Classic Cars

April 7th, 2010

Purchasing a classic or antique car is not at all like driving up to a new car lot, looking at the MSRP sticker and determining a fair price. When you are dealing with a classic car actual value can be a difficult thing to determine. Not only will you be dealing with the collector’s value on a car, but also estimated damage or repairs if restoration work is required.

So, how can you determine a fair price to offer for a classic that has your heart thumping?

There are a few places to look for going collector value on many classics. Determining other factors such as condition devaluation can be a little trickier. Even when a fair amount of work is required, a classic may still hold value.

Some of the places to check for current market value of classics on the American market include using NADA guides and Kelley Blue Book. Reputable auction houses can also offer a clue to the value.

To get a better picture of what you should expect to pay for a particular make and model of classic, it is sometimes best to work with an appraiser. There are appraisal companies that work especially in this field.  Professionals can be found by going through classic car clubs, at car shows and online. It can also be helpful to look for like makes, models and years in collector’s magazines and want ads to see what they are selling for and what some recently sold vehicles have commanded as far as price.

Buying and pricing a classic car isn’t quite as straightforward as purchasing a new model. Keep in mind many of these cars can fetch a price that is higher than new car sticker value when in restored condition. When trying to determine a fair buying price, consider the restored value, the estimated cost of repairs and what you deem fair to decide if an asking price is in the right ballpark.