Classic cars should be insured for their full value and carefully maintained, since their condition can dramatically impact the value. (Photo: Shutterstock)
As spring emerges across much of the country, classic car aficionados are uncovering their vehicles and taking them out for a spin. Some of the more popular classics include the Ford Mustang GT, Chevrolet Corvette convertible and the Dodge Charger R/T coupe.
Black Book, which provides independent vehicle pricing to the automotive industry, had their valuation specialists analyze a number of cars, and what they found might make you think twice about the vehicle you purchase today and its possible worth in the future.
The manufacturer’s price for these and many other classic vehicles was usually under $10,000, but in today’s market, they can be valued at anywhere from $100,000 to well over $1 million. Why are they so valuable?
“What makes a car a collectible over time includes any number of factors that include popularity, pop culture, and production volume,” said Eric Lawrence, director of specialty products at Black Book. “Many people think today’s uber-expensive vehicles always came with a hefty price tag, but these vehicles show that’s clearly not the case.”
A number of factors affect the value of these cars, including the condition of the vehicle, how well it has aged, what flaws it may have in the body, the type of replacement parts used to repair it, the mechanical condition it is currently in, whether it has factory or aftermarket options, and the type of transmission. It is also important to document any repairs or improvements, since they will also affect the value of the vehicle.
Classic vehicles are generally more than 10 years old and have particular historic interest because of exceptional workmanship or because their production was limited in some way. Any vehicle more than 25 years old is considered an antique.