How to Assess the Value of a Classic Car

Cars are often advertised for much more than they are worth. A rusted-out MGB with a blown head gasket may have a lot of emotional appeal to some, but it also has a real value that you can determine easily.

Difficulty:

Moderate

Instructions

Things You'll Need

• Car Value Guide

1. Buy a value guide. These lay out in clear terms what various cars in various conditions are worth. Two similar models can have very different values.

2. Consider the condition. Cars are generally rated on a scale of 1 to 5, with 1 being the best. A condition 1 car is the ideal show car; however, most cars at shows are condition 2 or condition 3. Those you see being washed and waxed on weekends are condition 3 or condition 4. A condition 5 may not be drivable.

3. Think about originality. Custom paint or interiors, non-original wheels, and modified engines may increase the comfort and drivability of an older car, but they will decrease the value.

4. Estimate rarity. Dodge made lots of Chargers between 1966 and 1974, but they only made a few hundred with a Hemi engine. The Hemi Chargers are worth much more than the other Chargers.

5. Consider the color and options. A red Ferrari will always be worth more than a brown one. Original equipment such as power steering or AC will add value to a muscle car.

Tips & Warnings

• Always have a mechanic inspect a car before you buy it.

• Remember that spare parts, even if they are easy to find, are often quite expensive. It may cost your quite a bit of money to track down a piece of trim or an original dashboard.