You’ve come across a vehicle that is now considered a classic, and are thinking of buying it. Before you do anything, it makes sense to arrange for a certified professional to appraise that vehicle. Here are some of the reasons why you only want a professional who is well versed in all things to do with determining classic car values to take care of this on your behalf.
Age and How It Impacts Car Value
It’s good to remember that older does not automatically translate into classic. Perhaps you’ve heard some refer to the make and model as a classic, but is that actually true? It may only be certain years that have come to merit that designation.
Simply put, there may be cars of that make and model that are considered classics. As it happens the car that you’re looking at is not among the years that have reached this coveted status. You could still buy the car, especially if there are reasons to believe it will be considered a classic in a few years. Just don’t refer to it as being a classic until that time comes.
Considering the Condition of the Vehicle
The make and model of a certain age may be considered a classic, but it doesn’t necessarily mean it’s a good choice for you. When the car has unusually high mileage and is not in the best shape, the purchase will only be part of the overall expense. There will be a great deal of repairs to make before the car can be used for anything other than gracing the garage.
That’s fine if you happen to love restoring older vehicles. It’s not the ideal scenario when you want to drive your classic vehicle to the beach this coming weekend. An appraiser can tell you if the purchase price is reasonable, based on the current condition. The rest is up to you.
Supply and Demand Matter Too
Another factor that helps determine classic car values is the current supply and demand for them. You can depend on a certified appraiser to come up with a price that takes this into consideration.
Simply put, if there is a high demand for the year, make, and model that you’re thinking of buying, and there are not many of the cars on the market, finding out that the seller is asking a great price is wonderful news. At the same time, if the car is readily available on the market and a lot of the cars remain available for months on end, what the seller is asking may or may not be a decent price.
The Use of Original Repair Parts
Appraisers know that classic vehicles that are repaired using original parts rather than those made by third parties are likely to be more valuable. For this reason, the appraiser will be on the lookout for any signs that something other than original components are used. This includes more than what’s under the hood; it also applies to things like hubcaps.
The use of third party components does affect the market value. If there are at least a few used, that classic car may not be worth what the seller wants for it.
The bottom line is that a certified appraiser can help you determine if the asking price for a classic vehicle is a good one, or if you need to keep looking. Once you have that information in hand, you can decide what to do next.