classics
- Thread starter Cutty1
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Look at what they are selling for in similar condition. With our cars, really nice, low mileage originals of the average models tend to go for $3,000-5,000, with some fetching more on auction sites.
I've been offered $3000 for my pure stock, not-so-great condition Regal. On the other hand, I have the absolute minimum insurance on the thing because they only value it at like $500 so if I tried to claim anything, it would be a total loss and I wouldn't get back in insurance anything close to what I had paid on it. And on the third hand, I've put about $5000 into this car and I wouldn't sell it for anything that I'd conceivably be offered for it.
So the real question... What do you mean by "really worth" ?
So the real question... What do you mean by "really worth" ?
He probably means market value. That depends on so many factors though. Right now, it has gone down a bit, but for a while there, these things were appreciating. The value always depends on what the buyer is willing to pay and the seller willing to accept. I probably have spent $12-15,000 on mine, but I would be lucky to get $5,000-8,000 for it complete. I plan on having an independent appraisal done on mine when it is complete, in case someone hits me and their insurance tries to give me $500 for it. This is also valuable if you want to get comp and collision insurance for it. You can get either an "Agreed Value" or a "Stated Value" policy for the car which is not dependent purely on KBB valuation. Not all companies offer them, but your local independent agent should be able to find it for you. There is also the option of classic car insurance if the car is not your daily driver and you have a locked garage to park it in. That would be through a company like Hagerty, and is typically inexpensive, but restricts how you can use the car. The last time I got a quote was for $125 a year, full coverage, but I did not meet the qualifications as I had had a ticket within 5 years.
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