5 Factors that Contribute Towards a Classic Car’s Trade-In Value

5 Factors that Contribute Towards a Classic Car’s Trade-In Value

Determining a proper classic car trade-in value can be a tricky process and prove itself to be challenging. Many classic cars are valued based on the previous sale price of similar cars, and sometimes finding a car that’s comparable to the classic car being evaluated can be difficult to do. There are a number of resources available online that can help give you a ballpark estimate, but it’s important to keep in mind three of the most important factors that significantly affect a classic car trade-in value.

A Classic Car’s Age

In general, the older a classic car is, the higher its value will be. It’s one of the most important factors that determine the trade-in value of a classic car. For instance, if there are two identical makes and models of one type of classic car, the older one will generally be valued at a higher price compared to the same model that’s newer.

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Manufacturer and Make

Some brands of classic cars will increase its value more than other brands. Famous domestic and foreign brands that drive up the price of a classic car include: Rolls Royce, Ferrari, Jaguar, Aston Martin, Dodge, Maserati, Ford, General Motors, Porsche, Buick, Chevy and Pontiac. More popular models made by a few of these automakers include the Corvette, Mustang, Charger and Firebird.

Authenticity

If a classic car’s authenticity can be verified by the VIN number, RPO and date codes, casting number, and transmission and rear end tags. Being able to confirm a classic car’s authenticity is a solid way to drive up its trade-in value and price.

Original Equipment and Overall Structural Condition

A vehicle that has its original equipment in fair condition drives up its classic car trade-in value. This includes components inside such as the seats, pedals, carpets and interior components.

Mileage

Just as with an ordinary vehicle, a classic car’s trade-in value is affected by mileage as well. A car with lower mileage is generally worth more because it means it’s been driven less, which means less wear and tear on the engine and other mechanical components. A classic car that’s been a daily driver for many years is going to be worth less than one that was driven occasionally but had much fewer miles put on it.

When you’re ready to trade in your unique, one-of-a-kind car, you’ll have a better understanding of the factors that the dealership will consider when they assess its trade-in value.

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