How to Buy Your First Hot Rod

Buying your first hot rod, or any hot rod for that matter, may seem like a daunting task.  Unlike daily driven vehicles, there is no real good price guide for hot rods.  Hot rods are modified  cars, usually older models between 1930 through 1960, that have little resemblance of the original model.  There are no standard options or conditions to compare in a price guide, so you will need to do your homework on finding the true value of what type of hot rod you can buy with your money.  Some hot rods are not even original models, they have been built by kits you can buy today to build your own rod.  As with any classic car or collector car purchase, the more research you do beforehand will greatly improve the enjoyment you get out of your new ride.

If you are thinking about buying a hot rod, you probably already know some basics about the cars.  If not, visiting hot rod club meets and reading hot rod trade magazines will be a big help.  Talk to the owners at these meets or car shows, and you will soon find out many of the owners are beyond their first hot rod.  Some have probably purchased many cars in the past, currently have more than one, or they have restored or built the hot rod themselves.  Ask questions, owners are always willing to talk about their pride.  Questions such as "why did you decide on that type of hot rod", "how and who helped you restore a hot rod", or "what would you do differently on your next purchase" will get you a lot of ideas to think about.  There are hundreds of hot rod forums online where you can ask questions also, but I have found that it is no substitute to talking to the owner right next to his or her hot rod, listening to it as they start it up and rev the engine.  If the loud roar of the engine and the smell of exhaust doesn't motivate you to buy a hot rod, nothing will.

You may know what type of hot rod you want to buy, but reality checks in when you get to the financing stage.  The amount of money you can spend on a hot rod will determine what kind you will get, but there are options on the lower end of the price scale.  The top of the line perfectly built hot rod with an award winning paint job and all top of the line parts will run you a small fortune, but you can always start small and build your way to that car if you are mechanically inclined and willing to sink in more time and money into the project.  Another option you have on a smaller budget is a rat rod.  This small niche of the hot rod scene is growing every year, as rat rodders enjoy the mechanical and building part of the rod rather than the looks.  A rat rod is basically a performance hot rod without the looks, usually painted with a primer or the panels are rusted.  Odd parts are used throughout the car to make it look like it was built from junkyard parts (which most are).  Some of the more unique rat rods I have seen in the past have had household doorknobs as the door handles for the car, and a wrench for the gear shifter.  You don't have to spend a lot of money to have fun with a hot rod.

Financing the purchase of a hot rod is not difficult, as long as your credit is in decent shape.  If you are approved for a loan and you have not found the hot rod you want to buy yet, you will likely have between 30 and 60 days before you have to reapply for a loan.  You may have troubles with a loan like this through a typical lender, since I noted above there are no real price guides on hot rods.  Your best option is to find a collector car lender to apply for a loan.  You will likely have less hassle, and you may get better interest rates and longer loan terms.  Once you do find the hot rod you want to buy, the lender may require you to have the car appraised, usually by an approved vendor of their choosing.  Don't feel insulted, this is a protection for you and the lender.  They want to make sure the car is truly being sold for the correct value, and I'm sure you'd like to know as well. Make sure you ask your lender in advance if they require an appraiser of their choosing, it will save you some time and money if you were planning on having one done anyways.

If you are quite choosy in your criteria for buying, chances are it will be harder to find what you exactly want, and that may be in another part of the country.  Thanks to the internet, instantly you can find nearly any car you want to find.  This may mean transportation will need to be involved if you have found your one of a kind ride 1800 miles away.  You may be tempted to drive it back yourself, but likely you will need transportation.  There are many options.  Cheaper options involve open air transportation trucks, and a little more money will get you enclosed trailers for added protection from flying road rocks and debris.  Even Fed Ex offers enclosed transportation service.

This should help you understand the basics of buying a hot rod or any other type of classic or collector car, but this is only a basic guide.  With a purchase like this, take your time and look around.  If you are a budget shopper, take a few months and just watch prices.  Every once in awhile you can find a gem with a nice price.  Interestingly enough, from what I have read in the collector car industry is that a lower economy doesn't necessarily mean lower prices and better deals for buyers.  Prices are not dropping much, but values are staying steady with minimum growth.  This is a far cry from the double digit growth in value in the earlier 2000's, some values grew over 30% in some areas of the market.  The  fact is, most collector car owners are older with some savings, and many have more than one collector car.  But there are exceptions, I have seen a few good deals stating the reason is "need to sell now".