If you’re a classic car enthusiast, you would know that history was made on the 25th August 2018, when a 1962 Ferrari 250 GTO sold for a staggering $48.4 million — the highest price ever recorded for a single car.
As bizarre as it may sound, this is how the world values classic cars. Hence, we often find some of the finest businessmen in the world collecting cars. Did you know that Ralph Lauren, the famous fashion designer, has a collection of 70 old classic cars? These cars are worth $300 million and make a major chunk of his personal assets.
“I’ve always seen cars as art. Moving art. While friends of mine were into paintings, I somehow felt that the real beauty of owning a rare and magnificently designed car was the fact that you can use it. You can look at it, enjoy its visual qualities, as with a painting, but you can also get inside and drive it – which means both enjoying the drive itself and going somewhere with it.”
Well, we do agree with him, old classic cars are indeed like moving art. Like paintings, classic cars have a story to tell, they have a history attached with them of where they have been and what era they have seen. Moreover, they were made in an era when designers used pen and paper to chalk out a masterpiece.
The production process was also majorly manual and the finest craftsmen put together a piece that could withstand daily usage. Owning a car today is not a big deal, but owning a classic car is making a statement of class and personality because they hold a high level of exclusivity.
Classic car owners usually don’t buy these cars to sell them later. However, they do keep a close eye on its worth. If you are a classic car owner or collector and are curious about the value of your collection, then here are some ways that you can find out:
1. Research online
Determining the true worth of your classic car could be a difficult task since no two cars are the same and they are short in supply. However, you can do your research online. There are certain websites where you can find similar cars if they are not very old or rare. For very old cars, you can check certain guides online. For example, NADA is considered to be an industry leader in this regard. The platform was established in 1922, and since then it has been extensively studying used classic cars to determine their value. Their valuation guideline is available online as well as in print.
Some other tools include Hagerty Valuation Tool. They are perhaps the perfect choice to find about the car value since they are in the business or classic car insurance and hence they closely watch the market and work in collaboration with their customers to update their database.
Other than that you can check the various indexes. For example, the K500 provides the latest updated information on classic cars. The data is collected from the most noted auctions around the world. While the index does not provide the exact value of the individual car, it does give an idea about where the market is headed and the upcoming trends.
HAGI is yet another index that provides the value of classic cars. The index tracks the value of classic cars in comparison with other luxury items such as art.
2. Track classic car auctions
Another source of good information is classic car auctions. Ideally, you could participate in them just as spectators. If not, you can track them online since they are usually aired on TV and a lot of websites are dedicated to them. Since a lot of money is involved, the entire event needs spectators. All auctions do not entertain all types of cars. Certain auctions have their specialty. For example, some will only deal with muscle cars or sports cars.
Remember, an auction may not give you the true picture of the market since the key to a successful auction is competition between bidders, which may drive up the price. However, that does not mean that you can completely discard them; they will give you a good idea about the prices.
3. Get it checked by a specialist
If you are not satisfied with the online research that you do, then you can always consult a classic car specialist and ask how much is my car worth. Since each car has had a different type of maintenance, replacement parts, and mileage, the specialist would know exactly its worth. Mileage is very important when it comes to cars. A car that has 100,000 miles on the clock, for example, can typically have less value than a car that has only 56,000.
Classic car enthusiasts cherish their cars like siblings, with a pride that often defies intelligence and commonsense. Just like people who appreciate art, classic cars are valued by those who know what it feels to own an exclusive item.
Whether an owner uses their classic vehicle on a daily or showcase basis, care and precise attention to detail is essential. A daily classic will require a more rigurous maintenance program, but lower mileage vehicles will still embrace their own problems, such as brakes, batteries, engines and other important mechanical applications.
About Michelle Joe: Michelle Joe is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences, and express herself through her blogs. You can find her on twitter: @michellejoe524