When it comes to buying your dream project car – or any car for that matter – many common mistakes can occur that can lead to ruinous, costly results. Veteran and leader in the automotive restoration industry, Melvin Benzaquen, president of Classic Restoration Enterprises (Pine Island, NY), has had his fair share of these problems over the years, especially with some of his customer vehicles. Below we outline the Top 10 mistakes and explain why they could lead to disastrous results that can cost you time and money…and even break your heart.
1. Buying A Car Off Of The Internet: This car buying solution is full of problems just waiting to happen. “We were brought up being told that a picture tells a 1000 words,” states Melvin Benzaquen. “I Say that pictures tell a thousand lies when it comes to car buying.” When you look at a picture online, it most likely won’t show the thick body filler, the wavy body, the problems with the doors and the windows (like they don’t open), the A/C or heat not working or any other problems that you would normally notice on an inspection or test drive. To make sure you are getting exactly what you are paying for you need to go and look at the car or hire an appraiser to do so for you.
2. Hiring An Appraiser That Does Not Have Model Specific Expertise: Someone who is not familiar with the numbers, quirks, or the weaknesses of the specific make and model of your prospective purchase could very well miss what could be potentially expensive problems. You’re best bet,” continues Benzaquen, “is to use the Internet tech forums that cater to the make and model of the car and ask around about who is capable and willing to go and look at the car for you. Always offer to pay for their services, it will usually be very reasonable.” Most likely, the person will be very knowledgeable and able to give you very good direction on your potential purchase.
3. Buying A Project Car That Is Disassembled: This is probably the worst kind of car to buy. In most cases, parts are missing – especially small important ones. Also, disassembly is easy; reassembly is not and becomes even more difficult when you did not take it apart yourself. A lot of parts can look similar but fit in different areas. To make matters worse, parts that are missing could not only be extremely expensive but very hard to locate. Keep in mind, “If you buy a pile of anything, especially a car, you are looking for a pile of trouble,” says Benzaquen.
4. Buying A Car That Has Been Freshly Restored: This can be a very costly decision. A lot of the work that goes into a restoration involves proper preparation. If rust holes are filled with body filler, high-build primer is used to fill deep sanding scratches or incompatible primer and paint materials are used, it could take anywhere from six months to a year and a half to start coming apart and becoming noticeable. Once this starts happening and you find the hidden damage, it could require a complete disassembly and an expensive restoration. This would not be a good thing, especially when you thought you were doing the most cost effective thing by purchasing a completely restored car.
5. Buying From A Dealer: It’s hard to believe that buying from a dealer can create problems, but when it comes to purchasing your dream car, it can indeed do just that. Most likely (there are always exceptions), the dealer you are purchasing from will not be knowledgeable about the specific vehicle and what processes it has been through. Most dealers will disclaim any liability should a problem arise by stating they were just an agent for the transaction. Unless they made false claims to you about the vehicle, the buyer will have very little recourse, and if you do decide to go after them, the legal fees can many times be more costly than fixing the problems.
6. Buying From An Auction: This avenue usually has a lot of time pressure and emotions tied up in it, creating what could be a mistake that leads to overpaying for that car of their dreams. There is usually not time to properly inspect the car or to test-drive it. The auctions do a very good job with lighting and moving things along at a very fast pace. This keeps emotions running high, especially when you see the car of your dreams under the lights. Once purchased and you have left that state of euphoria during the purchase moment, you may begin to wonder why you paid so much now that the gavel has dropped. Also, always keep in mind there is a buyer’s premium added to the purchase price of the vehicle as well. The auction companies, also, will claim “agent status” if there is a problem and the buyer will again be left on their own to solve it.
7. Buying A “Good Deal” Car: As the old saying goes, “if it seems too good to be true, it probably is.” That axiom certainly holds true for car buying. If you find your dream car priced way under market value, you need to ask yourself the question why? More often than not, there are major hidden problems, incorrect major components or hit and miss assembly with a “showroom shine” just to get it sold. Like all decisions, think about it, do your homework, check it out and protect yourself. Maybe this vehicle will turn out to be the deal of a lifetime – or maybe not.
8. Hiring A Broker Instead Of A Trucking Company To Transport Your Car: This is an integral part of purchasing a car. People will spend many thousands of dollars to purchase their dream car and then hunt for the least expensive price to transport their car to a shop and back home. Brokers will quote you a low-ball price and then just post your job on a board to see if someone will pick it up. This is of course, after they get their cut. You could wait months to get your prized vehicle picked up, if at all. The broker could start raising the price to try and get interest. The trucker that eventually does pick up your car could be a fly-by-night, uninsured driver who will not be careful with how your car is hooked up to the trailer or make sure that it is protected from other problems such as the fluids dripping from other vehicles. “We’ve even seen where the truckers will raise the price once they have the vehicle by telling you there was unforeseen circumstances or issues,” says Benzaquen. “They have your car and they are holding it hostage trying to milk you for more money.”
9. Buying A Customized Car: Buying a customized car such as a street rod, lead sled, lowrider or sport compact could pose many issues, especially when problems arise. What components were used and from what vehicle can make repairs much more costly as you or the shop will have no idea exactly what parts were used. It can be quite challenging to know exactly which components will work together, and if your customized car has been properly assembled.
10. Buying A Car On Impulse: This is one of the most dangerous things to do. You see the car of your dreams and imagine yourself in the drivers seat, or memories from past “good times” in such a vehicle come flooding back, causing many buyers to rationalize and overlook any problems with the car. Once you have the car and the euphoria has worn off, you could be stuck with an expensive problem that didn’t seem so bad at first glance.
In Conclusion: Any of these mistakes or a combination of them, is very common. This is not to say that every one of the circumstances previously mentioned will result in major problems, or that everyone is dishonest. More often than not, problems arise from buyers and sellers having different perspectives. However, there are a large number of unscrupulous sellers out there. It all boils down to making the best decision possible when purchasing your project car so you don’t end up paying more to correct a mistake by not exercising due diligence. Do your homework and make a good, logical, emotion-free decision.
