5 Little-Known Facts About the Classic Car Industry

a car show that people will attend after learning facts about the classic car industry

You should learn facts about the classic car industry and ownership before purchasing one of these rare vehicles.

Key takeaways

  • Classic cars are appealing for many reasons
  • Caring for these vehicles adds to their cost
  • Maintenance and repairs are always a concern
  • Shipping the car can reduce your expenses

Owning a classic car is a dream for many. These vintage vehicles offer style unseen in modern counterparts. Many classic cars also have powerful engines that thrill drivers and serve up nostalgia for individuals who grew up in their era. 

However, understand that owning a classic car isn’t as simple as affording the initial purchase; maintenance, safety, storage, and transportation are key concerns. Protecting the vehicle is essential; you won’t want to deal with replacing components, especially as the classic-car market grows to unprecedented levels.

Here’s a look at some surprising classic-car facts you should know before investing in one of these vehicles.

1. The market is growing

Statista estimates suggest the global classic-car market will grow from about $30.9 billion in 2020 to $43.4 billion by 2024. There could be numerous reasons for this growth; increasing value as these vehicles become scarce is likely a significant driver. 

Vintage automobiles are particularly popular in Europe and the U.S. They are considered luxury items that collectors often compete for on the open market. They trigger odd bidding wars that can increase values. The classic-car market will likely grow in the future, as original owners get older and can’t care for them any longer.

2. Most owners are male Baby Boomers

There are currently about five million classic cars in the U.S., and Baby Boomers own most of them. Most individuals who own classic vehicles were born between 1946 and 1964, and older members of this generation are starting to sell their cars or gift them to family members. 

It’s worth noting that 97% of all classic-car owners are male, and 95% of them own a home and have a household income over $140,000. The fact that people who own and are passionate about these cars have money is why the market will likely grow.

3. Their value doesn’t always increase

If you’re looking to invest in a classic car, understand that it won’t always work out as you intend. Sure, in 2018, a 1963 Ferrari 250 GTO sold privately for $70 million, and a 1962 version of the car sold at auction for $48.4 million. Don’t expect your vehicle to appreciate enormously in value once you purchase it.

For instance, the 1982 Rolls-Royce Silver Spirit was one of the most luxurious cars of all time when released, and it’s still a very nice automobile. However, in good condition, these vehicles are currently valued at just $8,800 (although one sold recently for double that amount). 

It’s not a given the classic car you’re purchasing will hold its value; many variables are at play. Research the vehicle thoroughly to ensure you’re paying a fair price for it. 

4. Finding tires is challenging

Before buying any classic car, understand that finding tires that will fit isn’t as straightforward as it sounds.

Purchasing tires for a modern vehicle is simple. Every manufacturer carries multiple sizes, and one is sure to fit your car. It isn’t the same for older automobiles, though; tires used to come straight from the carmaker. Most of these cars run on bias-ply tires rather than modern radial tires, which is another issue you’ll need to consider.

The gist: bias-ply tires don’t provide the same grip as radial tires, especially in wet weather. However, you can’t swap the bias-ply tires out for radials because the additional grip could put too much strain on the vehicle’s suspension and chassis. This extra grip could also cause the wheel to crack or break completely. Your options include upgrading the classic car’s suspension and wheels or finding a specialty manufacturer that recreates classic tires. 

5. Car shipping can reduce wear and damage

Because classic cars, along with their tires and other components, are so valuable, limiting how often you drive them is advisable. Driving only locally, and under ideal weather conditions, can limit any damage you do to your vehicle and keep its value intact.

When you have to transport a classic car over a long distance, a vehicle-shipping service might help. These vendors offer enclosed shipping options that will ensure your classic car is fully protected from road debris and the elements, minimizing the chances of any damage occurring. 

You don’t want to jeopardize the value of your classic car, especially if you know it could increase in value, and taking advantage of a car-shipping service provider is the best transportation option

How auto-transport brokers work

When you search online, you’ll come across various car-shipping vendors, but it’s vital to narrow your search to providers with enclosed trailers. These carriers will provide the additional protection your classic car needs because nothing would be worse than damaging your rare automobile, just as the market ascends to unparalleled heights.

Mercury Auto Transport is a car-shipping broker that connects you with the ideal carrier to move your classic car from point A to point B. We’ll provide an insured and vetted vendor who will protect your classic car during transportation. Contact Mercury Auto Transport today to learn more or receive your free quote.

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FAQs

We feel it’s important for you to know how we determined your quote. Quotes are based on what the market demands for cars to be moved at a given time. Each quote is compared with the current rates on the National Load Board before being sent to our customers and will be reviewed periodically through the process.

Other companies might offer you a lower price to obtain your business. This method is ineffective because if the car does not pay the correct amount of money, it will run the probability of not getting loaded or transported on time. You will not get this information from our competitors. Truck drivers always take the loads that pay the most first, leaving the loads that are mispriced to be moved last or not at all. We try very hard to avoid this with our customers by quoting a fair but realistic quote up front. Visit our How we determine your quote page for more information.

Understanding auto transport insurance is important and we think it’s valuable to explain how it works. As part of providing a great car transport service, it is our job to guarantee that the carrier we assign to pickup your vehicle is licensed and insured. Click here to check out our license.

When you go with Mercury to ship your vehicle, you can rest assured that the carrier assigned to move your car is fully insured and licensed with the FMCSA (Federal Motor Carrier and Saftey Administration).

Your vehicle is covered by the carrier’s insurance policy that is doing the shipping. Depending on the type and size of the truck/trailer that is shipping your car, the insurance policy can cover from $100,000 to $1,000,000 of damage.

We have also provided a checklist to explain what you need to do at both pickup and delivery in case there are any issues so, you can file a claim and know that everything will be taken care of.

It is rare but, time-to-time there may be accidental damage while in transit and it is good to know that your carrier’s insurance will protect your auto shipment in that event.

To view a sample BOL (Bill of Lading) and learn what to do in case of accidental damage, please check out our Condition Report and Procedure checklist.

When comparing auto transport companies, keep in mind that low-priced quotes often result in delays in getting your vehicle loaded. Choosing the right broker is vital to getting a reputable carrier for the lowest price possible.  

We feel it’s important for you to know how we determine your quote.

When you’re looking for a car shipping rate, you want to understand how auto transport works. Prices are based on seasonal market demands for cars to be moved at any given time. Each quote is prepared based on the season and the current national rates.

When comparing auto transport companies, keep in mind that low-priced quotes often result in delays in getting your vehicle loaded. Choosing the right broker is vital to getting a reputable carrier for the lowest price possible. Not all brokers are created equal in this talent.

Mercury does a thorough background check with each carrier for every shipment. We verify their ratings, references, and in addition, we obtain a certified copy of their insurance certificate, directly from the government agency that it is on file with.

You can have peace of mind knowing that the carrier shipping your vehicle is the very best and that there are no surprises guaranteed.

Mercury Auto Transport is licensed, Bonded and Insured. Our FMSCA Motor Carrier Number is MC647319.

While we do our best match your auto shipping needs with the most responsible carriers with the best track records, from time-to-time there may be accidental damage while in transit, it is good to know that the insurance of the carrier we locate for you will protect your auto shipment in that event.

Shipping a vehicle can be stressful if you don’t know what to do.  This is why we believe it is paramount to have our highly trained agents be your main point of contact from start to finish.

They will go over everything you need to know so you can relax.  In the meanwhile, we prepared this checklist.  This includes everything from pickup to delivery and how to make sure your car is ready for pickup.

When it comes to car moving, we want you to be ahead of the game!  For any questions and further assistance our agents are standing by, (800) 553-1828.  Please read our checklist to prepare your vehicle to learn more.

There are several ways you can ship a car.  The options include enclosed trailer, open carrier transport, flatbed truck, door-to-door shipping services, and to or from a terminal as well.  The most popular of the options is a 7 to 10 car open carrier.  These large trucks can accommodate almost any size vehicle including carsSUVstrucksjeeps, and vans.

Open car transport, door to door is also the best way to get the cheapest auto transport rate possible.  To learn more and see what transport method is best for you, please fill out our free quote form and one of our representatives will respond to you within minutes.  You can also call us at (800) 553-1828.

We present offers from FMCSA Licensed and Insured Carriers. When you accept an offer, we send your service agreement that guarantees the price, door-to-door service, and 100% bumper-to-bumper insurance. There are never any hidden fees or charges, guaranteed.