EXPERT ADVICE

10 Tips on Buying Classic Cars

Looking to drop some money on a sweet '68 Mustang that somebody's hawking on Craigslist? It might be a crazy bargain, or it could turn out to be a colossal waste of cash. Unless you know what you're doing, there's just no way to tell.

Jeff Allen knows what he's doing. At Flat 12 Gallery in Lubbock, Texas, Allen and restorer Perry Barndt buy, fix up, and resell classic cars, often for big profits. Now they're bringing their expertise to a car-flipping TV show, 'The Car Chasers,' which premieres on CNBC March 5 at 10 p.m. EST. "The show is not just about cars," says Allen. "It's about the negotiation process and why to invest in what."

We asked Allen for 10 tips that will help you avoid making a terrible mistake when buying a vintage automobile. "Most people want to be able to have fun on the weekends with their car," he says. "But it also has to be an investment that they're going to make money on down the line."

Launch Gallery » – Rob Brunner