What are Classic Cars?

The term “classic car” evokes feelings of an older vehicle, generally an antique in good condition.  However, the actual definition of the term can vary depending on who is using it and for what purpose.  For example, some insurance companies define classic cars as those over twenty years old.  Some define it as those made pre 1970.  Individual states also have various definitions of the term for vehicle registration purposes and these can vary from state to state.  The Classic Car Club of America asserts that a car has to be older than one produced in 1948 to be considered as a classic.  The Antique Automobile Club of America states that a vehicle has to be at least twenty five years old to be considered a classic.

Even though there is some confusion as to the exact definition of the term and even though different groups and organizations define it in varying ways, there are some general guidelines when it comes to classic cars.  In general, there are both antique classics and modern classics.  Modern classic cars are at least fifteen years old but there are some exceptions to this rule in the form of “instant classics”.  Often these types of cars are fads and they may or may not hold their value over time.  Because they are so new, there is no way to determine yet long term appreciation.  People attracted to instant classics should purchase them for enjoyment and not strictly as an investment.  Some examples of instant classics are:

·         1989 Porsche 911 Speedster

·         1989/1990 Chrysler TC by Maserati

·         1994, 1995 & 1996 Nissan 300ZX Twin Turbo

·         1995 Acura NSX-T

·         1995 Chevrolet Corvette Pace Car

·         1997–2002 Plymouth/Chrysler Prowler

Antique classics, however, run the gamut of different vehicles including brass cars, Model T’s, Studebakers, Hudsons, hot rods, roadsters and muscle cars.  Many people purchase these classic cars for their aesthetic as well as financial value.  There are some who enjoy classic cars to have a fun car to show off at exhibitions or simply to drive for pleasure.  Others enjoy finding these classic cars and restoring them to their original quality.  Still others purchase classic cars strictly as investment opportunities and use them in contests and to sell at a profit.  Regardless of whether or not you enjoy antique classics or modern classics, there are benefits to owning them.  There can certainly be lucrative opportunities for investment but most people who purchase them do so out of a love for the car.