http://vintagecars.about.com/od/buyingselling/ht/buy_caution.htm

How To Know Whether a Vintage Car is Right for You

A vintage or classic car can bring you great joy, but it may also be
painfully expensive. The truth is, vintage car ownership can sometimes be an
illusion because not everyone is suited to the hobby, financially or
otherwise. The good news is that by using these tips and proceeding with
caution you could soon be at the wheel of the car of your dreams. Some of
which may be as old as the car you're about to buy.
Difficulty: Average

Time Required: A week of cautious thinking

Here's How:
1.   Ask yourself if you can really afford a vintage or classic, remembering
that if something breaks it could end up costing a small fortune in repairs.
This is especially true of rare or exotic vehicles. Parts may be hard to
find, thus the car could be out of service for a lengthy period. Can you
handle repairs on your own? Got the talent and experience for restoration?
Great... but if not, be prepared to dig deep.

2.   Always have a "reserve" set aside for unexpected repair costs. A friend
who restores and sells collector cars suggests a minimum of at least $3000.
More if the car is a rare exotic. But then, if you're buying a Bugatti or a
Deusenberg, you probably don't need our advice.

3.   Will your vintage or classic be an "everyday driver?" Daily use puts a
strain on old parts and systems. Not that a collector car can't be driven
regularly but it had better be dependable; something that starts on demand,
can be readily repaired, has parts that are easy to find. And a driver who
can afford the price of breakdowns.

4.   If the car needs restoration will you be paying someone to do the work
or are you planning a do-it-yourself project? Among other things, consider
the space you'll need to disassemble and store that vintage beauty.
Half-finished restoration projects can lead to frayed tempers and even,
though we hate to suggest it, marriage problems.

5.   If you are planning to drive your vintage beauty on public roads keep
in mind that it was built for a different time; slower traffic, less highway
congestion, more tolerant drivers. Those old drum brakes may not be adequate
for a panic stop in modern traffic so learn to adapt. Non-power steering
will require muscle. Earlier power steering systems are slow and sloppy.
Turn signals, if they exist, might be invisible to traffic accustomed to
big, bright blinkers.

6.   It may be necessary to arrange special insurance for a collectible. Be
aware that older cars do not have the anti-theft devices nor the serial
number database of newer cars. Hot-wiring an older car is child's play.

7.   Your "significant other" had better be as excited about the plan as you
are. She may be thinking of a new kitchen or that trip to Rome you always
promised. Budget with your lady in mind or you may be forced to choose
between two loves. Hot tip: Get her involved and with luck she'll soon be on
your side. Couples do have a lot of fun in the classic and vintage car
hobby; introduce her to like-minded people.

8.   And finally, though this may seem repetitive after all we've said, get
your financial ducks in order before you begin. Falling in love with a car
and making a commitment without sufficient planning is, if you'll forgive a
cliché, a recipe for disaster.

9.   If you've done it right, as suggested above, you can have the fun of
searching for that dream car. And that, indeed, can be a lot of fun. Just be
cautious, be prepared to pull back and wait if necessary, perhaps even
accept a little less than what you'd planned.

http://www.classic-british-cars.com/car-buyers-guide.html

Car Buyers Guide
How to Buy a Classic Car

     If you are considering the purchase of a classic car and don't know
where to begin, perhaps these suggestions may serve as a guide.

       1.. Determine what you are looking for.
       2.. Do some basic research.
       3.. Ask the initial questions.
       4.. Test drive the car.
       5.. Get a professional inspection.
       6.. Do the paperwork.

     Determine what you are looking for.

     When shopping for a used/abused/adored/restored classic car you have
choices ranging from cars that have to be hauled in a trailer because it's
basically just a bunch of loosely connected parts to cars that you want to
haul in a trailer to protect it's museum quality restoration.  Your first
level of decision making is to determine where in this spectrum you want
start.

     Questions to consider include:

       a.. Do you want to do a major restoration?
       b.. Are you interested in and capable of doing some mechanical work
yourself?
       c.. Do you want a car you can drive every day?
       d.. Would you enjoy entering your car in competitions?
       e.. Do you just want a great looking car to drive on weekends in
good weather?
       f.. Are you buying as an investment?

     The answer to these questions determine how you measure the flaws you
are certainly going to find.

     Do some basic research.

     If this is your first venture into this fantasy land, you obviously
have more research to do than an experienced owner.  A good investment of
your time, even if you are not a first-timer, is to do some pricing
research.  The "beginner" should spend at least a little time reading about
some of the characteristics and unusual maintenance requirements of the
different models.

     Pricing research can begin here looking at the Classic Car Classifieds
can give you a very good idea of what is available and the general prices of
the different makes and models.  Another excellent source of information is
"Miller's Collectors Cars Price Guide 2003/4".

     There are many classic car clubs located throughout the world.
Joining or visiting one of these clubs would give you the opportunity to
talk with some car owners who will gladly share their experiences with you
about the practical side of owning their Austin Healey.  Ask questions such
as how easy or difficult is it to find a good mechanic for repairs, do you
need to use leaded gasoline, what would they be sure to look for if they
were buying another Austin Healey.  In a single evening at one of their
meetings, you could learn things that would help prevent much grief later.
A very good list of car clubs can be found at www.Classic-British-Cars.com.

     Ask the initial questions.

     When you locate a car you want to pursue, be prepared with a list of
questions you want answered.  Having an actual printed, in-your-hand list
will help you remember the important issues and help prevent the
conversation from wandering.  Let me re-state a point to keep in mind when
doing this initial investigation - you will find problems.  Any car you look
at will be 30 to 50 years old (or older).  If it was in absolutely perfect
condition, the price would be prohibitive unless you are prepared to pay for
a museum quality car.

     Keep in mind there are two basic types of questions: questions with
factual answers and questions with opinion answers.  Questions like "How
long have you owned the car?" and "Have you had problems getting repair
parts?" have easy, factual answers.   Asking "How does it run?" or "How does
it look?" is asking for their opinion.  It is my opinion that asking the
factual questions first are easier for the seller to answer and help lay the
foundation for the opinion question.  The answer to "Who does your
drive-train and engine repairs?" not only gets you the name of a source of
repairs, but also lets you know that repairs have been needed.

     We have prepared a list of question on a "printer-friendly" page.
Some buyers have found it helpful to cut and paste the list to a text editor
or word processor so they can make changes and editions.  To see our list
Click Here.

     If you think we have left out a valuable question, email Classic
British Cars.  We appreciate your help.

     Test drive the car.

     Now for the fun part!  You have located a candidate, scheduled a test
drive, and now you are ready to actually see and drive what is, quite
possibly, going to be the fulfillment of your dream.  A reality is that
letting you (or me!) judge one of these classic cars is as dangerous as
letting a nineteen-year-old with raging hormones select a mate for life.
Before laying eyes on this beauty, we need to determine, as rationally as
possible, what are going to be the minimum requirements for appearance and
performance. Our next goal is make a clear assessment of the car.  To aid in
this process, we suggest that you go prepared with the proper tools and a
checklist to insure that things are not over-looked in the passion of the
moment. One extra benefit of being prepared is that the seller will realize
you are a serious buyer who is likely to discover the car's weaknesses and
perhaps will be more complete in describing the car's condition.

     The first things you want to evaluate are the condition of the
bodywork and appearance issues. In general, bodywork is more expensive than
mechanical work. The biggest enemy of a classic car is rust. You need to
look for rust with the same zeal as a detective covering a crime scene. We
discuss this more on our checklist.

     Next you need to confirm the mechanical condition. Keep in mind you
are not looking for a car with absolutely no problems. You just want to know
what needs to done immediately, what will need to done soon, and is this car
capable of being maintained and available for your driving pleasure.

http://channels.netscape.com/autos/package.jsp?name=autos/buying_classic1

    Buying a Classic Car
     By Eric Peters
     03/31/05

     Picking out a classic car you'd like to own is easy. It's finding (and
buying) the thing that can be as challenging as a full-on rotisserie
restoration.

     Finding it involves scouring "Antique and Collectible" classifieds ads
(Hemmings Motor News, Old Car Trader, etc.) and checking with clubs devoted
to the make/model you're after (for example, the Pontiac Oakland Club
International) to find a candidate.

     Unless you're incredibly lucky when you find a car up for sale, it
won't be local, maybe not even in your part of the country. This is where
things begin to get tough. You can proceed from afar, trusting the seller's
honesty as well as his perception of what such terms as "slight rust" might
mean, or you can road trip (by plane, train or automobile) to actually check
it out yourself. The first option involves a lot less expense and hassle up
front, but the second option might save you a lot of heavy-duty grief later
on, even if you do burn up some gas, airfare, time and trouble.

     Personally, I'd recommend inspecting the vehicle yourself. There are
so many advantages it's almost a no-brainer. They include:

     Being able to talk at length with the seller in person about the car.
It's much harder for a seller with something to hide to bamboozle you in
person than it is over the phone. He has to look you in the eye, and you can
use your "Cheese-o-Meter" to sniff out any bad vibes.

     Being able to do an actual walk-around and crawl around. A car that
looks like a show winner in a JPEG digital snapshot might hold up a lot less
well in person. You'll be able to sight down the quarter panels for evidence
of Bondo (Bring a magnet, too. Wrap it in tissue paper and use it to check
for body filler and rust repair. If it doesn't stick to a panel that ought
to be metal, you can bet your Quadrajet something is fishy.) as well as
eyeball the undercarriage for signs of serious problems such as frame rot.
(Be very suspicious of recently applied black undercoating. This stuff is
often used by shady sellers to disguise Swiss-cheese floor pans and frame
rails.)

     Being able to actually hear the engine and drive the car. Some people
have been lucky and bought a collectible car they've never even sat in until
the day the truck brings it to their driveway. And while most people
involved in the old car hobby are exceptionally nice, as well as above
board, there are some stinky clowns out there who will sell you a
Motor-Honeyed turducken with 180,000 miles on the clock instead of 80,000.
In contrast to modern cars, it is incredibly easy to roll back the odometer
on a car built in the 1960s or 1970s. And it's equally easy to do an
el-cheapo "rebuild" to get the engine to stop smoking, at least for a little
while. These are things you'll be much more likely to detect if you're there
in the flesh behind the wheel of your new baby.

     Being able to negotiate. Nothing beats being physically at the
seller's place with cash in hand when it comes to whittling down the price.
He wants to get rid of the car, and there you are, wad of bills distending
your pocket. The immediacy, the nearness of the boodle, is an enticement
that just can't be equaled by making offers over the phone. After all, you
might change your mind, leaving the seller holding the bag. But if you're a
seller looking to get $18,500 for your mint '67 Mustang and have already
dealt with half a dozen Internet tire kickers, it's mighty tempting to
accept a real-deal offer of $17,900 from that nice dude you've just spent
half an hour with in your driveway.

     On the other hand, sometimes you've got no choice but to buy from afar
sight unseen. If your dream car is highly unusual or very rare,
opportunities are often few and far between. You may not have the luxury of
time to get out to see the car before someone else beats you to it. Rather
than lose what may be a once in a lifetime (or at least once every five to
10 years) opportunity, it may be necessary to dig deep and hope for the
best.

     But you can hedge your bet, at least a little.

       a.. Ask the seller if he'd agree to accept a deposit to hold the car
and hold off other buyers until you can make arrangements to see it yourself
(or have a trusted friend do it for you). If the car turns out to be less
than you had imagined or had been led to believe, you can always walk away
and lose only the deposit instead of being stuck with the keys to a clunker.

       b.. Ask the seller to provide you with the car's Vehicle
Identification Number (and any other supporting documentation) to back up
claims of the vehicle's status as a collectible. There are unscrupulous
people out there who will take a standard-issue model of an older car (for
example, a six-cylinder Chevelle) and, with aftermarket and reproduction
parts and trim, create a faux collectible (in this case, an SS 396
Chevelle). Many of these clones are superb, and the only way to tell the
difference is by a thorough examination of the VIN, engine stampings, body
codes and so on. But a clone is worth far less than a real-deal original.

       c.. If you are not extremely knowledgeable about the particular car
you're looking at, find someone who is to advise and coach you about the
right questions to ask the seller. You can find such an advisor in a club
devoted to the make/model car you're thinking about buying. For example,
Pontiac Oakland Club International has a membership base of hobbyists
devoted to classic Pontiacs such as the GTO and Firebird with encyclopedic
knowledge they're usually happy to share with someone interested in getting
into the hobby.
     Lastly, always listen to your gut. If it tells you something's not
right even if the car looks great, take a long minute to think very hard
about doing the deal. As anyone who has been at this game for awhile can
tell you, that inner sense that something's not quite kosher is almost
always right on the money.

     Ignore it at your peril!

John, I am working under more of a handicap than usual. I have a
rectangle in the middle of my screen:
"This program has performed an illegal opoeration... and I missed the
link.
I would think that something like "Numerous guides are available
through this SDC site to inspect a potential purchase. It is advisable
to confer with member of your chapter before doing your first
inspection."

If we get a real klutz who thinks that he can do it and ends up with a
clunker, we don't want him blaming us. Having a "sea daddy" to aid him
take his first steps may be safer.

What you think?

Karl

   If everyone listens to your advice, who'll buy the dogs.<g>