How to Determine the Value of a Classic Car
November 27th, 2009
When you are considering either buying or selling a classic vehicle, it is important that you are able to assess just how much the car that you are looking to buy or sell is actually worth. You never want to pay more for a classic car than necessary and you also never want to sell it for less than what it is worth.
There are some processes that you have to follow in order to make sure you are getting the most for your money.
First, look into publications like the Old Car Buyer’s Guide, Hemming’s, Collectible and Special Interest Car Appraisal Guide & Directory, or NADA’s Classic. These resources will be able to provide you with a rating guide for classic cars. The ratings will be based upon 6 categories with an overall, possible score of 100 that many dealers go by when determining the value of a classic car.
In addition, it is necessary for you to examine and assess every area of the car that you are considering buying or selling. You want to check for inconsistencies with the body work or any flaws that look to be covered up or hidden. You will fully want to address rust on any part of the underbody or paint blisters that could be present in certain areas of the car, such as around wheel wells or around headlights.
Next, open and close the doors a couple of times and take note if they sag, especially on the driver’s side. If they do, this is your first sign of worn hinges that need to be replaced prior to buying or selling this car.
Open and close the hood, just like you did with the doors. Make sure the hood latches and closes completely. Also, check under the hood and make sure there are no signs of rust on hinges or any rippling or denting.
These are some of the major components that you must check when considering buying or selling a classic car. While it is also important to check the inner workings of a car, it is recommended that you go through a professional mechanic to assess this matter, as it protects you and reduces your liability for potential errors and mistakes if something is assessed incorrectly by a third party.
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