If you’re a classic car collector or a car aficionado, you know how important it is to be able to ascertain car values for older vehicles. Knowing the value of a classic car can help you determine collector car insurance cost, figure out the best classic cars to invest in, and narrow down a selling price when you’re ready to sell your collector car.
If you’re looking to determine the value of a classic car or any specialty car, whether you already own or are looking to purchase, you’ve come to the right place! The Vault has been in the collector car business for 30+ years and our experts know exactly what to look for in order to figure out the current market value of classic cars. We have a few tips to determine the value of a collector car so that you have a starting point in finding out what your classic car is worth.
A great starting place to determine values for classic cars is to research book values for collector cars. Some of the best tools for car valuation include the classic car values Kelley Blue Book, Nada classic car values guide, Hagerty classic car value guide, or Edmunds classic car values. These will get you very close to the price of a classic car. However, the truth is, a classic car’s actual value is based on more than just current classic car price guides. So what affects the value of a classic car?
The book values from your research provides a starting point for the value of an antique car or any other collector car but when you move to the next step of professional car appraisals, the value may increase or decrease slightly. Classic car appraisers also consider a few other factors.
How does restoration affect classic car value? If the car has been restored to factory condition, this is usually a good indicator that your classic car value will match the book value fairly closely, as book value is based upon expected condition. If the restoration was done by a talented professional, such as those at The Vault, and the car has been restored to mint condition then you will most likely see an increase in the value.
What decreases the value of a classic car? If your classic car was modified to your unique preferences and these alterations stray from the original specs, then this will lower the value of your classic car. You’ll see a higher value if your car is fully restored, versus partially restored. If there is still more restoration to be done, you’ll see a lower value, as the dealer will have to factor in the cost of completing the restoration.
Clearly, how you (or previous owners) have cared for the car will greatly affect the value of the car. Car appraisers will consider the book price and then assess the actual car they are viewing. Has it been neglected and weathered over the years? Or has it been consistently cleaned, stored inside, and thus is in exceptionally good condition? Additionally, they will take into the consideration the rarity of your specific model which greatly affects its value.
If you’re selling a classic car, the dealer themselves can potentially affect the value they’ll assign your car. This all has to do with the current demand on the market for your specific model, how many of your models are currently for sale, how likely they will be to resell your vehicle, if they already have a specific buyer for your car, etc.
If you’re looking to purchase a collector car and want to be sure you’re getting a vehicle of value, or if you want to sell a classic and need to know the right price-point, visit The Vault. We can help on every level, from just an appraisal all the way to selling your car for you or getting you in the ride of your dreams (one that’s worth it). Give us a call today, our experts are ready to roll!