*This is a collaborative post.
Inheritance challenges tend to be linked to managing properties, savings and other financial paperwork. Typically, when people inherit larger assets, they’re expected to turn to solicitors and financial advisors for guidance. But when you inherit a car, it can feel much simpler to deal with at first. Ultimately, it is a much smaller, more tangible and easier to understand asset, compared to either a house or an investment portfolio sitting on paperwork.
However, don’t be fooled. Inheriting a classic car can still come with plenty of decisions. Beyond the sentimental side of things, there may be questions around value, maintenance, and overall ownership costs. Does it make sense to keep the vehicle? Before making any quick decisions, it’s worth taking the time to understand what you have.
What is the value of the vehicle as is?
The first thing to do is resist the temptation to assume that old automatically means valuable.
Some classic cars attract a lot of demand, while others have only modest values. Even two similar vehicles can differ a lot in price depending on condition, history, and originality.
That is why it is important to have the car professionally valued. This will provide a clear picture and will provide enough information about its potential market value while also identifying any issues that require attention.
You should also have the vehicle checked by a mechanic to ensure that nothing goes unnoticed. Whether you choose to proceed to repair works or not is a decision for later.
When does it make sense to sell?
Sometimes, you may realise that selling the car is the most practical option. This is the case if the vehicle requires extensive repair work, as you can choose to sell it as is to collectors or people who will use it for scrap parts.
Additionally, even if the car is in good condition, it can force you to change your routine too much. So, the cost of ownership, both financial and emotional, doesn’t justify keeping it.
However, if you are going to sell, it is worth taking the time to compare specialist dealers, auctions, and private buyers to make sure you can get the best deal.
When should you keep it?
Of course, there are plenty of reasons why keeping a classic car might feel right. The sentimental value is hard to ignore, especially if the vehicle belonged to someone you were close to.
If you are DIY-minded, the inherited car can become a restoration project that you bring back to life.
There may also be opportunities to generate income from it, such as renting it out for weddings, proms, or even photoshoots.
If you decide to keep the vehicle, though, ownership usually comes with a few practical considerations. Secure storage is a no-brainer, as this will protect the vehicle from the elements and from theft.
Additionally, you want to look into classic car insurance covers. Specialist policies are designed around how classic vehicles are actually used, and they can involve particular maintenance needs or even limited mileage. You will also find it helpful to learn some of the basics of classic car care. Routine checks with an older vehicle are not the same as with a modern car.
An inherited classic car can be both an emotional and practical responsibility. Whatever you decide to do with it, make sure you do your research first.
