For a person who adores cars, especially classic cars, putting a price tag on their favorite vehicles, especially if they have been fully restored can be very difficult. The emotional attachment a person gets with a vehicle that has captured his or her passion can be deemed as priceless and for many people parting with their vehicles, selling them to another vintage car enthusiast is like giving a part of themselves as well.
For a buyer though, it is but normal that they would haggle with the prices and be skeptic about the price, this is just basic buying. Cars, both old and new, are usually priced higher than they are normally worth; this is so that when a buyer haggles for the asking price, they still have room to deduct. If a buyer is really determined to buy a vintage car, and he or she doesn’t have any inkling about its market value, then in the hands of a good seller, the buyer may be paying a price that’s too high.
In determining what a fair price is when buying a classic car, it would really help a lot if you have a car value guide in hand. A value guide can clearly show a person the valuation of a vehicle determined by the year, make and model of the vehicle and its current condition. For example, you may be looking at two exact vehicles; one may be higher in value if the other one is in a worse condition and would need more repairs.
Conditions are usually rated from 1 to 5, 1 being the best and 5 being the worst. A classic car in condition 1 is usually in the car show condition and is fully restored. Condition 2 and 3 is drivable, has a good body but doesn’t have that car show qualities yet. Condition 4 needs various repairs and condition 5 is not drivable and is a candidate for the junk yard.
Also, try to consider the things that have been altered with the vehicle, A seller may be jostling for higher prices for a “pimped out” vintage car, but remember, the more original parts that are taken out of the vehicle, the lesser its value becomes. This is because if you want to have a great looking fully restored vehicle, it has to have its original parts and designs, and if you want to do this with a tricked out vintage car, you will need to still find the parts and this will cost you more.
The rarity or the number of units made with the same specifications will determine its price as well. Example, if a certain vintage car was made with a limited production number, its value will be higher, but if within that limited units made, there were also units that had better specifications, then those special units are much more rare and would command a higher price.
Lastly, always have a mechanic check out the car before you buy it. A vintage car can have a lot of secret damages and problems to it. And because vintage cars can be very expensive, you have to make sure first if you are truly getting what the seller is selling you. You just don’t hand over your money. Be wise when buying a classic car, it is a worthy investment and knowing that you paid right for it makes it even a better investment.