Everyone goes crazy for classic cars. There are more than 9.4 million pre-1990 cars on the road. Each one can get sold for thousands of dollars in little time.
Yet determining your classic car value can be a little difficult. You need to understand all of the factors that go into a car appraisal, and you need to do a little work.
What is the most important factor to determine your car’s value? How do aesthetics impact how much your car is worth? What do agreed value and stated value mean?
Answer these questions and you can sell your car for a big profit. Here is your quick guide.
The more drivable your car is, the higher the value of your vehicle. Even collectors who want to show your car want a roadworthy vehicle. It makes transportation and storage of the car easier if they can take it on the road.
Several factors determine drivability. The engine must start, operate, and stop with minimal effort. The suspension has to be sturdy against obstacles in the road.
Some states waive certain safety regulations for classic cars, especially with seatbelts. However, your vehicle should not have any major safety problems. It should come to a stop when you apply the brakes, and it should respond to turns promptly.
You can still find a buyer for your car if it is not roadworthy. You can sell your car for scrap and make a lot of money once you learn the factors of scrap car pricing. You might be able to give it to a museum and receive some money for it.
Make and Model
The make of a car is the brand of the vehicle. The model is the name of the car product itself. One popular make is Toyota, while a popular model is Camry.
Plenty of buyers are looking for specific makes or models. You should find someone who expresses a desire in your make at a minimum. You can then refer to other factors to get a high estimate.
Some people are looking for particular body styles. If you have a sedan, you may not appeal to someone looking for a sports car. You should try to find buyers who will purchase your particular style.
Every person has their own standards for classic vehicles. A good rule-of-thumb is that your car should resemble a new version of its make and model.
It should not have scratches on its surface or chips in its paint. The upholstery should be smooth and comfortable to sit on.
You might be able to find a buyer for a modified vehicle. Paint decals can be very popular amongst certain groups, but you may need to spend some time looking for someone willing to pay for your modified car.
Ornaments are how many people identify classic cars. Keep any ornaments on your vehicle and make sure to give them a good paint job.
In addition to aesthetic touches, your car should have features that people care about. The radio should work and have adequate coverage. The clock in your car should be easy to adjust and see, even at night.
There are many classic car features that people find desirable. Fender mirrors, bench seats, and shark fins are incredibly popular amongst classic car owners.
Someone might be willing to pay extra to receive these features, but they should be of high quality and original to the vehicle.
Before you try to sell any car, you need to have documents detailing the history of your vehicle. This includes any accident descriptions or receipts for different repairs.
You should also establish that your car does not need further repairs. This can give you the leeway to ask for a higher price for your vehicle.
The fewer accidents and repairs a vehicle has endured, the higher someone will value a car. Yet, you can sell a car with a bad history.
You should have the title and other relevant documents for your car on hand as well. This will expedite the sales process and establish you as trustworthy.
Supply and Demand
The supply of classic vehicles does get smaller over time. More vehicles get scrapped and break down, which can help increase prices.
However, demand can differ from year to year. Classic vehicles with qualities that new vehicles lack tend to be in high demand. Yet if those qualities become too out of date, the demand can plummet.
Some owners wait to sell their cars so demand can increase. They think that this will lift the value of your car.
This could be the case sometimes, but this tactic does not always work. If you have no use for your vehicle and you have an interested buyer, you should sell it.
Agreed Value and Stated Value
Agreed value is the price that you and your insurer agree your classic car is worth. You can change this amount whenever you update your car insurance policy. This could affect your insurance rate and make it harder to get compensation after an accident.
Stated value is the price you say your car is worth. You need to have proof in order to back your claim.
Neither value could be the actual cash value for your vehicle, but both leave an impression on a potential buyer’s mind.
Negotiate a high agreed value and be prepared to justify your stated value. Your buyer might be willing to pay the higher of the two amounts.
How to Determine Your Classic Car Value
Many people wonder how much their classic car is worth. Drivability, make, and model are crucial factors for classic car value. Most drivable vehicles with good models will have high values.
Make sure you give information about your vehicle history. You should also keep an eye on supply and demand and get accurate values on your car from your insurer.
Find someone willing to buy your car in little time. All Car Buys serves the Orlando area. Get a free quote today.