Classic Car Values

Classic car values can run from dirt cheap to near millions. There are several determining factors when looking at classic car prices.

Certain guidelines can be used to establish the value and price of a classic car. Searching through classified and other sale ads is not adequate when determining classic car prices. There are certain guidelines that you can follow to determine the value of your car. Even the top auction companies use these guides when determining classic car values.

If you are placing a classic car for sale, the current market and what a buyer is willing to pay plays a big part in the actual sale price. If a buyer wants your car, he may be willing to go above a pre-determined value.

The most important determining factor for finding the value of a classic car is the condition. Most classic cars fall into four main condition categories, fair being the lowest and show being the highest. Cars in show condition are worth more versus those in excellent, good or fair condition. The difference between cars in excellent condition and those in show condition may not be seen if standing more than ten feet away. The differences in these two categories are in the small details under the hood, under the car, on the chassis and in the interior of the car.

Cars falling below the fair category are poor quality and are worth significantly less than the cars in the main four categories. Poor cars probably don’t run, have a considerable amount of body damage and rust, and need extensive repairs to be restored.

• Fair – This condition of a car is fully functional, but may have minor chassis rust or body damage. The engine, transmission and other parts work but not to their potential. This car needs paint and body work done. The chrome parts and other trim pieces need to be replaced. There are no major missing parts and the car is ready for restoration.

• Good – This car is probably driven on a regular basis and is completely original, or may have been restored many years ago. Most classic cars that look to be original and in good shape fall into this category. There are no major problems with the function or body of the car.

• Excellent – A fully restored or well-preserved car is considered in excellent condition. The car is rarely driven, and when it is, extreme care is taken to keep the car dry and clean. This car would win at most meets and shows.

• Show – Show condition is the best condition of a classic car. Very recently restored or extremely well preserved, this car is almost never driven. No classic car can be in official show condition unless certified by judges at a National Show. With a points system placed on classic cars at National Shows, excellent cars receive 90 to 95 points. Show quality cars earn 95 to 100 points. A National Show Certified classic car with a score of 100 can command a substantially higher price than other show quality cars.

There are options that can add or decrease the value of a classic car. Options place the classic car into a completely different category and value range.

Customized cars can be put into a category of their own under certain conditions. Most people looking for classic cars want completely original cars. In this case, a few custom parts may cause the car to be worth less, even though money was spent to add the custom options. In some situations, these custom parts subtract from the price of returning the car to its original condition.

A car that has been fully customized doesn’t follow the general guidelines of classic car categories because they are in a class of their own. People looking for fully customized cars put a different value on the car and its custom parts than an original car.

Kit cars are in a category of their own because there are no standards to follow or compare to when looking for a set value. The build quality, features and condition can vary greatly on every model. Using an appraiser, who is knowledgeable in classic and kit car values, is the only way to get a true fair market value on a kit car. Even comparing prices on other kit cars that are the same make and model is not a reliable way to determine the true value of your kit car.

Mileage is a big factor when buying a used car, but may not be considered when determining the value of a classic car. The condition of the car is far more important than the mileage reported on the odometer. In fact, most classic cars that have had complete body-off restorations have had the odometers rolled back to zero. In these situations, there is no way to find the true mileage of the engine, body or chassis of the car.

The only instance where mileage really matters is when an original car with documented low mileage may be valued higher than another original model with more miles on it.

A parts car is priced by the worth of the remaining parts, since the car is missing major parts and is not in running condition. Use this type of car for the remaining parts to restore a car of the same make and model.

Determine classic car values by the condition the car is in, market value and the price that a buyer is willing to pay.

• Written by Traci Benoit

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