How Much is Your Classic Car Worth?

If you’re planning to buy your first classic car, or already have one in your garage. You may be wondering, how much is your classic car worth?

When it comes to determining the value of a classic car, there are a few things to consider. For instance, the make and model of the car can play a big role – some brands and models are just more desirable than others. The age and rarity of the car also factor in, as do things like its condition, mileage, and any modifications or restorations that have been done to it. Historical significance or association with a famous owner can also increase a classic car’s value.

Basically, the more unique, well-preserved, and coveted a classic car is, the more value it will hold. Of course, pricing can vary depending on the market and who’s buying.

How much is your classic car worth?

When determining the value of your classic or vintage car, you have a few options. First, you can calculate the value of your classic car by getting a professional appraisal. An appraisal will review current and historical asking and selling prices. There are also classic car valuation tools can also provide a range of prices, that may be useful to determine the range where your call will fall.

Why should you know your classic car’s value?

Knowing the value of your classic car is super important for a few reasons. First, if you’re thinking about selling your ride, you want to make sure you’re getting a fair price. It’s also helpful to know the value if you’re considering taking out a loan against its value. Plus, just as a proud owner, it’s nice to have a sense of the value of your investment and how it might appreciate over time.

It’s also important to know the value of your classic car when you intend to insure it. That’s because a classic car insurance policy typically insures your vehicle for its true value. This is different than your personal auto insurance which uses the actual cash value of a car. Therefore, knowing your classic car’s value before buying a classic car policy, helps you get an accurate quote and ultimately the correct coverage.

Agreed value vs. Stated Value

When it comes to classic car insurance, there are two main types of coverage: agreed value and stated value. Here’s the difference:

What is agreed value?

Agreed value coverage means that you and your insurance company agree on the value of your classic car at the time you take out the policy. This means that if your car is damaged, stolen, or totaled, your insurance company will pay out the agreed-upon value without any haggling or negotiation. This can be a good option if you have a rare or valuable classic car, as it ensures you’ll be able to get the full value of your investment back in the event of a loss.

What is stated value?

Stated value coverage, on the other hand, means that you and your insurance company agree on a maximum value for your car, but this value is not necessarily the amount you’ll receive in the event of a loss. Instead, your insurance company will pay out the actual cash value of your car at the time it was damaged or stolen, up to the stated value. This can be a good option if you have a classic car that’s still appreciating in value, as it can offer some protection while allowing for some flexibility in the payout amount.

How to determine your classic car’s value

When you get your car’s value using the Hagerty Valuation Tool, you’ll need the following things:

• Year, make, model
• Body Type
• Engine size
• Current condition
• Any history or provenance

If you’re going to do the work on your own, here are a few things you’ll need to do to help determine what your classic car is worth:

• Do your research: Look up similar makes and models of classic cars online or in classic car price guides to get a sense of what similar cars are selling for.
• Check the condition: Take note of any damage or wear and tear on your car and be honest with yourself about its condition. The better shape your car is in, the more it will be worth.
• Consider modifications: If you’ve made any upgrades or modifications to your classic car, take those into account when determining its value. Some upgrades can increase a car’s value, while others may detract from it.
• Look at historical significance: If your classic car has any notable history or previous ownership by a famous person, that can increase its value.
• Get a professional appraisal: If you’re still not sure about your car’s value, consider getting a professional appraisal from an expert in classic cars. They can give you an accurate estimate based on the car’s condition, rarity, and other factors.

The bottom line

Knowing how much your classic car is worth has a lot of value – forgive the pun. 🙂 Maybe it’s for the pride of ownership, or if you’re planning to sell your car. It’s important to have a firm understanding of the value of your ride. If you’re looking to insure your classic, knowing the real value is even more important. It can be the difference between getting the right or wrong coverage.

Make sure you use the right valuation tools, consult your insurance agent, and get the true value added to your policy correctly. If you don’t have an agent, contact us, we’re always happy to help. You can even start a quote online, and one of our classic car specialists will call you.