Buyer’s Market
Buying a new or near-new car at auction is a far easier process than buying an older one. There is an abundance of information available from the manufacturer, as well as road test reports and the like for new cars.
On older cars, it gets a little trickier. Generally, information on classic cars isn’t readily available and some vintage and veteran cars can be very hard to find any information on. That makes time spent doing research essential.
Research is King
You may like the classic car you’re looking to buy, but do you KNOW the classic car you’re looking to buy?
The seller may provide detailed information on the individual car, but knowing the history of the model or marque in a broader sense is the buyer’s responsibility. For example, a particular model may be known to be rust-prone, suffer from mechanical issues or is hard to find replacement parts for. You won’t know all of that – and more - until you do your research.
Research can also give provide a greater understanding of the market and what your desired car has been selling for in the past, helping you to set a budget.
Research can be done in a number of ways – from classic car websites, magazines and books, to clubs that often have a deep well of knowledge and advice to tap into. There are also companies that do pre-purchase inspections and valuations.
Beyond the basic research, there are a number of specific factors you need to consider when looking to buy a classic. Graysonline have distilled these down into a set of Top Tips.
Graysonline – Top Tips for buying cars online
Do your homework
As mentioned, research is king. This is particularly important with high-value cars. For example, there are more GT-HO Falcons and A9X Toranas going around today than were ever built, and while most sellers are honest about clones, some try to pass off reproductions as the real deal. Knowing the car will help you know what to look for to spot a fake.
In most instances, the car’s individual VIN tag will identify the key original specs, so knowing how to decode this is important. There are online and published sources to assist with this. Car clubs can help, too, but don’t expect them to be a free resource. Be prepared to join the relevant club. It can not only lead to knowledge for the initial purchase, but provide ongoing benefits during ownership.
Set a budget – and stick to it
This is the biggest mistake many first-time buyers of classic cars make. They see something they want and throw money at it – too much in some cases. It’s easy to get caught up in the atmosphere of an auction and think an extra few thousand dollars over your budget can secure that desired car, but more spent on the initial purchase means less money to address immediate repair and refurbishment issues, as well as ongoing running costs.
What is the “right” budget? Only you can determine that, based on your finances and, crucially, knowledge of the car. Knowing a car’s general value in the marketplace comes from research, so look for what similar cars are being advertised for and/or what they’ve sold for at auction in the past.
Look for logbooks and documentation
Not always applicable to classics, but if the seller provides a logbook, as well as the original sales paperwork, service history and specialised provenance (Marti reports, ACCHS reports, Galen Govier Registry papers, etc.), it points to a car that’s been well looked after and is accurate to the seller’s claims.
Same goes for any restoration work. If receipts AND photographic evidence are supplied, it can help legitimise a seller’s claims to the money spent on restoration and/or modifications.
Be aware that this information isn’t always available, like in cars being sold from deceased estates, for example, so this is where your own research and knowledge of the car in question becomes even more important.
Look for ownership history
Related to the above, acknowledgement of past owners points to a seller knowing the car and its history and usually indicates a cared-for example. Multiple past owners isn’t necessarily a bad thing, but it can be indicative. For example, if multiple owners have had the car for brief periods only, it could point to a major mechanical or structural issue they weren’t willing to address, so moved the car on quickly.
Older cars with very few owners or ‘single family ownership’ can indicate a vehicle that’s been well looked-after, but this isn’t always the case. Look for ownership history to help you make those judgements.
Confirm original colour and interior trim
In most instances, the VIN tag is key to identifying this, as the exterior paint colour and interior trim is identified on the VIN tag in most post-war classics. Changing the colour and interior isn’t necessarily a dealbreaker, but retaining the factory authentic paint and trim, even if it’s been resprayed and reupholstered, often gives the car a greater value than if it was resprayed in a different colour and modified inside.
Confirm original engine and gearbox codes
For many buyers, this is more important than a non-original colour or non-factory trim. Again, the VIN tag will provide this information.
On more expensive cars, particularly European exotics and American and Australian muscle cars, ‘matching numbers’ – where the engine and transmission are the same units originally fitted at the factory - is a big deal. Cars running their original engine and transmission almost invariably demand more money than those that aren’t, so be prepared to pay for that.
Sellers may provide information identifying this, while special factory documentation, like an ACCHS report, Heritage Certificate, etc., can help identify what the original running gear was.
Ultimately, you need to decide if non-authentic elements like this are important and what compromises you’re willing to make. If you’re buying the car as a ‘keeper’, then non-matching numbers may not be a concern, but if you’re looking to sell the car, be aware that non-original running gear will negatively impact its future value.
Look for clear title
More of a concern with new vehicles and less applicable to classics, but knowing if there are any outstanding finance payments on a car is important. There are some online services that can identify this and confirm if the car has ‘clear title’, ie. no money owing on it, as well as if it’s been stolen.
NOTE: Graysonline guarantee all cars consigned through them have clear title.
Related to this, if the vehicle is registered, look for valid registration as part of your research. This can be confirmed through state licensing authorities.
Photos – and video - tell a story
In the current environment, in-person vehicle inspections are impossible, so we rely on photos to give us an accurate impression of a car’s appearance. If a seller is providing minimal photos, be wary. If a particular angle or element of the car is not amongst the provided photos, that can be a red flag, too. For example, no photos of the left-hand side of the car may point to rust or accident damage on that side. No photos of the engine bay may indicate missing parts or a non-standard engine. If few photos are provided, request more.
Video walkarounds are being provided by some sellers these days and while they can be helpful, they’re arguably not as indicative as still images.
NOTE: Graysonline provide a full set of colour photos for most vehicles consigned, including all angles, engine bay, interior and details.
Graysonline provides a number of safeguards for buyers, but there is no warranty and no cooling-off period for cars purchased at auction (this applies to almost all auction houses), so the principle of “buyer beware” applies. However, with this guide, some common sense and good research, you can get that dream car in the right condition and at the right price.
AUCTION ASSISTANCE
If you’re completely new to the process of buying a car at an online auction, Graysonline can help. You can contact our eCommerce team through the website: https://www.graysonline.com/ email: [email protected] or call 1300 CLASSIC (1300 252 7742).
For further tips and to see what Graysonline have sold at auction and what classic cars are coming up for sale, join our Facebook group – search for ‘Graysonline Classic Cars and Bikes’.
