Do you own a gorgeous classic car that sits in your garage the majority of the year? If you are not driving your classic car regularly you are allowing it to go to waste. Perhaps it’s time to get top dollar for your investment by selling it.
And there is no better time to sell your classic car. The market is improving, international buyers are prepared to pay top dollar for classic and classic automobiles are fetching good prices. Use these five tips to appreciate and maximize the value of your precious classic car before you sell.
How to Price Your Collector Car to Sell
There’s a number of ways you can go about pricing your classic collector car. I’ll show you 5-proven methods for evaluating how much your vehicle is worth. If you have found other ways to accurately evaluate the price of a classic car, let me know in the comments below.
Take a walk-around of your vehicle and note the visual condition of your classic car:
- Are all renovations true to the original?
- Is the color and trim typical of what your classic car’s original look would be?
- Are there any components that could use work?
For instance, does the leather inside require, at best, a leather conditioner and small patch, or at worse, a brand new upholstery job? Look under the chassis of the car and check for rust. Are there any signs of rust? How bad can it be? Prioritize the fixes that are necessary. Get all the tiny inexpensive issues resolved and determine which of the larger ones you’re prepared to take on.
Use a vehicle inspection checklist to make sure you don’t miss a thing. If you are a Chevrolet enthusiast for instance, the Spindy’s Classics and Collectibles website provides a review checklist complete with everything from references to ashtrays and 8-track radios.
How Does Your Classic Car Drive?
As soon as you’ve given your classic car a fantastic interior and exterior review, it is time to assess how the vehicle runs. Concentrate on the car’s major mechanical systems such as the engine, transmission and brakes. Take out your beauty for a drive to get a sense of anything that may need work. Follow the driveway with a trip to a fantastic reputable mechanic that can diagnose anything you may overlook.
Recommended: How NOT to Save Money on Gasoline
Classic Car Vehicle History Report
As soon as you’ve given your classic car a fantastic review both under hood and during, notice the year, make, model and finally the vehicle identification number (VIN), based on the dashboard on the driver’s side corner. Do not be alarmed if your classic car is missing a vehicle identification number. The National Institute for Safety Research clarifies that automakers started using VIN’s from the 1960’s. In case your classic or collector car is old, it won’t have this identifying number.
If your vehicle does have a VIN, conduct a car title search to get as much info as possible about the car’s history. CARFAX is an online database that offers quick reports on the VIN you supply.
The report includes:
- History of automobile accidents and losses filed by an insurance provider.
- A mileage test that confirms the true mileage, preventing one of the most frequent kinds of automotive fraud.
- Previous vehicle ownership, which might be important to know if the car was used as a rental of within a cab service.
- Salvage title. A classic car or collector automobile with a salvage title means the car was deemed no longer roadworthy and a complete loss because of an accident, flood, fire, or some type of major damage.
Classic cars with no stories (the cleanest title possible), regardless of the cost of the restoration expense, are generally always valued highest.
What Information is About Your Classic Car is Online?
Now that you are aware on the state of your car, find an evaluation tool on the internet to ascertain your classic car’s value. Hagerty is a major classic car website and classic vehicle insurer. Their site’s valuation tool will help ascertain your classic car’s cost. Handy graphics and graphs show historic trends for your vehicle’s model.
Use the findings of your inspection to choose what condition category your classic or collectible car is in. The Hagety evaluation tool has four automobile conditions which range from daily driver to mint condition. The online evaluator might help you decide whether it is worth doing a couple of added improvements to your car to be able to enhance its resale value.
Related: Guide to Muscle Car Insurance
Classic Car Auctions and Industry News
It’s frequently the case that what drives a classic car’s value can not be ascertained using facts and statistics. And that is because classic automobiles are sometimes nostalgic or psychological buys. Some collectors have memories linked to a particular type of vehicle and are willing to pay more than market value, driving the entire segment up in cost.
To observe this trend real-time, follow the current auctions. It is common to find that automobiles bring more than what was projected in the auction. However, this phenomenon goes both ways. Buyers can be unpredictable if the emotional connection is not there. There have been instances when classic automobiles which were expected to go for top dollar, did not. Using a story to tell or information to share about your classic car can enhance your bottom line.
Like all important financial decisions regarding your resources, being educated and prepared pays off. Use these 5 tips to take advantage of the selling of your classic collectible vehicle.