HOW MUCH IS MY CAR WORTH? Some tips for determining an answer to that age-old question

November 18, 2015
Posted by Barrett-Jackson

Written by independent automotive journalist Steve Magnante

There’s an old saying: “A 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 or a Daytona than a Dart. What was popular when new generally remains popular as the years pass. And popular usually equates to valuable.

There are exceptions, of course. Take the 1974 Ford Mustang II. Released amid a severe energy crisis and (temporary) anti-performance consumer backlash, Ford shuffled almost 400 thousand of the Pinto-based critters that year, but today the Mustang II is the least popular – and least valuable – member of the Mustang family. Generally speaking, however, the motto “popular then = valuable today” holds true with most vehicles.

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.

Historical significance plays a large role in value. This 1967 Cadillac Coupe De Ville once owned by Elvis Presley sold for $88,000 at the 2014 Las Vegas Auction.

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 stand out and can attract astonishingly disproportionate bids from collectors. Low or high VIN numbers can trigger fits of desire. For example, in the case of the last 1967 Corvette built, determined bidders at the 2007 Barrett-Jackson Scottsdale Auction reacted, and it sold for $660,000, roughly 10 times the average for a car of this type in ’07.

Historical significance can also play a major role in multiplying a car’s monetary value, and Barrett-Jackson has facilitated many sales of this type. At the 2010 Scottsdale Auction, the 1930 Ford Model A that helped John Dillinger and his posse escape from the FBI sold for $165,000. Celebrity ownership can also enhance the selling price, as bidders at the 2014 Las Vegas event proved. The sleek, red 1967 Cadillac Coupe De Ville that served young newlyweds Elvis and Priscilla Presley when new brought an impressive $88,000. A very clean but otherwise common luxury car, bidders were clearly stirred by the idea of acquiring a car once owned by The King and his beautiful bride ‒ and paid six times its street value for the opportunity.

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 currently must-have additions to any serious Corvette collection.

Okay, we’ve defined the general parameters affecting value, so how does one get more specific data? Borrowing a page from the real estate community, we turn to “comps.” Studying 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.

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.” 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 recent selling prices are usually the most informative.

Published and online price guides are also helpful. Collector car insurance providers often offer a valuation tool for owners of collectable 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.

–Written by independent automotive journalist Steve Magnante