Determine Classic Car Values
If you want to learn how to determine classic car values, you'll need to understand how they differ from other used cars. In addition to looking at things like mileage and overall condition, it's important to know if any changes have been made, and if all of the parts and features are authentic to that make and model. Alterations or upgrades that might increase another car's value might actually detract from the worth of a classic car because they're not in keeping with the original vehicle.
Contents
Steps
- Consult online guides. Just as with researching the value of any other car, online guides can help you evaluate the vehicle's condition and determine a general figure for its value. These amounts are just starting points, though. With all cars, you need to adjust this figure based on the specifics of the vehicle's condition, and with classic cars this is especially true.
- Inspect the vehicle if you're thinking about buying a classic car. Look at the exterior and interior, and underneath the hood.
- Carefully inspect the body of the car to spot any poorly performed body work, and also look for signs of rust, rippling, denting or gaps. Also check the seals, tires, windows and trim. Pay special attention to any chrome pieces, making sure they're still shiny and the undercoat isn't starting to show through.
- The interior can be especially tough to inspect because there are so many small parts: knobs, dials, handles, switches and gauges, for example. Make sure they're all still intact and that they still work. And what about the radio? Is it the original? Or has a newer version been installed? If so, part of the dashboard may have been cut away to accommodate it, and this would certainly lower the car's value.
- Take notes on what you see. That way, if you cannot take the car to a mechanic for inspection, either because of cost or because the seller won't allow it, you can at least discuss your observations with a mechanic, who can give you recommendations.
- Evaluate the car’s authenticity. A key element to knowing how to determine classic car values is understanding what made that make and model unique. With a classic car, the value is determined not just by how many miles there are on the odometer or how pristine the interior is. You also need to ensure that everything is authentic. With many older cars, the paint, interior and parts have likely been replaced--but were they replaced with the same items originally on that car? If not, that may decrease the vehicle's value. And, special features or extras may have been added to the car that, while nice for the owner, are not authentic to the car and so will subtract from the value.
Tips
- If you don’t have extensive mechanical experience, or if you’re unfamiliar with classic cars, you may want to hire a mechanic to inspect a classic car that you’re considering buying to make sure that you do not overpay.
