What You Should Do After Inheriting a Classic Car

Many classic car owners will hold onto their precious vehicles until their last days and bequeath them to family or close friends. If you’re on the receiving end of the gift of an old car, we’ll explain what you should do after inheriting a classic car!

Transfer the Vehicle's Title

First, take care of the ownership and title. When inheriting something valuable like a classic car, you’ll have to fill out a lot of paperwork and probably file taxes.

The probate process, or the procedure of transferring the deceased belongings to the inheritor, will include transferring the vehicle’s title to your name. Many people hire lawyers for assistance, as the process is quite complex. Once it’s completed, the car is yours!

Get an Appraisal

Next, you’ll want to get an appraisal for your classic car. Determining the classic car’s value is critical for its registration, taxation, and insurance process. Appraising a classic car is different than a regular car because its value is derived differently.

The appraiser should have experience with older models. During the appraisal, it’s wise to ask if the car is more valuable in its original form or has the potential to increase in value after restorations.

Get Insurance

Now, you can move on to one of the most important steps—getting insurance. Classic car insurance is different than regular car insurance but just as critical. The insurance will protect your vehicle if it’s damaged, lost, or stolen.

Register the Classic Car

The final legal work for your classic car will be registering it with the local municipalities. Classic car registration comes with more fees and possibly more taxes. Some municipalities may even require a safety inspection of an older car before it can be registered, so set aside time for that. Look up the requirements for classic car registration in your area via the DMV website.

Restore the Car

Now that all the paperwork of the transfer and ownership is settled, you might wonder what to do after inheriting a classic car. One option to consider is restoring the car to its former glory. A restoration project is costly, but the payoffs can be enormous.

Buy or Sell Classic Cars at Ideal Classic Cars

Whether you’re interested in buying or selling vintage vehicles, Ideal Classic Cars is the place to go! We have a beautiful selection of custom classic cars for sale and are always interested in buying and adding to our collection. Browse our inventory or contact our staff if you’re interested in selling your newly inherited car today!