What Is the Value of Your Collector Car?
Classic car value and antique car values are determined by a multitude of factors both in and out of the owner’s control. A collector car’s market value is best determined by understanding supply and demand, using historical sale prices, and reviewing current asking prices on available inventory. For collector cars, 70% of classic and antique cars are sold through private sales, 20% through auctions and 10% through dealerships. With all of these various channels in play, no single valuation or appraisal tool can definitively tell you precisely how much your vehicle is worth. However, using multiple valuation sources will provide you a better starting point in determining market value for the vehicle value.
Fortunately, there are several free collector car value guides and tools that, collectively, allow you to research the range of values for your car (based on the trim package, included options and vehicle condition) and help determine the price you should ask (or offer) on a collector car. Below you will find a list of reputable sources to refine your estimate of your vehicle’s value.
Online Collector & Classic Car Valuation Tools
ClassicCarValue.com is a first of its kind tool that allows users to find an accurate classic car value online by comparing classic and collector car valuation data from both online and offline sources.
The classic car valuation prices are based on the specific vehicle year, make, model, vehicle trim and included factory options of a classic or collector car. Data comes from acclaimed publishers like Old Cars Report Price Guide, NADA, CLASSIC.com, Hemmings and Collector Car Market Review.
National Automobile Dealers Association (NADA)
The National Automobile Dealers Association (NADA Guides) is a trusted, comprehensive source that has created the searchable NADA Guides – Classic & Collectible Car Values to provide a clickable tool to quickly estimate the Low Retail, Average Retail and High Retail values of classic and collectible cars based on the specific vehicle year, make, model, vehicle trim and included factory options.
Collector Car Market Review (CCMR)
Collector Car Market Review compiles auction, sales reports, classified listings and other proprietary data sources to estimate values in their VMR Collector Car & Truck Price Guide estimating car value using a 5-Level Condition Guide.
CAARGUIDE.COM is another online resource that uses a proprietary Classic Automobiles Appraisal and Resource Guide to estimate values of collectible and classic cars using its proprietary valuation scale.
Historical Vehicle Auction Sale Prices
Available Inventory – Vehicles Listed for Sale
Available Inventory – Online Vehicle Auctions
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What Impacts Antique and Classic Car Values?
Classic car value and antique car values are determined by a multitude of factors both in and out of the owner’s control. A collector car’s value is appraised according to its rarity, condition, restoration quality, and market demand.
The economic principle of supply and demand applies to classic cars, just as they would to any vehicle or valuable assets such as other precious collectibles. Whether you’re driving a new car or a vintage or antique vehicle, its value depends on its current global inventory, the historical sale price of the vehicle, and its going market rate determined by demand among other collectors.
How Collector Cars Are Appraised
Third-party appraisers gauge the fair market value of a classic car by considering a variety of factors including the condition of the vehicle, the historical market value, its mileage, and current market trends.
Antique car values are appraised following their categorization into one of the following five classifications, ordered from lowest to highest value:
- Parts Cars: An undrivable vehicle with no functional value. These vehicles are used mainly for their parts which can be used to restore other cars.
- Restorable: A restorable car is in poor condition but still retains functional value because it can be restored to be roadworthy again.
- Good: A good car requires some restoration work to increase its market value.
- Very Good: A very good car is fully restored and is in good working condition.
- Fine: A fine car is a fully restored car in good condition that has retained many of its functional original equipment manufacturer (OEM) parts.
- Excellent: An excellent car is perfectly restored or is in original condition.
An important element of the classic car appraisal process is the “recently recorded public sales” of vehicles of the same make and model. These vehicles, known as “comps”, provide critical insight into the current market value of the vehicle. From there, additional factors such as the car’s condition, mileage, and inclusion of OEM parts influence collector car values.
Why Should I Keep Up With My Car’s Market Value?
Knowing your vehicle’s market value is an essential precondition to selling it or getting it appraised for insurance. Similarly, you’re looking to buy a car, it’s equally important that you know the going market price of the vehicle. Having this up-to-date knowledge can ensure you get the best deal possible whether you’re buying or selling.
After having your car appraised, you can start shopping for an appropriate collector car insurance policy. In this Collector Car Insurance Guide, we provide a detailed walkthrough to purchasing collector or antique car insurance, including plenty of tips for getting the best deal.
At American Collectors Insurance, we know that your vehicle is more than just a car… it’s your passion. That’s why we offer broad insurance coverage and additional protection bundles so you can enjoy your vehicle and have the peace of mind of knowing that you are covered. Browse our collector and classic car insurance packages today to find a policy that’s right for your vehicle and its unique needs.
Reach out to our team for more insight into classic car values or our coverage options. Call 1-800-360-2277, Monday- Friday from 8:00 a.m. to 8:00 p.m. EST & Saturdays from 8:00 a.m. to 5:00 p.m. EST. You can also email us at email@example.com.