Classic Car Appraisal

How do you value a classic? While we are not in the business of appraising cars, we are in the business of insuring the "value" of cars. So we spend a great deal of time watching the market value of cars and helping people adequately insure their car for an appropriate value. With this, there are many factors that we consider when valuing a vehicle.

The first consideration is whether the car is a stock original vehicle. If so, there are many resource guides and pricing books that can provide value guidelines based upon the overall condition of the vehicle. These are somewhat less useful for newly restored vehicles and even less useful for street rods; because every newly restored car is restored to a different level of perfection and every modified car is different by nature. So with both newly restored cars and modified cars we dig a little deeper into the project, the amount of money spent on it, the type of parts used, etc.

Our best advice is for people restoring cars or building a street rod to keep detailed lists of the work performed and receipts for all parts and labor. This will help when attempting to insure the car properly and the whole process will be smoother.

When is it a good idea to have an appraisal?

* Before buying or selling a vehicle
* When securing collateral for a loan
* When assessing the value of an estate
* Before, during and after restoring a vehicle
* When shopping for insurance
* When determining import or export duties
* Anytime you just want to know the true market value of a vehicle

The bottom line here is, if you own a classic or vintage car, you can't afford not to have it appraised!

Buying a collectable car? Just as it is smart to have a mechanic check any used car before you buy, getting a thorough look at the vehicle will save head-aches down the road. Have a competent mechanic, familiar with classic cars, review the engine, chassis, and transmission at the very least. Inspect body panels for rust or replacement panels or putty repairs. Query the seller carefully about the work he or she has done to the vehicle.

Check the interior both for damage and authenticity. Original parts increase the value of the vehicle. Replacing them with second hand original parts is expensive and may be factored into your final offering price.

As an added precaution, check with car clubs or other classic vehicle owners to see if the model you have chosen has any special pitfalls to be on the lookout for and the general price range. Classic cars are antiques and you should not expect a pristine vehicle without a huge price tag. The flip side to that rule, however, is that it is okay to pick one up that is a little rough around the edges, just do it smartly.

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