Your first step is to stop for a moment and ask yourself what you want to do with the car. Do you want to pick it up and drive it like a new car (a bit of a tall order)? Do you look forward to the rebuilding process as much as eventually driving the car? Are you looking for a “pretty” car that you can drive, or are you looking for a true, original numbers collector’s item? Make sure your goals are clear before you head out to buy a classic car.

With your expectations firmly in mind, make a list of what you want in the car. In the first draft, hold nothing back. You can pare down the list later, but for now let your imagination run wild. This, after all, a dream project – so dream a bit.

Now look at that list. What’s really important and what can you live without? All original VIN numbers are a big deal to some collectors, and will affect the value of the car, but does that really matter to you? The color of the car may be a non-issue if you have access to a good paint shop. Keep in mind what you want from the car, and what you’re willing to do to have the car match your dreams.

The next thing to do is to contact potential sellers and ask your questions. You should feel comfortable with the answers, even if those answers are “I don’t know.” Then set an appointment to see the car.

When you approach the car, see if it lives up to the description that you got. Open the hood and crawl all over the car. Check for rust or other body damage. Check the fluid levels. See if the belts need replacing. Look at the hoses. Look for leaks. Even if you plan to replace all of these things, begin to learn about your dream car now.

Check those numbers out and see if they match, especially if you were told that it was all original. There’s nothing wrong with a restored car, but if you want or intend to pay for original, you should be getting original.

Now it’s time to start the car. Was the engine cold when you started it? Keep that in mind as you look over the running car. Now take it for a drive. Note any sway or handling issues. How does it shift? Do the breaks pull?

Ask to see any repair records. Not having them isn’t necessarily a deal breaker, but they are nice to have. See if the owner will let you take the car to your mechanic, or, if the car is to be resorted and doesn’t currently run, see if your mechanic will come with you. A large project can be a windfall for a mechanic and a good one who’s in the restoration business will be glad to tag along. This way, you can see if the car is within your restoration budget. Paint and interior work is one thing, but do you really want the time and expense associated with hunting down a replacement for a cracked block? The mechanic will be able to tell you what kinds of replacements and repairs are absolutely necessary, and which ones just might be helpful.

After you have all of this information, you’re ready to make an offer on the car. You’ll have some negotiation room, but assume that the owner knows the book value of the car and the costs of restoration as well as you do. Just don’t let the fulfillment of a dream mean that you’ll be taken for a ride.