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A Guide To Owning Your First Classic Car

Classic Car owners tend to invest in their first classic car for one of two reasons. Many buy the more rare marques and more expensive models as collectors looking to earn a return on their investment at a future date. This is particularly true when the prevailing economic conditions make the price of money cheap, with low interest rates.

However, the majority of classic car owners invest in their first vehicle as their only car, which they put to daily use. Owing your first classic car should be more about the pleasure you obtain from driving it than the pain that they can sometimes bring you, due to their age.

If you rely on a classic car to do the school run and pick up the weekly shopping, and it breaks down every five minutes, the enjoyment and pleasure obtained from driving a cool car with character will soon be tempered by the hours you may spend in a lay-by, waiting for a breakdown truck to arrive.

So investing in your first classic may be a lottery and you may well end up with a ‘lemon’ and regrets if you do not follow certain basic guidelines when buying your first older vehicle. The secret is in choosing the right model for your needs and budget, and then locating a vehicle that has been well cared for and has already been someone else’s ‘pride and joy’.

Do not jump in with your heart ruling your head and buy the first model of the make of car you want that you see advertised on your local forecourt or trader magazine. Look for a car that is in keeping with your taste and style and if you do your research and pick wisely there is no reason why a well looked after classic car cannot give you as many years of trouble free motoring as a modern motor.

There are many considerations when you take your first steps towards buying a classic car, not least the purchase price but also the ongoing costs of keeping the car roadworthy. Some models of classic car are sold cheap and may at first appear to be a bargain, but a closer look often reveals that these particular models have known faults, prohibitive running costs or very expensive spare parts.

Running costs should always be a primary consideration for those who wish to use a classic car on a daily basis. A large 4 litre gas guzzler may be cheaper to buy initially, however it soon becomes clear when you visit a filling station why the 2 litre version of the same model commands a much higher purchase price and is more in demand by classic collectors.

In the case of classic cars that have been imported from abroad, the potential buyer should be aware that replacement parts are usually either much more expensive than their domestic counterparts, and in some cases of manufacturers that no longer exist, completely unavailable.

Once you have decided on the make and model of your preferred classic, ensure that you thoroughly research all the known problems for the car. Most classic cars have owners clubs online and a quick visit to these and related forums can provide invaluable assistance in helping you determine potential problems you might have and an indication of running and maintenance costs of the model. Furthermore, these enthusiasts are the people you will meet if you intend to show your classic or attend rallies or obtain rare spare parts, so it pays to introduce yourself to the community at an early stage.

One final consideration that must not be overlooked is the cost of Insurance. This really should not be a worry as Classic Car Insurance polices are often extremely competitive, especially if the classic is to be your second car or you choose a limited mileage policy. Even for young drivers most car insurance underwriters realise that you are not going to wrap your classic motor into the nearest tree at the earliest convenience, however classic cover for larger models is usually restricted to drivers over the age of twenty three. Insurers will now consider any car over tens years old as a ‘modern classic’ and younger drivers can obtain cover for these by visiting a specialist car insurance broker or provider. When searching for classic or collectors cover online, it is now possible to compare car insurance quotes at many of the major car insurance comparison websites. However if you require tailored cover or have unusual driving requirements, visit a specialist insurer who offers schemes for your particular make and model of classic car.

Article Source: http://EzineArticles.com/6359234

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Tags: car car news car tips

Modern Classic Cars – The Vauxhall Lotus Carlton

In the summer of 1986, Vauxhall acquired the cult British sports car company, Lotus, and the motoring world wondered what on earth the maker of the Viva and Cavalier family saloons was going to do with the high performance car maker. They had to wait three years to find out.

Take a normal family saloon car and stick a 3.6 litre Lotus Engine in it and what do you get?

The Vauxhall Lotus Carlton which in 1990 became the fastest saloon car in the world capable of speeds up to 176 mph.

Vauxhall Motors had been owned by US automobile giant General Motors (GM) since 1925 and since 1962 when GM acquired German manufacturer Opel, both companies had regularly shared the same designs, engines, components and cars under different badges for their respective markets.

The early Carlton’s were modest relations of what was to come.

The first Vauxhall Carlton or Omega as it later became known in Europe and the US, was the British version of the Opel Rekord from Germany.

The Mark 1 Carlton was a typical 1.8 or 2.0 litre petrol four door large family car aimed at the middle market to compete with the Ford Cortina and Granada. A spacious and comfortable real wheel drive motor with reasonable performance, it was also available as an estate car.

Yet despite many interior design upgrades and a diesel version, sales were not spectacular.

The Mark 1 Carlton was mostly built in Germany and assembled at the Vauxhall Luton plant from 1978 until 1986 when it was replaced by the Mark 2, which was to become the basis of the Vauxhall Lotus supercar.

The new Carlton was a totally different beast to its predecessor. Designed to take on both Ford and BMW for the British executive saloon market, at the end of its launch year of 1986, the Carlton / Omega range earned itself the industry accolade of European Car of the Year.

The Mark 2 Carlton was powered by a straight-6 engine with a 2.6 and 3.0 litre choice. In 1986 the engine had 12-valves, but later models offered a much more powerful 24-valve version in the Carlton GSi which became the basis of the Lotus production car.

Although it was unveiled at the 1989 Geneva Motor Show, it wasn’t until 1990 that the Vauxhall Lotus Carlton entered production. Apart from an obvious rear spoiler, low profile body kit and a couple of air intakes under the bonnet, there was little to tell the car apart from the family model. However it was what was under the bonnet that made this the worlds fastest four door production car ever!

The 3615 cc V6 Lotus engine was built with a four valve cylinder aluminium head with twin overhead camshafts. Fitted with twin Garrett T25 water-cooled turbochargers the car developed 377 bhp at 5200 rpm, with an incredible 419lb per foot of torque.

The drive was taken via a six speed gearbox taken from the GM Chevrolet corvette to a strengthened rear wheel differential. This enabled the Lotus Carlton to reach an amazing speed of 176 mph when tested at the high speed Nardo track in Southern Italy.

GM planned producing 1100 cars initially over three years, however due to the recession that hit at that time and the high price tag of £48000, sales were slower than expected and only 950 cars were eventually built when Lotus made the last Carlton in 1992.

The Lotus Carlton will probably go down in history as the world’s fastest saloon car that nobody knew about! The fact that the car was so fast caused so much controversy that the corporate advertising of the day did not mention this fact, only that it could accelerate from 0 to 60 in 5.2 seconds! Had they sold the car on its amazing capabilities, the Vauxhall Lotus Carlton may have had a much different story.

Although the Vauxhall Carlton went on to become the new Omega in 1996 the short lived Lotus version became an instant modern classic.

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Discover How Bad Credit Affects Your Car Loan

Bad credit has a huge effect on your car loan and the interest rate that you will get. Depending how bad your credit is you may not even qualify for the loan. There you are sitting at the dealership, buying the car of your dreams. You feel like you are on top of the world. You have saved up $3,000 for the down payment, you paid all your bills on time last year and you just got a big promotion at work.

What happens next is something that you never dreamed of happening to you. The car salesman comes back out of the finance department, shaking his head, and with a sad look and says, “I’m sorry sir, you don’t qualify for this car.” You are in shock! How can that be? You paid your bills on time, you have a cash down payment and you just got a promotion.

A bad credit score can affect your car loan in a number of ways.

Bad Credit Scores And Your Car Loan.

A bad credit score can affect the interest rate you pay on a car loan, and it can also affect whether you get the loan or not. When a lender is looking at your credit they don’t just look at what you did recently, they take a hard long look at your past. They can go back as far as seven years to see if you qualify for the loan.

Lenders and banks use your credit scores, or FICO credit scores to determine if they will make a loan or not. Lender wants to make sure that you’re going to pay back your loan. Credit scores are based on several different areas, including pass history payments, how many inquiries you have on your credit report, the credit limits on your credit cards, what types of credit you have, how long you have had credit, and how much debt you carry.

Now let’s take a look at the example above. You could have had a nice raise, with cash for the down payment and paid all your bills on time in the last 12 months. But, what did your credit history look like before that? Did you miss any payments on your credit cards, or were you late with the payments? Did you co-sign for a loan for a friend? If you did, this loan would show up on your credit report and be figured in on your income to debt ratio.

Before you go out looking for a car and think you’re going to get a great deal, check your credit report first. You may be surprised at what you find.