are eager to pay that experience forward. There are few things worse than working your entire life to afford a cool collector car only to end up with a lemon and free ankle-grabbing lessons. That all ends now.

My mission in writing this book is to help buyers develop a sense of situational awareness within each environment, teach them how to use each to their advantage, and most importantly, teach them how to avoid being taken advantage of.

As a side benefit, buyers will also learn how to avoid costly purchasing mistakes. Some mistakes are made when buying a car that is simply misrepresented by the seller. Other mistakes that are just as costly and harder to detect are committed when a person buys the wrong car for the intended purpose. Worse mistakes are when buyers pass on the right car because they are emphasizing the wrong factors in their decision-making process.

This book may dive into the weeds a bit from time to time, but the journey is well worth it. You will come away as a more intelligent buyer with a higher quality of car in your garage and as a smarter seller when it comes time to move on to the next one.

We are all passionate about the car hobby, and it is about time we had fun with the process of buying and selling them as well. It is time to turn the tables and make the marketplace as enjoyable as the rest of the car hobby. So, let’s go!

1

THE ROAD TRIP OF DESIRE BEGINS WITH THE END IN MIND

If you are reading this book, car parts (or maybe even an entire car) have probably been on your Christmas list more than once. Everyone has a different story of how he or she ended up at this point of obsession with all things automotive. I am certain that you know where it began for you.

Maybe it was as a young teen, shuffling through the high school parking lot watching the pebbles scatter when it is caught out of the corner of the eye. In a sea of ragged-out station wagons (or minivans) there was the car of your dreams gleaming in the sunlight as if a halo were radiating around it.

Maybe an older brother’s best friend let you ride shotgun during a full-speed quarter-mile run in an open-top roadster, having to duck under the dash just to catch your breath as the car catapulted forward. Perhaps it was something different, but you know the moment when you were transfixed, captured by the raw power and mind-altering lines of that car. It was … beautiful.

From that point forward, we were all in hot pursuit and determined to have that car in our garage—or at the very least, a car that reminded us of that moment. Let’s be clear, it is not just a garage. It is a personal museum that, after a hard day or a long week, can be returned to time and again.

Maybe it is pulling a 10-second quarter-mile run on a factory-appearing car to revisit that place. The pursuit is different for each of us, yet we are all the same car people.

Finding the Right Fit

So, what exactly is the best way to find the right classic or collector car? Is there even really one best way? Yes, there is a right way to search, evaluate, and secure a specialty automobile, and there are plenty of wrong ways to do it too.

Here’s the end goal when either buying or selling a collector car. The whole process should leave both parties feeling good about the situation and know that professionalism and honesty were used throughout the experience.

So, what exactly is the best way to find the right classic or collector car?

The how-to is consistent no matter what kind of car is being hunted. The criteria will vary. The key factor that informs a strategy for buying the right car has little to do with what the car is and everything to do with how the car is being used by the current owner.

The best fit for a round peg is a round hole. Color, material, and height all can match, but if the peg is square, it simply isn’t going to be a good fit. That is the same when looking to buy a collector car to enjoy. That is the key: joy.

If the current owner has enjoyed it the same way that the buyer aims to, chances are good that the car is of the quality and condition that will bring the buyer joy, and that is the point of collecting cars, isn’t it? We call this principle use.

I know that it sounds elementary and perhaps unnecessary. Who cares what the last guy did with the car? We all want the same thing: the best. Everyone wants a number-one-condition car, right? If every auction description and classic car dealer advertisement is to be believed, they are all number one.

Dialing in the Right Fit

Imagine for a moment that the car that just crossed the block on television lived up to its billing. Let’s go further and bid on and win the car. It’s now on its way home.

The car rolls out of the enclosed trailer, and the transporter gets the body inspection portion of the bill of lading signed off. There is not a mark; it is truly flawless. He directs attention to the undercarriage. Every nut and bolt gleams like new. The floor pan seams and pinch welds are impeccable.

Every clip, paint dab, inspection mark, and paper label are in place—just as it was the day the car originally rolled off the assembly line. The entire car is the same. This would meet the most understood definition of a number-one-condition car.

There is only one problem: The buyer also imagined driving the car cross-country, retracing historic Route 66. All the value would be driven right out of the car within the first 100 miles. So, instead of spending time on the open road, meditating to the hum of the motor, time is now spent nervously chasing dust off the fender tops, running Police Line Do Not Cross tape through half of the garage.

Is this how they wanted to spend their time? Is driving the collector car they’ve been chasing their entire life supposed to induce an anxiety attack? As nice as this car is, clearly it isn’t their number one.

There are many definitions of a number-one car. The key to enjoying the collector car hobby isn’t getting sucked into a gravity well of cookie-cutter definitions, checking the boxes off a contrived list of absolutes. The mission is to find your number one.

This task is no different than Goldilocks sampling porridge. Some cars will be too sweet. Some will leave you lukewarm when viewed in person. Some will be just right. The best way to find the perfect porridge is to set down the checklist of must haves and think more broadly.

Have the money to buy the right car. What you are buying is how you are going to spend your time. You’ve paid your dues investing years taking care of have-tos. Decide how you want to spend your personal time.

There are several ways people spend their time with their collector cars: project cars, daily drivers, seasonal drivers, driven show cars, trailered show cars, private museum pieces, and public museum pieces. Let’s look at each type.

Project Car

This is usually the kind of car young buyers end up with, hoping to fix it up one day. Rarely do people have the money to restore their first project car, but it gives them proximity to the car of their desires and the ability to imagine how they are going to build, restore, or customize it.

A project car can be a purchase mistake if the buyer is buying on a limited budget, buying simply to flip and make a quick buck, or settling for one because they cannot seem to find a car to show and drive right away.

For older buyers who have more money and more experience, project cars present the opportunity to finish that vision from their youth. People who are into project cars and sell them almost as soon as they are complete enjoy the creative of process of returning something to its former glory or giving the car a new glory greater than it had during its first life.

A project car guy or gal most likely loves spending hours upon hours researching technical details, chasing down parts, and getting to know all the subject matter experts. They also tend to take the headaches in stride, whether doing the hands-on work or working with a qualified restoration shop.

This is a classic example of I’ll fix it up one day. This 1973 AMX was sitting in a detached garage for decades. Would you leave it in barnfind condition or restore it? (Photo Courtesy Wes Eisenschenk)

This 1973 Caprice Classic convertible has been in the same family since it was new. For most of its life, it was driven daily, seeing many a Midwest winter before being relegated to the garage. Checking cars like these for rust issues is key to identifying the right car for driving everyday now or purchasing as a future restoration project.

Buying a car like this is a commitment to solve a million mysteries as much as it is creating something new. This kind of car is a number one if you enjoy the process as much as (if not more than) the finished product.

Daily Driver

A collectible car as a daily driver is either a vintage automobile that is complete, running, and in too good of shape to be relegated to project car stature or is a late-model niche vehicle that has a loyal fan base or is of limited production. In both cases, expect to see wear and tear in all areas of the car synonymous with being used as primary transportation with no one area being perfect. It is safe to reliably conclude that most of the factory-installed wear items people care to preserve are missing or replaced over the course of regular maintenance.

A daily driver buyer isn’t concerned with preserving the car’s originality if it means limiting the amount of time spent in the driver’s seat. As Carroll Shelby famously stated, These cars are meant to be driven, so enjoy the hell out of all of it—not just the look of it when it is all clean.

Now, this isn’t a rust-belt winter beater; it is a nice car that is still used for daily transportation. If the gas tank is being filled twice or more a month, this is a daily driver.

The engine bay of a daily driver is a great window into how collector cars were personalized when they were just used cars. It is also the reason the buyer will be spending hours upon hours researching details and chasing down parts.

The engine bay of this Corvette looks clean enough for a driver. But a closer look reveals most of the factory-original wear items are long gone.

Buying a current or former daily driver can be a purchase mistake if you are looking for a car that has been pampered and carefully preserved during its life to buy as an unrestored, original example for investment. Buyers can also get taken in by a lower selling price of a driver when shopping for a show car, hoping to bring a daily driver up to a driven show car standard.

It is common to overpay for a daily driver compared to a project car and still end up spending the same in restoration costs. If the goal is to collect for fun and profit, that move is a profit killer, which kills the fun in the end.

Seasonal Driver

Compared to the daily driver, the seasonal driver cherishes his car like it’s a slice of warm cherry pie ala mode—not all-you-can-eat ribs every Wednesday night. Taking the car out during the peak driving season and in fair weather only usually keeps the miles down and the normal wear to a minimum.

A 1963 Chevrolet Corvette split window isn’t the first thing that comes to mind when thinking about a daily driver, but that is just what this is. The buyer of this car flew into Chicago in December and drove it all the way back to Utah through snow-storms. Drive the hell out of it, indeed.

A Word on Rust

It stands to reason that both daily driver and project cars will likely have rust issues, whether it is apparent or hidden. How much rust a car has is one of the key factors in determining whether a car is a good daily driver or a straight-up project car.

The rougher a daily driver becomes in overall condition, including how much rust it has, the more likely it slides from being the favorite ride into a place of limbo: a future potential project car. If it begins to have visible rust, the more likely it is that the car will be dumped, parked, or torn down.

Here is the undercarriage of the same 1973 Caprice Classic convertible. It is clear that the car has seen more than a few winters. The fact is, many daily drivers, even cars found in the South, bear some surface rust or grime on the frame and suspension parts. It is not show-quality material, but if the top side is clean and shiny, it can still serve as a good daily driver.

There is a big difference between surface rust (simply a scale of oxidation on the bare metal parts of the car and is usually found on the frame and suspension of the undercarriage) and structural rot. Structural rot is rust-through damage to areas of the car that is not easily repaired or replaced on the vehicle.

If the car looks good from 10 feet away yet has rust-through on sections of the frame, cowl, or body mounting tabs, that could lead to very costly repairs or a vehicle that cannot be salvaged. Enough of this kind of rust can take a car from being a daily driver past project car all the way to a parts car.

Also, consider rust from a safety perspective. If a car is being driven with undetected structural issues, it can cause an accident or fail to keep passengers safe in a crash. If the car doesn’t have a solid foundation, all the hard work and money sunk into parts can also quickly turn into deep orange, metallic dust

This is the rocker panel of the same 1973 Caprice Classic convertible. Unlike the quarter panel, the rust through here is much more concerning. Rocker panels are a structural part of the body, even for body-on-frame cars like this one. The rocker panels carry part of the structural load, which is critical for convertibles such as this. Before buying this example, check to see if these rocker panels are reproduced or successfully fabricated. Evaluating structural integrity is about safety, not just good looks.

This bubbling around the rear wheel well looks bad. It likely means the quarter panel has to be replaced. That isn’t as bad as it sounds. Many collector cars, even trailered show cars, have had quarter panels replaced as well as other exterior body panels. For a restored car, it is less about how much of the sheet metal is original and more about the quality of workmanship.

These cars are owned by those with impeccable habits. They usually spend more time primping and prepping the car than driving it. Historically, it also is commonly accompanied by a small flipbook memorializing every service event. Today, there are apps that track the same information.

No doubt the seasonal driver has tested each and uses the most effective one. Still, the car may see longer road trips, such as a Hot Rod Power Tour or a poker run with a local club. If it is going to be in a show, it will most likely be driven there. There is an increased chance of seeing road wear or getting caught in the rain. Hopefully, the seasonal driver details the car (undercarriage included) should he or she ever get caught in the weather.

The drawbacks to buying a vintage seasonal driver are really a matter of personal taste. The same personality type with the self-discipline and finicky nature also prefers restrained color pallets. Ever wonder why most every decent, unrestored, original-paint automobile is either some shade of green or brown? One of the possible pitfalls of chasing after one of these well-cared-for examples is finding a car that appears to be well cared for