10 Basic Things to Know for Collectors and Racing Car Purchases

Owning a classic racing car isn't for the faint of heart - it's a huge commitment and a substantial expense. Before taking the plunge, you need to do your due diligence and research. Here are 10 essential factors you need to consider before purchasing your dream race car., 1. Research the Marque: Know the manufacturer and its history. How were their cars manufactured? Do they have a racing pedigree? Do parts or spare parts exist, or is the car difficult to maintain?, 2. Vehicle Maintenance: If you're buying a classic race car for long-term investment, you need to make sure it will run in the future. Is the car rust-free and does it need restoration? Check the oil and coolant levels, and look for signs of wear. Have a professional vehicle inspection done and make sure to ask for copies of recent repair and maintenance records., 3. Racing Record: What kind of competition has the car participated in? Has it raced in significant events, or has the car any race wins or championship titles? All of this information is important to know before committing to purchase the car., 4. Mileage: Many race cars are bought with high mileage, considering the amount of time they race throughout a season. If the car has less than 500 miles, then this could be a red flag. Also, if the car has been sitting in storage for many years, it could have mechanical issues like clogged fuel lines or warped heads., 5. Original Documentation: Does the car have its original paperwork? This could include all its past owners, maintenance carried out, and its detailed racing history. This documentation will be invaluable for its future owners., 6. Cost of Ownership: What are the costs associated with owning this car? Does it have an ongoing maintenance cost, or are there any expensive to replace parts? You need to consider these costs before committing to buy., 7. Popularity: Will the car remain desirable and have ongoing resale value? Has the demand for the car grown or decreased? Can the car compete in another series like GT or Historic Racing, or is it stuck in one class?, 8. Parts Availability: Will it be easy to keep the car running, or will parts need to be custom-made? Will the parts you need be expensive? It's a good idea to research this thoroughly., 9. Insurance Coverage: Make sure the car you want to buy is eligible for insurance coverage. There are many companies that offer coverage for classic race cars, but make sure to shop around and compare quotes., 10. Seller: Know who you're buying the car from. Are they trustworthy, and do they have any prior experience with classic car sales? Are they selling the car at a reasonable price, or do they have an unreasonable demand for it?