DETERMINING THE MARKET VALUE OF YOUR COLLECTOR CAR
March 8, 2017
Posted by Barrett-Jackson
Written by independent automotive journalist Steve Magnante
The fact that this 1967 Ford Mustang GT Custom Fastback headed for the 2017 Palm Beach Auction is owned by NFL wide receiver Reggie Wayne may add to its value.
There’s an old saying: “A collector car is worth exactly what somebody is willing to pay for it.” Though only valid in hindsight, it speaks to the fact that pinpointing the exact pre-sale monetary value of a collector car – as well as many other types of collectibles – is easier said than done. Of the many variables, the major ones are popularity, condition and unique features or historical significance.
Popularity is king. Anyone with even a passing understanding of the American collector car scene will know that far more buyers are lined up for a Corvette than a Chevette, a Pantera than a Pinto, Yenko than a Yugo or a Mach 1 than a Mustang II. What was popular when new generally remains popular as the years pass. And popular usually equates to valuable, with some exceptions of course.
VIN 001 + Charity = Success. This 2017 Acura NSX sold for $1.2 million at the 2016 Scottsdale Auction to benefit the Pediatric Brain Foundation and Camp Southern Ground.
Condition is the next factor that will impact dollar value harder than an oak tree at 80 mph. Rust, accident damage, missing parts and neglect/abuse can conspire to drag the value of any collector car from lofty heights to bottomless pits. Naturally, a well-preserved HEMI ’Cuda, Lincoln Continental MKII or V16 Cadillac will command more dollars than a rusty, smashed or incomplete example of the same car.
Then we have the factor of unique features and/or historical significance. Though automakers have produced millions of new cars every year, those with particularly unusual features often stand out and can attract astonishingly disproportionate bids from collectors. Low or high VIN numbers – especially when combined with the opportunity to benefit a worthy cause – can trigger fits of desire. At the 2016 Barrett-Jackson Scottsdale auction, one generous bidder took home the first serial production car VIN #001 2017 Acura NSX for a cool $1.2 million. 100% of the hammer price benefited the Pediatric Brain Foundation and Camp Southern Ground.
Celebrity provenance can also enhance the selling price, as bidders at the 2016 Las Vegas event proved. The 1976 AMC Pacer used in the iconic “Wayne’s World” movie sold for $37,400, by far a world record for the model. Without its provenance, the Pacer might not have garnered north of $5,000.
Celebrity factor: The 1976 AMC Pacer used in the iconic “Wayne’s World” movie sold for $37,400 at the 2016 Las Vegas Auction.
Take care not to mistake rarity for desirability and its shipmate, monetary value. For example, only the lunatic fringe among Pontiac GTO bidders appreciates the rarely seen 1964-1967 3-on-the-tree Saginaw manual gearbox. It is also wise to be open and ahead of the curve, as any 1953-1954 Corvette owner can tell you. There was a time these 6-cylinder, automatic transmission-only machines were among the least-popular Corvettes. Times have (rightfully) changed and they’re a popular must-have additions to any serious Corvette collection.
Okay, now that we’ve defined the general parameters affecting value, how does one get more specific data? Studying comparable auction selling prices and the asking prices of similar vehicles using printed and online resources can give an approximate idea of what bidders have paid and what sellers expect to get. Published and online price guides are also helpful.
Collector car insurance providers also often offer a valuation tool for owners of collectible and special interest cars and trucks. Here it is crucial to make certain your vehicle shares all – or most of – the features and details present in the listed vehicles, so you’re comparing apples to apples. There’s no point trying to compare sales trends of 1968 Plymouth Satellites to 1968 HEMI Road Runners.
At the end of the day, the actual value of any collector vehicle can only be known for sure the moment after it sells. Nevertheless, with the tools and resources listed here, educated guesses are more possible than ever.
A USEFUL RESEARCH TOOL: The Barrett-Jackson “Results” Archive
Since 1971, Barrett-Jackson has sold thousands of collector vehicles of virtually every type. To help collectors determine value and to provide a historical record, auction results from every Barrett-Jackson auction going back to 1996 are available online at Barrett-Jackson.com by clicking on “Results.” Signing up and logging in to this area of the website brings even more comprehensive data. It’s a helpful resource, but remember: selling prices are often a reflection of the national economy and the prevailing climate within the collector car community at the time the hammer dropped. Obviously, the selling price of a Mustang Boss 429 in the year 1996 will be lower than the dollars paid more recently. The most current selling prices are usually the most informative. When you’re on the website, be sure to click over to the docket to preview all the fantastic vehicles that are ready for the auction block.