1
Gather information about your car.
Write down the year, make, model and trim level of the vehicle. If you have original paperwork from the first sale of the car, this is an important piece of history of the vehicle for any potential classic car seller, because it provides authenticity to a buyer as well as a bit of nostalgic memorabilia. The original paperwork alone in many instances can raise the value of a classic car. Also, collect paperwork about repairs and improvements made over the years.
2
Note the mileage on the vehicle and whether they are original miles or if the engine was replaced at some point.
3
Note how the car was stored by you and previous owners.
A car stored indoors away from sun and inclement weather is less apt to have body wear from rain, sun and changing temperatures; as such it will be more desirable for buyers and more valuable.
4
Assess the condition of the vehicle.
Rust on the body, door dings, paint scratches and worn upholstery will lower the value of a classic car.
5
Consider making repairs before selling.
Body work and engine repairs will not only increase the value of the vehicle but also make it more attractive to sellers. Consider having the car professionally detailed, which can cost as little as $100 and will make the vehicle more attractive to sellers.
6
Research classic car price guides.
Some good sources are the Collector Car Price Guide, the National Auto Dealers Association Appraisal Guides, Kelley Blue Book and Edmunds. The three latter organizations have websites to enter the details of your vehicle and its condition to set a fair market price; the former product is available at bookstores, Amazon and undoubtedly elswhere. A good practice is to set your classic car's price in the middle of the range and add or deduct depending on the car's mileage, condition and repair history. Low mileage, good condition, a garaged history and recent repairs render a higher price. Cars needing repairs should be priced lower than the median.
7
Price a bit higher than you hope to receive.
If you hope to get $6,000 for your classic car, price it a bit higher to give you bargaining room. Advertise the vehicle at $6,500, $6,999, an even $7,000 or $7,250 if that's not terribly unreasonable. If you get your selling price, then it is a bonus for you. If not, it gives you some space for bargaining.
Tips & Warnings
Do your research on selling prices of similar vehicles, because buyers will do the same and will want to negotiate the lowest prices.
Sunday, December 25, 2011
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