Buyer Be (A)Ware

By Joe Whitaker

"Classic For Sale - 1957 Chevy Convertible, frame-off restoration, rust-free. Serious inquiries only $95,000 firm." I made this ad up, but it represents hundreds of typical ads I have read over the last ten years. The prices just keep rising - almost like each seller is trying to out-do the other guy. And, how many times have you heard this comment: "Wow, that car sold for $50,000 and mine is just as nice so it must be worth $50,000 too." High prices and enthusiastic buyers are certainly very healthy for our rapidly growing hobby, but the car buyer must be ever so careful when throwing money at a classic Chevy purchase.

Back when an expensive Chevy was $15,000, even if you bought a really bad car you probably were not going to lose your life savings if the car needed a ton of work and was really only worth $6,000 to another buyer. Sure it stung to buy a "bad" car and the hobby has sent lots of folks packin' due to this kind of bad experience. That kind of episode can't even compare to the would-be collector plunking down $95K for a car that is only worth $40K.

If you remember your high school or college economics class, you know that enthusiasm and buyer demand for a fairly set number of cars (after all, they don't build them anymore) will naturally drive up prices. The really good quality cars that sell for big money may be worth what you paid and will resell for the same or more in a few short months. However, drop down a few steps to a car that cosmetically looks as good as the big buck car, but only has skin-deep beauty. After a few days of ownership, the buyer notices bad bodywork, rust bubbles, an engine that smokes, a rear end gear that whines, a brake system that pulls badly to the left...the list of problems can be endless. If the buyer, in his or her enthusiasm, just did a once-over on the car, or worse bought the car sight-unseen, they may be in real trouble.

Avoid these often-made mistakes and strive not to repeat them if you are buying a classic Chevy or any collectible car:


- Don't ever buy sight unseen...unless it is real cheap! Cars are never, ever as good as they look in pictures. Skillful sellers can take pictures and write copy that make a car super appealing. A plane ticket or a few hours drive could keep you from making a big mistake.
- Be pessimistic. We all want to like the car we are buying. Very often, you, the buyer, can be blinded by too much enthusiasm without a dose of common sense. Look carefully and then look again. The second time you look you will see flaws you didn't see the first time.
- If you are not an expert, hire one to look the car over for you or with you. If you have never owned a classic car and are not very familiar with the hobby, don't go it alone. Find an expert to take with you to examine the car. An expert won't have your clouded view and will look for and find the bad stuff for you and offer advice.
- Don't be afraid to make a low offer. There are many cars for sale due to circumstances such as divorce, bankruptcy, job loss, etc... Very sad for the seller, true, but certainly an opportunity for you, the buyer.
- Do a quick tally of what it will cost to fix what is wrong, double that number and add it to the purchase price then see if it is worth what you have to invest. Don't pay what the car will be worth after you fix all the problems, pay what it’s worth now as it sits.
- Don't rush into a purchase. The right car will come along and all the pieces will fall into place. There are lots of cars out there, so resist the instant gratification urge and be patient. Buy the car that will make you happy long-term.
Remember, this is not your new Cadillac. There are going to be disappointments. Prepare yourself for a bit of buyers remorse and that "oh, no what did I do?" feeling. Don't worry, that will pass. If you followed all of the steps above and bought the right car, you'll soon find yourself enjoying classic Chevys with the rest of us!