Classic cars can vary wildly in price, with some costing a few thousand and others costing millions. But what exactly makes a thousand-dollar car a thousand-dollar car and a million-dollar car a million-dollar car? There are a handful of factors that play a role in determining a classic car’s value. Let’s look at the four that tip the scales the most.
Age
The older the car, the more potential value it holds. Older cars tend to be harder to find, especially in good condition, which makes them more valuable. There are exceptions to this rule, of course, but generally, if cars are of the same make and model but different years, the oldest will cost the most.
Rarity
A car’s rarity also plays a part in its value. A car that’s easy to find will typically be on the cheaper side, because even though demand is high, supply is too, keeping costs stable. On the other hand, the rarest classic cars in the world, like limited production runs or old models, have unstable prices that can drop and soar dramatically because of the stark difference in supply and demand.
Demand
Speaking of the demand, popularity is another factor that influences a classic car’s price. Even the oldest, rarest, most visually stunning classic cars will remain dirt-cheap if no one wants to buy them! But if everyone wants a certain car, the price will rise.
Condition
The condition and level of restoration put into a classic car is the fourth major factor that will impact its cost. Buyers will be more hesitant to purchase a car that’s severely beat up, because they know the purchase price of the car isn’t all they’ll have to spend if they want to get the car looking good and working well. Meanwhile, a car that’s in excellent shape will sell quicker and fetch more cash because the lack of additional work and maintenance is a huge convenience that collectors know will save them time and money. These aren’t the only factors that affect a classic car’s value, but they’re four of the most impactful. Ultimately, the price of a classic car is the result of all these factors and more combined, which can make it difficult to gauge the price of a car without the help of a professional appraiser. That said, you can use these guidelines to get a general sense of what your classic car is worth.
