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A classic car can provide a number of priceless experiences and joys – tuning it, caring for it, repairing it, and last but not least, driving it! Whether you’ve had a classic car for decades or just recently acquired one, you are certainly familiar with its intangible values.
Monetary value, on the other hand, can be a lot harder to get a handle on.
There are so many variables that go into appraising the value of a car, it can get a little overwhelming. Knowing which steps to take in order to protect its value adds yet another layer of complexity.
Determining the Value
- Condition – This is perhaps the most obvious factor influencing the value of a classic car. A pile of rusty scrap metal is not going to be as valuable as a pristine antique in full working order. However, if you have a car that is in rough shape, don’t give up hope. While the condition is important, it is not the only factor to consider.
- Rarity – This is the “supply” part of a supply and demand model. Cars that are very rare tend to be more valuable. When one goes on sale, people are more motivated to pay a high price since they don’t know when their next opportunity to buy one will be. Older cars are often more rare, but this is not a guarantee of value.
- Popularity – This is the counterpart to supply. Even a relatively common classic car can be valuable, if the demand for it is high enough. There are some really iconic cars that nearly everybody wants.
- Quality of the model – Another way of thinking about this factor is the original value of the car. When the car was brand new, was it a cheap car or a luxury car? Cars that were expensive when they rolled off the assembly line are often worth more than cars that were cheaper. Makes sense, right?
Maintaining the Value
- Avoid modifications – Modifications can be fun for your own personal use and enjoyment. However, if you are looking to preserve the resale value of your car, they are not the best way to improve its value.
- Careful restoration – If your car is in poor shape, you should strive to bring it back to it’s new original condition. The car should look and perform as much like the original as possible. If you are performing repairs, keep track of all the maintenance you do.
- Original parts – If you can repair an original part instead of replacing it, this can boost the value. The more original parts remaining in the car, the better.
- Old stock– If you have to replace something, try to source an old stock part instead of finding a modern equivalent.
- Protect from future damage – Regular maintenance and a secure garage are paramount. Your custom garage design should include a smoke detection and fire suppression systems installed. If you live near the coast, the ocean air can accelerate corrosion, so make sure your garage has good weather stripping and climate control.
If you’re interested in learning more about investing in classic cars, you’ll want to check out Do You Have What It Takes to Invest in Classic Cars?.
Photo Credit: Ryan McGuire
About the Author:
Jeffrey Wallace is a travel and automobile lover. He loves exploring different places and shares his travel experiances through his blogs. Also he is a keen automobile enthusiast with a passion for vintage. He also writes about automobiles, their maintenance and reviews for the latest ones on road. He can be followed on twitter @Jeffrey05206236