Classic car pricing can be very tricky. Whether you are buying or selling a classic vehicle, it is imperative that certain guidelines are followed. At MyKlassic we have evaluated many pricing methods. The question that a buyer or seller primarily asks is, what can I get for my car? Or, what should I pay for a car?
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Below are some variables to keep in mind when buying or selling a classic:
There is an old saying when attempting to determine what a car is worth, “It’s worth what you can get for it today where it sits”. This statement is very true. I have attended auctions throughout the country over several decades and have witnessed cars in poor shape bring three times what they were worth and at other venues witnessed cars bringing half of what they were worth. Therefore, MyKlassic has partnered with Hagerty to bring you the most competent pricing method on the market. We suggest THE HAGERTY VALUATION TOOL when evaluating a classic car for purchase or for sale. Along with a competent valuation based on many market variables, Hagerty’s valuation tool offers value trends over time, comparisons and many other characteristics that can assist in competently valuing a classic vehicle.
While evaluating what a classic car is worth a buyer or seller should keep the following in mind:
Correctly evaluate the vehicle: Grade your car on a scale from 1 to 4. Is the vehicle original or restored? If restored, what is the quality and age of the restoration? What is the collectability factor of your vehicle? Collectability is determined by the make, model, options, production numbers and supply & demand. Color is also a factor when evaluating many classic cars. If you are purchasing a classic, it depends on your color taste but if you are selling a classic, a little research as to what colors are the rarest and/or most desirable should be a part of your calculation. All aspects of the car need to be considered: exterior, interior, motor, transmission, undercarriage and mileage. It is virtually impossible for anyone to view a couple of cars of the same on the internet and/or on televised auctions when making comparisons in attempting to determine what a car is worth that one is buying or selling, so before you even think of a price, evaluate the car competently.
What is the history of your vehicle? Did you buy it new? If so, it is a “One Owner”. Did you buy it from the original owner? If so, it is a “Two Owner” and so on… A car that is a “One Owner” is usually worth more than a car that has had several owners over the years. In most circumstances the least amount of owners when evaluating a classic car means more value. Do you have service records and other confirmed history on the car? The more “paperwork” history you have on a classic car, the better. If a potential buyer can see the documented history as to what has been done to a particular vehicle and they are a serious buyer, any history can always make a classic more valuable, especially history with mileage documentation over the years and life of the vehicle.
Now it is time to finalize the evaluation. Apply a condition number to the car from 1 THROUGH 4. Determine the amount of documented history available on the car that you are buying or selling: NONE, SOME, or SUBSTANTIAL. Remember when grading your vehicle, there are many factions in between the value number of 1 through 4 and your car may not be a true #2 or a true #3. It may fall between the two, so when evaluating your car to determine the value, be accurate. There are no fail proof scientific methods when evaluating a classic car. In essence, it’s worth what you are willing to pay for it or take for it, but if you use THE MYKLASSIC METHOD it should help you narrow the margin when attempting to determine what condition a classic car is in, so you can go to the next phase and value your vehicle accurately. At MyKlassic we like to us the word HOP when evaluating the condition of a car:
H – Be HONEST when evaluating the condition. Whether you are representing a vehicle for sale or looking to buy a classic, an honest evaluation will be the correct evaluation.
O – Do not OVERLOOK anything, whether it be damage, wear, documentation or any other issue that may effect the evaluation.
P – PRICE your vehicle accurately.
Now it is time to use HAGERTY’S VALUATION TOOL. Good Luck with your classic car ventures.