{"id":6833,"date":"2022-11-04T15:58:23","date_gmt":"2022-11-04T05:58:23","guid":{"rendered":"https:\/\/nimble.com.au\/blog\/?p=6833"},"modified":"2026-03-19T15:03:05","modified_gmt":"2026-03-19T05:03:05","slug":"the-costs-of-owning-a-classic-car","status":"publish","type":"post","link":"https:\/\/nimble.com.au\/blog\/the-costs-of-owning-a-classic-car\/","title":{"rendered":"The costs of owning a classic car"},"content":{"rendered":"

Maybe you\u2019ve got an eye for an E-Type Jag, or you see yourself as Bond behind the wheel of an Aston Martin DB5. Perhaps you love the nostalgia of home-grown heroes like the Holden Monaro.\u00a0\u00a0<\/span><\/p>\n

Whichever classic car sets your pulse racing, it pays to get a true picture of the costs involved.\u00a0<\/span><\/p>\n

Owning a slice of motoring history can be a lot of fun, but it can also drive a serious hole in your bank account.<\/span><\/p>\n

You need to think about how much you will pay for it, how much work needs to be done to restore or maintain it and how much you can insure it for. And that’s if you decide to keep it!<\/span><\/p>\n

Our guide will give you some insight into the common costs involved with owning a classic car so that there are no hidden surprises that are bound to break the bank.\u00a0<\/span><\/p>\n

Initial purchase\u00a0<\/b><\/h2>\n

The classic car market has skyrocketed during the pandemic as Australians scrap plans for international travel and focus on hobbies that can be enjoyed from home.<\/span><\/p>\n

That\u2019s seeing plenty of car lovers pay top dollar for the classics. A sale by auction house Grays in 2021<\/span><\/span>1<\/sup><\/a><\/span> <\/span>notched up some eye-watering prices including $183,000 for a 1970 Ford Falcon XW GT. If a muscle car is more your thing, a 1978 Ford XC Cobra sold under the hammer for $194,000.<\/p>\n

It turns out cars don\u2019t have to be in mint condition to score big with buyers. Earlier in 2021, a rust-ravaged 1958 Porsche 356A sold at auction by Shannons for $230,000<\/span>.<\/span>2<\/sup><\/a><\/span>\u00a0<\/span><\/p>\n

That\u2019s not to say all classic cars command six-figure sums. Plenty sell for considerably less. Even so, if you\u2019re struggling to muster the savings to own a slice of motoring nostalgia, a <\/span>Nimble Personal Loan<\/span><\/a> could put you behind the wheel of a head-turning classic.<\/span><\/p>\n

Pay the right price<\/b><\/h2>\n

Although you may be excited about getting behind the wheel of a classic, before you write out the cheque, ensure you are paying for a pristine vehicle not a beater.\u00a0<\/span><\/p>\n

Price should be determined by age, condition, scarcity and original features. Sometimes our excitement can convince us to hand over more than it’s actually worth (don\u2019t worry, it happens to the best of us).\u00a0<\/span><\/p>\n

If you can check the average value online, it’s always good to compare similar models or asking prices. We also would recommend a pre-purchase inspection from someone who knows all about the classic car you are buying (so don\u2019t bother taking a vinty down to a new car dealership).<\/span><\/p>\n

To find the right person, check out your local car clubs or consult your car enthusiast friends. The cost will depend on who you know, what they know and how long it takes them to complete the inspection.\u00a0<\/span><\/p>\n

Don\u2019t buy only for the investment\u00a0<\/b><\/h2>\n

If you are a car lover or collector, buy for the love of the car rather than just the investment.\u00a0<\/span><\/p>\n

Whilst it’s great to buy the classics to on-sell for a profit, you need to ensure you will be able to get your money back.\u00a0<\/span><\/p>\n

So if you buy a 6-figure classic car and want to make money off it, ensure that you will be able to find a buyer who can afford to offer more than you paid for it. Otherwise, you may be left with a significant hole in your wallet and a car which doesn\u2019t quite tickle your fancy.<\/span><\/p>\n

Likewise, if your personal slice of history is not quite aged to perfection, hang onto it because it could see you quite the profit in the future.\u00a0<\/span><\/p>\n

Storing your new ride<\/b><\/h2>\n

You can\u2019t just park your new classic car in the driveaway.\u00a0<\/span><\/p>\n

It’s not a normal car so it will be a little more fragile and need some extra loving care.\u00a0<\/span><\/p>\n

If it\u2019s not the kind of collector\u2019s piece that you will be driving around the streets, you may need to consider having a safe space to store and preserve it.\u00a0<\/span><\/p>\n

If that\u2019s a bit unrealistic where you live, you may need to find a storage facility which offers some or all of the following:<\/span><\/p>\n