Are classic cars a better buy than late model used cars?

[Anonymous]

My daughter in college next spring needs a car. She has a budget on her own of 2-4k and we said we would match. I am looking on line and 4k to 8k used cars are a horror show. Like a 10 year old car with 100k miles with scratches and no warranty.

However, I day dream about a classic car and see corvettes, BMWs, Mercedes convertibles like 20-24 years old where prices are at pre pandemic prices.

I WFH and literally drive to Starbucks and CVS or maybe a play date drop off if wife busy.

I own a 2011 Cadillac with 32,000 miles that runs perfect. Would it be crazy just to buy myself a classic car and give her the Cadillac?

For instance in nextdoor I saw a 1991 Corvette Convertible and a 1993 Mercedes Convertible with each around 65k miles always garages for around 12k.

A 10 year old used Honda with 100k miles plus is 12k.

Since I have a garage and run errands I could use the classic car. She is drives back and forth to college and doing hospital work her junior year. She needs a car she can put 20k to 40k no problem.

[Anonymous]

If you want to drive that around town, I think it's a great plan. I wouldn't put a young driver in one because of the lack of safety features.

Be prepared for annoying maintenance and lack of modern features, but sounds like you are OK with that. Your plan sounds logical to me with your budgets.

[Anonymous]

I'd do that in a heartbeat if I were in your shoes.

[Anonymous]

It's not a "better buy" but it makes sense to give your kid the newer safer car and you get the classic car you enjoy.

There's nothing wrong with a high mileage Honda so long as it's maintained. My family car is a 2015 with scratches and no warranty: it's fine. So long as it has reasonably modern safety features, either your Cadillac or the beater car will do.

I would not give her the classic car, which is where I thought this was going. It's less safe and potentially an expensive repair if that comes up.

[Anonymous]

If you can do your own maintenance, it can work out. Remember parts on German cars are not cheap though.

The reason a car from the 90s seems so cheap is you're comparing to today's dollars for a 30-year old car. What did the Mercedes SL convertible from the 90's cost new back then? $40k?

[Anonymous]

It depends on why you want a classic car. Is it something you always wanted? Are you looking for something different? Are you thinking that it’s at the bottom of its depreciation curve? Insurance is cheaper for a 25+ year old car Bc you can identify it as classic and it will be dirt cheap as long as you don’t drive it everyday.

I love classic cars but they do come with compromises from a safety, maintenance, comfort, features stand point. A 90s corvette has the same build quality as a Barbie car and while it may look fun from the outside, it’s just all 90s plastic on the inside. You will have to go back to the 50-60s vetted to get something that is a true classic.

[Anonymous]

Anonymous wrote:It depends on why you want a classic car. Is it something you always wanted? Are you looking for something different? Are you thinking that it’s at the bottom of its depreciation curve? Insurance is cheaper for a 25+ year old car Bc you can identify it as classic and it will be dirt cheap as long as you don’t drive it everyday.

I love classic cars but they do come with compromises from a safety, maintenance, comfort, features stand point. A 90s corvette has the same build quality as a Barbie car and while it may look fun from the outside, it’s just all 90s plastic on the inside. You will have to go back to the 50-60s vetted to get something that is a true classic.

OP I had a classic car when single years ago. My insurance was $50 bucks a year. It was for pleasure driving only. But I took train to work It did have a lot of repairs. But I save so much on insurance and zero depreciation off set it

My wife has a SUV we take all road trips in. My caddie has low mileage as we take SUV on road trips and prior job was a very short commute.

Plus accident wise the Caddie is heavy, antilock brakes and airbags so at least very safe plus reliable. I don’t drive it much but did college tours in it and drive Pittsburg and Syracuse no problem.

I also like BMW maybe an older one less electronics in a convertible

[Anonymous]

Not a bad plan. But make sure you drive the classic. Even a 10 year old caddy has driver assistance features that you might miss greatly if you were to get the 93 Mercedes (I implore you, don't buy the Vette).

[Anonymous]

Buy the Vette IF it’s a manual transmission.

Vette’s are mechanically simple and very easy to work on, engine and transmission wise. The GM LS series motors are probably the most reliable performance engines ever made. They can have some electrical bugs with power windows and stuff if they’re kept outside in the weather, but if garage-kept, they’re fine.

But they’re a blast to drive. Best bang for the buck when it comes to used semi-exotics. I’ve had half a dozen Vettes I’ve converted to track-only cars, they’re the best way to go.

[Anonymous]

Anonymous wrote:Not a bad plan. But make sure you drive the classic. Even a 10 year old caddy has driver assistance features that you might miss greatly if you were to get the 93 Mercedes (I implore you, don't buy the Vette).

Don't listen to this person, OP! Go with the C4. It'll be a ton more fun to drive, not to mention much more reliable and cheaper to repair when something does go wrong.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not a bad plan. But make sure you drive the classic. Even a 10 year old caddy has driver assistance features that you might miss greatly if you were to get the 93 Mercedes (I implore you, don't buy the Vette).

Don't listen to this person, OP! Go with the C4. It'll be a ton more fun to drive, not to mention much more reliable and cheaper to repair when something does go wrong.

I am that person and I am modifying my statement. Don’t get either. Get the prior model Mercedes convertible. That was a work of damn art.

https://bringatrailer.com/mercedes-benz/r107/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not a bad plan. But make sure you drive the classic. Even a 10 year old caddy has driver assistance features that you might miss greatly if you were to get the 93 Mercedes (I implore you, don't buy the Vette).

Don't listen to this person, OP! Go with the C4. It'll be a ton more fun to drive, not to mention much more reliable and cheaper to repair when something does go wrong.

I am that person and I am modifying my statement. Don’t get either. Get the prior model Mercedes convertible. That was a work of damn art.

https://bringatrailer.com/mercedes-benz/r107/

OP I had a 1975 450SL as my classic car when single. I loved it but parts are very expensive. I ended up buying parts on line and either trying to do myself or find mechanics to install. My old one was silver with back interior and looked sharp.

If possible would rather sweet spot Mercedes or BMW 1990s to around 2005 where modern but not ever overtaking by so much electronics the thing is a headache. Or American model so less repairs. Even a Lexus.

[Anonymous]

i'm looking at a "classic truck" from the mid-80s. It looks like it's in good shape. The odometer can't be trusted.

It is being sold on consignment and I have arranged for a mechanic to give it a detailed look. cost is about 20k.

[Anonymous]

I have indulged my interests in older cars and so I certainly will not discourage you from doing so. One suggestion...start searching Facebook groups or other forums that have enthusiasts for the kind of car you are considering. For one, these forums may have a classified section. For another, you may be able to learn about differences over the years that may make one generation more desirable to you. And you may find local people that are more than happy to come over to your house to help you wrench on your new classic for nothing more than beer and pizza. Also, ask about independent shops that are local to you that can do a pre-purchase inspection (PPI) for that year and make. This is at your expense. When you find a car you are interested in, the conventional wisdom is to settle on a price for the car "subject to a satisfactory PPI". If the PPI report turns up major issues, then that is a point where you begin to negotiate the price down. If the seller refuses to take the car to your chosen shop for a PPI, or if the seller refuses to allow you to take the car for a PPI, the conventional wisdom, again, is to walk away. Never permit the seller to chose the shop for the PPI, and never accept a PPI report already performed that the seller may have in hand.

[Anonymous]

Anonymous wrote:Buy the Vette IF it’s a manual transmission.

Vette’s are mechanically simple and very easy to work on, engine and transmission wise. The GM LS series motors are probably the most reliable performance engines ever made. They can have some electrical bugs with power windows and stuff if they’re kept outside in the weather, but if garage-kept, they’re fine.

But they’re a blast to drive. Best bang for the buck when it comes to used semi-exotics. I’ve had half a dozen Vettes I’ve converted to track-only cars, they’re the best way to go.

IIRC, the LSx engines were only in the C5 and C6, not the C4 Corvettes.