Tips for Restoring That Vintage Car

For some, owning a vintage car isn’t so much about the investment — it’s about fulfilling a dream. Mike Brown, who recently retired from a lifetime of restoring classic cars in Tyler, Texas, has rebuilt cars from as far back as the 1930s.

“I’ve done full restorations — pulled the body off the frame, redone the frame and all suspensions, repainted everything, and finished the complete job,” Brown says. His favorite vintage restoration was a black ’55 Thunderbird with a black and white interior.

As any collector will tell you, it’s imperative to do your homework before purchasing a classic. Don’t get set on a make, model, or year until you have thoroughly checked out all available vehicles. Brown advises people to research and find a car that is already built — it’s much cheaper and easier. “Restoration is a very expensive procedure. It can get real pricey real fast,” he says.

Dreaming of doing it yourself to save money? Brown has had many customers who tried the process themselves and ended up at his shop.

Factors that drive up costs

Finding and purchasing a vintage car can be done affordably. What must be considered is the end result: Do you plan to restore the car to original condition, which requires restoration insurance? Or, do you want to pay more to purchase an already-restored vehicle that is ready to drive?

The more work the car needs, the cheaper the price may be up front. Depending on how much you know about restoring cars, you will need to factor in parts and possibly labor.

Get to know a vintage car mechanic and ask a lot of questions about pricing and parts (some of which are very scarce and can be thousands of dollars depending on the model). Understand your car’s value so you don’t overpay.

Insuring your “fun car”

From an insurance perspective, the biggest difference in insuring a classic car versus other vehicles is that you must make sure your investment is protected. Today’s cars depreciate the moment you drive off the lot, while a classic car will hold its value or increase in value over time. Texas Farm Bureau Insurance partners with Hagerty Insurance, one of the largest specialty classic car insurance firms, as a brokerage outlet to help Farm Bureau members secure the coverage they need for their classic and antique vehicles.

“We insure the fun car you don’t have to have,” says Jonathan Klinger, public relations manager for Hagerty Insurance. Know the details of the insurance policy.

He also suggests:

• Making sure you can choose the repair facility of your choice even if it is your garage.
• Selecting a “guaranteed-value policy” or an “agreed-value policy.”
• Asking about mileage limitations as some policies have limits on the amount the car can be driven.
• Making a plan to protect your car. Most policies require that the car be locked in a garage or storage area.
• Not making your classic wheels your daily ride; most policies don’t allow it, and the wear and tear can destroy the value.
• Most of these guidelines are fairly common practices among vintage auto devotees. “Classic car owners aren’t the kind of people who need a lot of restrictions,” Klinger says.

Inspect carefully

Safety features, such as seatbelts, may need to be installed unless the car is “grandfathered.” Brown says, “People leave seatbelts off to preserve the integrity of the original vintage cars, but many add seatbelts to street rods due to their speed.” So it is important to know if your car requires seatbelts or not and how you wish to handle that issue.

Never purchase a car without using an inspection checklist and actually driving it, unless you are buying it for parts only. If the seller wants you to take their “word,” that should be a red flag to look even more closely. Take notes on everything and discuss it with your mechanic to help with the car’s price negotiation. Make sure to find a company willing to finance your classic car while still giving you a good interest rate. Check with other owners and your trusted mechanic for suggestions.

In the end, saving a few bucks shouldn’t always be the deciding factor when it comes to buying a classic auto. Customer service, references, and companies who “live and breathe” classic vehicles are absolutely paramount.