With prices hitting the silly season about 18 months before every bubble was burst, the LAST thing you want to do is leave money on the table. You would think with all the sources of information, it would be easy. After all, if you want to sell your house now, you can get comps from the MLS from any realtor.Some sellers have not gotten reality and are trying to recoup losses by keeping prices high while others forced to fire sale their cars to cash buyers who can move fast.
There is not just one method in my opinion. In order to get the right range, you need to triangulate on a price using several data points. Go to the traditional sources to get a ball park (many are listed below). I use the NADA guidelines for starters, and then check out Manheim-Gold and Hemmings. Prepare for shock at times because the estimated prices can vary. For example, a recent search for a 1967 Pontiac GTO convertible, original, matching numbers, standard options ranged in Excellent condition from $44K to $99K!
And Excellent did not mean #1, show quality where the car is never driven, just stored in a climate controlled environment. Good condition was $28K to $54K. Again, quite a spread. When I checked some of the listings (did not drill, just read the specs), many read the same, recent (within 2 to 3 year restoration), matching numbers, many original parts, complete documentation, etc. So, you would have to inspect the cars yourself to see who was blowing smoke. At least you have a data point. Next, check as many classic auto dealers as possible to poll them for recent prices. Many list the SOLD on their website. If not, then call them and tell them what you are looking to buy. They have the pulse of the market and you will be able to zero in on a better sense of reality. Remember that a dealer will be high, maybe even 20 to 25 percent. So bank that information.
Another source is looking at recent car auction results. Sometimes hard to find, there is one site that is helpful is at sports car market dot com. It is a paid subscription site (we have no affiliate association). You can pay by the day, month or year ($99.00), so a small price to pay for great information. Using these three resources should get you pretty close to what you will pay for your car. The next step is to thoroughly understand the valuation system for classic car cars so you know where your car fits, and consequently how much you have to pay. The rating system below is standard. Excellent: The vehicle in perfect and near-mint condition, either completely restored or an original vehicle with little wear. This is NOT a #1 show quality car that is never driven. Very Good: Solid vehicle with minor scratches or engine and other wear and tear. This car is near perfect and a great driver.
Good: The vehicle has repairable damages and still needs a little effort to restore. The car is a decent driver.
Fair: A vehicle that needs a lot of restoration work. If a car is not drivable because of engine, brake, or other mechanical failures, but has a solid exterior look, it will fall in this category.
Parts car: Not restorable and bought only for its reusable parts.
You may also see ratings such as Low Retail Value, Average Retail Value and High Retail Value. These basically line up to Good, Very Good and Excellent. Lastly, do not forget the many online clubs and forums. There is one thing great about classic car lovers, we all love to talk about our cars. There is a huge collective wisdom out there to tap into. If you want someone to take the hassle out of finding the right car for the right value, then contact Your Dream Car Finder and discover how easy it is, Handy Resources: Google - Manheimgold, NADAGuides or Hemmings Motor News.
