Anyone who has browsed auction sites or classifieds pages knows that determining the value of a vintage car is no easy task. The challenge comes down to this: unless two cars were preserved side by side for decades, no two are truly identical. Every car has taken a different path since leaving the factory so many years ago. Some have been lovingly maintained by doting owners, retaining their original, low-mile condition, while others may have spent years as daily drivers or race cars before being restored to an even higher standard than when they were new.
Simply put, every vintage car has its own story, making determining its value a complex process. Here’s a high-level look at what goes into determining the value of a classic car.
Market Data Provides the Best Numbers
Market aggregators provide the best glimpse into the collector car market. In general they allow users to sort vehicles by make, model and model year, and from there, they can further refine the search to focus on recent sales.
That said, every collector car should be evaluated individually, which is why OpenRoad offers policies based on an agreed value — a total replacement value deemed acceptable to both the car’s owner and OpenRoad.
While market aggregators gives a broad overview of the market, evaluating an individual vehicle requires considering many additional factors.
Determine What’s Special About the Car
Though we love our classic cars, they are, ultimately, commodities. Strip back their stories, designs and histories, and they're all generally made of the same stuff: steel, aluminum, plastic, vinyl, leather and rubber. Viewed purely as raw materials, a Ferrari that competed in the Mille Miglia in the 1950s, a one-of-one 1965 Mustang, and a 1994 Toyota Corolla with 300,000 miles are worth about the same.
What sets them apart is demand, which is based on a variety of factors that are not all easy to quantify. Provenance is a key factor: an incredible competition history, celebrity ownership or even the right combination of features and colors can set a car apart from its peers. Enthusiasts flock to vehicles that could tell great stories if they could talk.
Even if we don’t know the car’s individual backstory, some makes or models are still special. Performance, design or a rare feature can make models more desirable than others.
Markets also shift over time. Buyers are often drawn to a vehicle for its nostalgia, which is why cars from the 1980s and 1990s are seeing a spike in demand that might have seemed unthinkable a decade ago.
All these factors can help determine the general value range for a vehicle.
Evaluate Its Condition
Once a car’s general value range is established, we must examine its condition. A car restored to a high standard will almost always be worth more than one in rough condition — unless the rough one has incredible provenance, a rare but notable exception.
When fixing up your classic, don’t take shortcuts. Do the work right the first time — and find someone who knows what they’re doing to either help guide you or do it themselves. Whether you’re replacing a fender, a valve cover gasket or a window switch, high-quality parts are a critical way to bolster a car’s value.
That’s why OpenRoad policies guarantee the use of original equipment manufacturer (OEM) parts whenever possible; low-quality parts won’t last as long.
Consider What Special Extras the Car Can Offer
Generally speaking, a car with a paper trail will be worth more than one without any service records. Paperwork helps tell the car’s tale. Even if it wasn’t owned by, say, Paul Newman, the fact that its previous caretakers treated it well is generally an asset. So don’t throw away those receipts!
A car may also have more value if it includes rare or desirable features like an overdrive transmission, air conditioning or a removable hardtop.
The car’s location can also affect its value. Even within the U.S., market demand varies by region. A convertible may have more value in a perennially sunny climate because its owner can enjoy it more, while a four-wheel-drive vehicle may have more appeal in a mountainous area than in a congested East Coast city.
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