News

One Stop Motors, a leading website to buy used cars, offers some valuable advice on determining the price of a classic car.

Most consider a unique classic more of an investment than a road-going vehicle. Whether buying, selling, or appraising a classic car for insurance purposes, it’s essential to know how to determine its market value.

Buy Used Cars at One Stop Motors

One of the most important factors in the value of a classic is condition. Most price guides rate vehicle condition with a 1-5 or 1-6 grading scale. Usually, these will rate a concourse-quality show car at 1 and a parts-only vehicle at 5 or 6. While the condition ratings in price guides are a good starting point, they’re not the ultimate determination of a vehicle’s fair market value.

Demand is fickle in the classic car world. While some vehicles will always be in high demand, many others fluctuate wildly. Not long ago, few collectors would have bought a Hemi ‘Cuda. By the mid 2000′s, original examples were selling for over $2 million. The economic climate has cooled, and so have the prices for these vehicles, but they’re a good example of how trends can affect value.

Rarity plays a role, but that’s often surpassed by history and reputation. Someone shopping for 1980s German sports sedans will see that a BMW E30 M3 bears a greater market value than the scarcer Mercedes-Benz 190E 16V.

One of the best, but most expensive, tools that someone can use is a certified automobile appraiser. These are professionals that study the market and have vast automotive knowledge to determine an accurate market value for vehicles. One advantage of the professional appraiser’s assessment is that it can be used to determine insurance value and it stands up to a challenge.

Perhaps the simplest way to determine a classic car’s value is to examine the market itself. As with turnips, oil, and everything else that’s bought or sold, a car is worth what someone is willing to pay for it. There are thousands of websites with classic cars for sale; each one can provide a good sample of the market. Craigslist and Ebay have an abundance of cars for sale and allow for easy comparison. Forums often specialize in one model and can help determine more accurate value for rarer, special models.

Price guides, auctions, and appraisers are excellent tools for determining a classic’s market value. Ultimately, however, the market itself will determine what a classic car is worth.

To buy used cars, trucks and SUVs from private sellers in the United States, visit One Stop Motors online, at: http://www.onestopmotors.com