Assess the Value of a Classic Car
Whether you're a collector looking to insure a classic car for its replacement value, or you're a hobbyist looking to sell a classic car you restored, knowing how to assess the value of a classic car will help you protect, or get the best return on, your investment. Assessing the value of a classic car is determined by a number of factors, including make and model, condition, and whether it belonged to anybody famous. However, it's also determined by market trends and how interested buyers are in a specific type of classic car. The following steps will show you how to assess the value of a classic car.
Steps
- Purchase a dependable price guide that specifies that value of classic cars.
- Make sure the guide is current, as classic car values vary from year to year and a guide can only claim to estimate a certain model's value at a specific point in time. In the United States, the NADA guide is considered to be the authority on classic car value.
- When reading the guide, it's important to realize that the condition your classic car is in will play a large part in assessing its value. Obviously, a classic car that is in mint condition is going to be a lot more valuable than one that has been restored with modern parts.
- You can also use online assessment tools that are offered on car review websites.
- Use the point system described in the guide to assess the value of a classic car. You can also ask a classic car club or dealer for a copy of the points system. You'll need to evaluate each section of the car, including the exterior and interior, paint, auto glass and trim. Also evaluate the car's mechanics, any special features, its authenticity and desirability on the collector's market.
- The top category is 100 points. Cars in this category are considered to be in museum/non-driving condition, while cars with 90 to 99 points are a sub-category 1 and are in perfect condition and operable.
- Category 2 is 80 to 89 points, which means the vehicle is of show quality and operable.
- Category 3 is 70 to 79 points, meaning the car is good but aging.
- Category 4 is 60 to 69 points, which means the car is well maintained but needs either mechanical or cosmetic repairs.
- Category 5 is 40 to 59 points. Cars in this category need restoration work done to the body, chassis, interior or engine.
- Category 6 is anything below 40 points, and means the vehicle needs extensive repairs.
- Find out if there's an authenticity document that validates when and where the car was manufactured. In addition, if the car was owned by anybody famous, make sure that fact is reflected in its provenance. For example, try to locate a title that has the name of the famous person on it.
- Research what other, similar cars have fetched recently at auctions. Remember to take the condition of the cars into consideration when comparing the cars.
- Set a price that reflects the car's condition, collector's value, and replacement value.
