Classic cars are more popular than ever! Classic cars run the gamut from old school hot rods to classic compact cars and everything in between, but how do you know what your classic car is worth—or how much is a fair price to pay for a used classic car you’ve been eyeing? The best way to find out is to consider a classic car value estimator process; the following guide will help you learn what you need to know to estimate the value of a classic car.
What Can Affect Your Classic Car Value Estimate?
There are many different factors which can impact the value of your classic car. Some of the most notable factors which can impact the estimate for a classic car include the following factors.
- Rarity: As a general rule of thumb, the rarer your classic car is, the higher the estimated value. Rare cars are typically cars with a lower production number or cars which were typically not kept in good condition when they were first release and are now hard to find in workable used condition.
- Demand: Some classic cars may work perfectly and look brand new–but not be in demand. The more in demand your classic car make and model, the higher the estimated value. In some cases, demand is more important than any other factor, since the condition, repairs, etc., will not matter if no one is looking to buy this type of classic car.
- Restoration: Classic car restoration can be a double-edged sword. On one hand, many classic car buyers want cars which have been significantly or completely restored so that they can be used and showcased. On the other hand, certain types of restorations may actually devalue a classic car. Before you commit to any restorations on your car, make sure you do research into what restorations people prefer so that you can pick the options that will increase your car’s value.
- Current Condition: Finally, the current state of the classic car will affect the estimated value. The more work that needs to put into the car to bring it up to good condition, the lower the resale value, since buyers will be estimating the time and money they will need to put into the car when determining the price they are willing to pay for the vehicle.
How to Get a Classic Car Value Estimate
A classic car value estimate can be done in several ways. One way to get an estimate is to look for online tools and books which can provide general values for popular classic cars based on make and model, along with some key factors to consider in regards to how condition may impact value. This is not an exact science, but it can give you a good idea as to what your car will go for on the market.
Another way to have your classic car value estimated is through a professional appraisal, which may be done by a dealership or private organization.
Remember to keep the above information in mind when you are looking to have your classic car value estimated.
