Most of us have a good idea of what cars sell for: we know without doing much research, for instance, that we may be able to afford a Ford Focus but a Hummer H2 is too expensive. We know that a new Chevy will cost us less than a 5 year old Porsche 911. But when it comes to antique, vintage, or classic cars, it is much harder to determine the value without considering a few factors. How do you know if the car you want to buy is worth the asking price; on the flip side, how do you know you're asking enough without being aggressive? Here are some tips on classic car values.
You can find any number of sites online, including eBay, which sell classic cars. Pricing is all over the place, and you need a reliable guide before you decide to put down your money. Before you consider the cost of a specific car, find out the general prices for the same make, model, and year. You can do this very easily and quickly online at sites like:
- NADAguides.com
- BuyClassicCars.com (under Pricing tab)
- kbb.com (Kelley Blue Book)
- AutoPricePortal.com
This will give you the ballpark that you are going to be playing in when you are buying your classic car. Let's say that you want to buy a 1968 Ford Mustang, and the model you are looking at has a 302/203 HP V8 engine and a 4 speed transmission. According to NADAguides.com, the average retail price will be about $25,000. High retail is almost $30,000, and you can find deals at $11,500. This is the base price, and it will increase if the car has other marketable options and decrease if the car has damage, rust, cosmetic issues, or mechanical issues.
Here are some other factors that play a part in determining the price:
- Condition of the vehicle. Not surprisingly, a car that has been properly stored and covered and carefully restored will be worth more than the same car that has been run hard or left to rust. You will find different categories describing the car's condition: excellent, fine, very good, good, and restorable. The cost rises along the scale.
- Original or modified. Cars with their original parts in good working condition fetch the highest prices. But the difference is not that great compared to cars that have modified parts – ifthe parts were from the same period that the car was made. You swapped a 1968 engine for another 1968 engine, for instance. But if you've put in an aftermarket engine, it will decrease the value.
- Ownership. In general, fewer owners equates to more value. If you are trying to sell your classic car, save maintenance and service records, which will help maintain the value. If you're buying, shop around for a car that hasn't changed hands too often. Also make sure that the VIN, RPO codes, date codes, casting number, and transmission and rear end tags are authentic.
- Mileage. A car that is driven a lot will be worth less. The most valuable cars are only driven sparingly.
- Body style and make. Common cars are worth less, famous or rare cars are worth more. That's fairly straightforward, and that is why you can find many models of the Ford Mustang so readily and for relatively low prices. The particular car era is another factor in value.
Whether you're buying or selling, it is essential that you know the value of the vehicle in which you are interested. Determining classic car values can be difficult, so take the time to research and ask around at car forums to make sure you are getting the best price.
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