Buying a classic or collector car from a private seller can be an exciting and rewarding experience, but it also comes with potential risks. Unlike buying from a dealership, private transactions often lack consumer protections. To ensure a smooth and secure purchase, you need to be diligent, informed, and prepared. Here are a couple tips on how to protect yourself during the process of buying a collector car from a private seller.
Research the Vehicle Thoroughly
Before engaging in a transaction, research the car’s market value, history, and common issues for the specific make and model. Use online resources like the Hagerty Price Guide to understand the vehicle’s worth. Be cautious of deals that seem “too good to be true,” as they often are.
Request the vehicle identification number (VIN) and use it to check for past accidents, title issues, or odometer discrepancies.
Inspect the Car in Person
Photos can be deceiving, so inspect the car in person whenever possible. Look for signs of rust, mismatched paint, or poorly done repairs. If you're not a classic car expert, hire a professional inspector familiar with collector vehicles. A small fee for an inspection can save you thousands of dollars in unexpected repairs. Learn more about appraising a collector car.
Verify Ownership and Title Status
Ensure the seller has clear ownership of the vehicle. Ask to see the title and compare the name on the title with the seller’s ID. Watch out for salvage or rebuilt titles, as they can affect the car’s value and insurability. Avoid cars with missing titles, as obtaining a replacement can be time-consuming and risky. Learn more about title & registraion processing a collector car.
Use Secure Payment Methods
Avoid paying in cash, as it leaves no paper trail. Instead, use a secure payment method like a cashier’s check, wire transfer, or escrow service. Escrow services act as intermediaries, holding your payment until you’ve verified the car meets your expectations. Or, if financed, ensure you're working with trusted, verified lenders. Learn more about financing a collector car
Get a Bill of Sale
A signed bill of sale protects both parties. It should include details like the vehicle’s VIN, purchase price, date, and terms of sale. Make sure both you and the seller keep a copy.
Be Wary of Scams
Fraud is common in private transactions. Be cautious of sellers who refuse inspections, rush the deal, or ask for unconventional payment methods. Trust your instincts— if something feels off, walk away.
Private transactions can be a great way to find rare and unique collector cars, but they require vigilance. By conducting due diligence, using secure methods, and trusting your gut, you can minimize risks and enjoy the excitement of owning a classic or exotic car.
Contact us with any questions about purchasing a collector car from a private seller. Working with a trusted partner can help alleviate a lot of the risks and uncertainty.