| Author | Message | ||
     Randall Smith (Mr_smith) Member Username: Mr_smith Post Number: 185 Registered: 04-2003 |
I am considering getting a classic English car. Thought you might could answer the following since you have experience owning decades old trucks. Is it possible to get financing on a classic car?? How do you go about getting insurance?? What happens when you get in a wreck with a 30 year old car?? Randall | ||
| eric w siepmann (Cdn001) Member Username: Cdn001 Post Number: 61 Registered: 12-2003 |
Financing is available. Just not traditional auto loans. My bank wanted to lend 3,500 for a series. Not what I was expecting. With the different loan otptions out there, find more traditional sources, such as a home equity or a straight loan. Best to speak directly to your lender though. Insurance shouldn't be a problem. Just check with your agent if he will sell you a declared value policy. State what you think it is worth and it is priced from there. Some require official appraisal to avoid over/under insuring an item. The above was directed at a fully restored vehicle in mint condition. IE bigger bucks. Not so much of a problem with refurbs. EwS | ||
| Matt Moore (Mmoore) New Member Username: Mmoore Post Number: 9 Registered: 01-2004 |
For financing check out peoplefirst.com they will do auto loans on classic cars. | ||
| Alex Scolnik (Alex_scolnik) New Member Username: Alex_scolnik Post Number: 35 Registered: 09-2003 |
I have a classic policy through State Farm (which does my other cars) for my MGB, and will get the same for my Series when it's ready to be driven. Basically when you get in a wreck in a 30 year old car it sucks because they can argue it being worth much less than it really is. Make sure you get a policy with an agreed value on the car. So that if they say it's totaled, there's no question what it's worth. And by the way, I don't know if you know this, but classic car policies are really cheap--well at least compared to normal car policies. Good Luck, Alex | ||
| Randall Smith (Mr_smith) Member Username: Mr_smith Post Number: 186 Registered: 04-2003 |
I was thinking of an MGB, as an economy car. Hair spray bills would go up though. | ||
| Alex Scolnik (Alex_scolnik) New Member Username: Alex_scolnik Post Number: 36 Registered: 09-2003 |
I love my B. It's a lot of fun in the summer, but I'd suggest a hat to save money on hairspray. Check out http://www.mgbexperience.com The message board there is excellent and will be able to help you find one, and fix any problem you might have with it. Also, let me know if you have any MG specific questions Alex | ||
| Randall Smith (Mr_smith) Member Username: Mr_smith Post Number: 187 Registered: 04-2003 |
Thank so much Alex! I have found many MG sites, but have never seen that one. Need a good BBS when you get involed with a car. | ||
| Tim '92 RR (Snowman) Senior Member Username: Snowman Post Number: 662 Registered: 12-2002 |
Randall- http://www.mgbexperience.com is an excellent BBS. They are a really fun group and are very much into helping new MGB owners. I have a 1970 split bumper that might someday see the road. They are very simple cars, that's why I got one!  Good luck, Tim | ||
| Jaime (Blueboy) Senior Member Username: Blueboy Post Number: 891 Registered: 02-2002 |
like Alex, we have the 109 insurance with State Farm. we drive the beast on trips so typical classic car insurance doesn't really work due to all the limitations imposed. with State Farm, we have an agreed upon value and the regular deductibles apply. I can drive it whenever and wherever I want without worrying. well at least not too much worry as replacement would be a bitch. Jaime  |
