Are Classic Cars Better Than Modern Cars? | Dave and Ray's Auto Omaha (2024)

FAQs

Are Classic Cars Better Than Modern Cars? | Dave and Ray's Auto Omaha? ›

Classic cars are affordable and are also a good investment. The value of classic cars does not depreciate and can actually grow in value, especially collectors' models. On the other hand, modern cars are more likely to depreciate in value as opposed to appreciating in value.

Less reliability: Given their age, classic cars are known to be less reliable than modern cars. However, their reliability largely depends on how owners maintain their vehicles as well. Just like modern cars, classic cars also require regular tune-up and maintenance. They can work well with proper and timely attention.

It's a safe bet that they tell you that most cars begin to show severe signs of age at 50,000 miles and are junk at 100,000 miles. While that advice may have been accurate for vehicles in 1973, today's passenger cars will last more than twice as long as their predecessors did 50 years ago.

Classic cars also aren't as environmentally friendly as newer models. They produce higher emissions and emit more pollutants into the air. Safety: Compared to modern cars, classic cars lack many features that help keep you and your family safe on the road today.

“Regular maintenance from specialists who understand these specific models can mitigate some issues, but a higher frequency of breakdowns should be expected compared to more modern classics.”

One of the main reasons people decide to buy classic cars is nostalgia. For many people, classic cars represent a different era in history and evoke memories of childhood or past vacations. Owning a classic car can be a way to relive those memories and experiences every time you drive it.

Additionally, maintenance costs can quickly add up as cars age. Parts are harder to find, and labor is more time-intensive. If these concerns make you uneasy, avoid cars over 20 years old. This rule of thumb may help ensure your vehicle choice is still safe, reliable, and affordable.

If you really want to really save money on a new car, don't sell your old one. Here's the single most reliable way to save money on cars: Keep your clunker and drive it till it drops. A decently cared-for vehicle should still be running long after the odometer has clocked 100,000 miles.

A used car is a good choice if you are trying to save on your initial purchase. But you'll need to consider the cost over the life of ownership — including maintenance and repairs. Depending on how you want to use the vehicle and your overall finances, you may find that buying new is the better choice.

Why not to buy a classic car? ›

The most significant con is the maintenance of classic cars. The cost of maintaining an old-timer, including insurance and maintenance, can be up to 20 percent of the classic car's value. Spare parts or even simple consumables may be really difficult to buy in auto parts stores, so you have to 'hunt' for them.

The plain truth, however, is that you'll never get a true classic car up to modern standards of safety, durability, or even theft prevention. For the above reasons, and many others, we continue to recommend that most people use a more modern vehicle for their daily driving needs.

If you keep your classic car in good shape, it will appreciate in value year after year. If you view your classic car as an investment, you'd want to hang onto it as long as possible and only sell it when you want to reap the financial benefits of its appreciated value.

The MG marque has been revived with a series of SUVs and electric vehicles but the classic MG scene is still very much alive and kicking. The MGB model was offered as a convertible or coupe and also had a range topping MGB GT version which we'd suggest keeping an eye out for.

Key Takeaways. For the automotive enthusiast, one way to diversify an investment portfolio is to start collecting classic cars. Most cars lose value immediately after they are driven off of the dealer lot, but classic cars gain in value over time, due to rarity, performance, or special attributes.

For cars that hold value in their rarity, it could be good news. Though running and maintenance costs are likely to increase, cars that are already rare may become even more sought-after as collector's items, pushing up their value.

Thus, contrary to popular belief, older cars are not safer than newer ones. In fact, they pose a greater danger due to the absence of modern safety features, putting drivers at higher risk of severe injury or death in an accident.