It’s easier to spot a classic car than it is to know how much it’s worth. You may know that the Oldsmobile Cutlass sitting in your garage is a really sweet vintage vehicle, but you may be having a hard time deciding how much to sell it for. Or maybe you’ve seen that Cutlass, but don’t know if it’s worth the price.
Worry no more as here is an easy guide on how to estimate classic car values.
1. Research on dealer market values
Classic car values almost always fluctuate, as all car values do. By researching the market value of a classic car sold by professional dealers, you can have a clear marker of how much a vehicle is worth under certain conditions.
Remember though, this is a dealer price, so expect it to be 10-20% overpriced. There are many other price determinants that are often not covered by dealer-based values, such as your own preference and the demand for that car. However, dealer market values are still a good indicator.
2. Check the condition of the car
The condition of the car is usually the biggest determinant of its value. Most classic car enthusiasts use a five point rating system, as follows:
Excellent: A car in perfect and near mint condition, generally drivable.
Very Good – A car with some very minor scratches or engine and mechanism failure, but still in near mint condition and drivable.
Good – A car with some very repairable damage, but still takes little effort to restore and is still drivable.
Fair: A car that needs a lot of restoration work, with signs of abuse like dents, scratches, and rust. If a car is not drivable due to engine, brake, or other mechanical failure, but has a solid exterior appearance, it will fall into this category.
Parts Car: A car that cannot plausibly be restored due to severe damage. A parts car, as the name suggests, is usually bought for its reusable parts alone.
A car in excellent condition could sell for double or triple its original price and collectors will keep buying it. Cars in good or fair condition are the usual ones you will see on the market.
3. Personalization is inconvenient
A classic car with an air conditioning unit, a fuel-efficient engine, and soft seats may be desirable, but these modifications often reduce a car’s value. Custom paint jobs may look great, but they still reduce the potential price. The reason for this is simple: original parts are more difficult to find, and their maintenance is also more difficult. Expect a car with almost all original parts (including wheels) and paint color to come at a really high price.
4. Rarity is an advantage
Classic Dodge Chargers may be great value, but Chargers with a Hemi engine are a gold mine. This is because Hemi engine equipped Chargers were made in very limited numbers. If you have one in your old man’s garage, you might want to reconsider that engine swap.
5. Original options are a plus
Turbochargers and superchargers can add to the value of a muscle car, since they are original parts. Because the ’61 Bullet T-bird is used as the pace car for the Indianapolis 500, it has some original-era modifications that add to its value.
Remember, when buying or selling classic cars, consider condition, originality, rarity, and additional options. Put this together with the dealers market value and adjust as necessary.
