Did you know that there are approximately 5 million cars in the USA that are considered Classics?
If you have an older car, you might be wondering whether it is a classic or not. After all many older cars are highly sought after and carry a high price-tag.
How can you know the true value of your car? Why not check out our in-depth review of classic car values? You might just find that you have a treasure sitting in your garage.
Level of Demand
The first factor that will define the value of your potentially classic car is the level of demand for it. Your classic car may be old and condition. However, if it is a very common car then there may not be much demand.
You can find out the demand for your car by checking collecter magazines. They often have classified ads that serve as a classic car value guide. By comparing sales prices for similar models you will get a good ballpark figure for your car.
The rarity of the Model
If you are fortunate enough to have a truly rare classic car, you may have a goldmine on your hands. If only a few cars of your model were made or they have a unique specification, you may find that its value is higher than expected.
In this case, you may wish to speak with a classic car sales company. If you look to place the price yourself, you could end up selling yourself very short.
It can be very tempting to see a classic car as a personal project where we can practice our amateur mechanic skills. However, this could seriously impact its value.
A poor restoration job will cause the value of the car to drop, whereas professional restoration will cause it to rise significantly.
In addition to restoration, if you are interested in adding customization to your car, why not check out this post.
Its Current Level of Restoration
If you have started to restore your classic car, but it is not yet finished, it can be tricky to establish a final price. The remaining work on the engine, the exterior, and upholstery will reduce the price. How much it reduces the price depends on the extent of the remaining work and who is interested in buying it.
If you are looking for industry-standard guidelines regarding the pricing of classic cars, then the NADA guide is your friend. It provides well-researched established information regarding the current state of classic car values and the market in general.
You should remember that the market is subject to change and so prices in the NADA guide are guidelines.
Classic Car Values and Much More
If you have come into possession of a classic car, you might be wondering what makes it valuable. By following the principles above, you will be able to better understand classic car values and how much your car is worth.
If you are interested in learning more about cars and finance, why not check out our blog page? We publish articles on a weekly basis that we know you will enjoy reading.