Car enthusiasts love their automobiles. From the curve of the body to the shine of the chrome, a car can have both sentimental as well as monetary value. Collector cars are highly sought after by car hobbyists. They are the only type of car whose value goes up the older the car gets.
There are many factors in a car becoming a collector’s item. Collector cars are determined by make, model, and year along with current availability. If a car was a limited edition from 50 years ago and there are only a handful left in the world, then they are going to be worth a lot more than a car that had a long production line. Some cars may also be worth more to certain collectors who are willing to pay above the appraised price. One of the best places to find other car collects who might be willing to buy a collector car is at a collector car club.
So if you are a car enthusiast with a collector car, you are no doubt proud of your treasure on wheels. But at some point you may want to know “How do I know how much my collector car is worth”? You may decide to sell it and need to know how much to ask. You may also want to increase the insurance on it. Whatever the reason is, here are some ways to find out.
Condition Of The Collector Car
The condition of your car is the most important thing to consider when trying to figure out how much your collector car is worth. You should consider all the aspects of it. Are there any dents, scrapes, dings, or holes in the body? Are there any rust spots? Does the car still have its original paint or is the paint job new? What is the condition of the paint job? These are all questions you need to ask yourself about your car. Remember to be honest. If someone else is appraising your car, they will know what to look for so it does no good to exaggerate the car’s condition.
The car’s value will also be more if it still has its original parts. For everything that has been replaced, the value will go down. There are kit cars that you can put together that look like an original. While these kit cars will still fetch a good price, an original model will always be worth more.
Collector Car Limited Or Plentiful
You may still be wondering how do I know how much my collector car is worth. The next thing to consider is if the collector car came in a limited number or if it had a large production run. Any car that is part of a limited edition or if there were only a small number of the cars ever made will be worth a lot more than a car that had a high production run. The reasoning is that there are going to be few left limited cars left that will be in good condition. The more rare the car, the more valuable it will be.
Collector Car Worth Online
Once you have given your car an honest inspection, now you can find the answer to the question “how do I know how much my collector car is worth”. One good source is to find out a collector car worth online. There are several sites for car collectors, hobbyists, and antique car dealers. Check them out to see what other people are asking for their collector cars. You will likely find all types of cars in all kinds of conditions. You can also do a web search by typing in the model of car that you have and see what results come up. When checking out other people’s cars look at their photos carefully and compare their cars to yours. If you think that your car is in better condition than theirs, then you can adjust your car’s worth appropriately. A good site that is a must for any car collector is black book usa. Go there and check out CPI. This is the “Black-Book” of car collectors and is often used by banks or insurance agencies.
Published Collector’s Car Guide
Another great source for finding the value of your collector car is to look it up in a published collector’s car guide. There are several out there so you may want to reference one or more of the published price guides. A good one to check out is the Old Cars Price Guide magazine which you can find on just about any magazine rack. If you reference this magazine, be sure you understand how the point system works. Many people don’t take the time to learn it and so they think their car is worth more than what is realistic.
Hire An Appraiser
Probably the best way to find out how much your collector car is worth is to hire an appraiser. This professional will be well versed in classic cars and they will know the current market. Hiring an appraiser is a must if you are going to insure your collector car for what it is truly worth. Without a professional appraisal, if something happens to your car, your insurance company may try to give you only the minimum value which could be less than half of what it is really worth.