The expression, ‘the fool and his money can be easily parted,’ can readily be applied in this chapter because I have seen it happen too many times. Buyers have purchased great cars, but they have not driven home the deal and got the best value for their money, simply because they do not know the landscape well enough to do so.

It is fascinating, because many buyers have conquered the business world in some way or made significant sums of money in an area where they have considerable expertise; however, in the classic car world, there is always the danger of becoming just another sucker for a shiny-looking car.

You may think I am being brutal, but paying $10,000 more than you should is also brutal. The sums involved can be eye-watering, and although it is nice to kid yourself that you can probably afford to take the hit financially, it still affects your profit margin should you decide to sell the car on.

And let’s face the truth, it is also a matter of personal pride.

There are many, many things you need to be aware of when buying a typical second-hand car. There are even more when you are buying a classic car that is many, many years older. 

Luckily, I have a six-point checklist that I use to ensure that every vehicle I buy has the potential to be world-class, to increase in value and to provide as much enjoyment as possible for its new owner.

For the purposes and length of this article, I will focus in on checkpoint number one:

History

When it comes to classic cars and automobiles of significance, checking the history is of vital importance. Over the years all kinds of events could have taken place, and small changes could amount to huge differences in valuation.

Being able to sift through years and years of paperwork can be tiresome and tricky; however, I have been in the game for some time and know exactly what to look out for, including the issues that can affect a specific manufacturer or marque.

The state of the paperwork and its presentation can also be key identifiers, signifying the care that has been taken over a machine. When presented with meticulously kept paperwork, in date order, that has been clearly poured over by the current owner, you can see that some care and diligence has been applied to the ownership, meaning that there is a healthy respect for the history of the car.

Many times, I have been with a seller or a dealer and have spotted gaps in the history, only to be fobbed off with excuses, “Oh that bit is at home,” or, “I’m sure it’s in there somewhere.” These are warning signs that the car may not be what it seems.

I have even seen cars that have been altered to look like different models, more expensive, more desirable models, and have had to do some serious digging to uncover the truth.

In these instances, a suspicious mind and a tenacious attitude are essential. Anything less and you could spend a lot of money on what is effectively a form of automobile forgery.

It is also important to remember the heart versus head approach to buying and how it comes into play here. By all means, love the car that you want to purchase, but have an expert apply their clinical “head” to the details. 

There is another key reason why you want to have a full handle on the history of the car. That is so you can go on and hopefully make some money on the vehicle later down the line.

You can only do this if you are confident in what you have bought and if you can present potential buyers with a proven account of what has happened to this car over the course of its life.