The value of a classic car hinges on its history and rarity. The more genuine a classic vehicle is, the more expensive it becomes. The more fascinating the story behind the vintage piece, the more alluring it is to collectors.
Increasing the value of a classic car requires restoration and maintenance. More importantly, it requires that your vehicle has a story to tell. It is not merely the shiny paint job that increases the value of a classic. What makes it valuable is the journey of finding rare original parts. It’s joining car shows all over the country and finding car shipping companies to handle long-distance travel. Owning a classic car is owning a piece of history. A rich history means a higher-valued vehicle.
Value is the advantage that classic cars have over their modern counterparts. While modern vehicles are safer and boast useful features like fuel efficiency and 5G connectivity, they depreciate once they roll out of the dealership. Classic cars gain more value as time passes, sometimes even more than other collectibles or the stock market. Here are the best ways to ensure your vintage increases in value.
Number matching in a classic car is the key to ensuring that it gets its highest potential value. If the vehicle’s major parts have matching identification numbers, it still has its original components.
The most important number is the chassis number, also called the vehicle identification number (VIN). The VIN will be the basis for all other parts. An essential requirement in increasing the car value is getting the engine number to match the chassis. Matching numbers of components such as the rear axle, frame, and transmission form a solid foundation for a high-value vintage.
Do a Full-body Repair
Paint and bodywork are the first things that attract buyers. Make sure you do a great job at it. Look at the inside of the front door on the driver’s side. You should find a plate containing information about the make of the car. It will indicate the original exterior paint color and the interior color scheme. This information is an important basis for the full-body repair of your classic car.
Hiring a professional restorer to do the work on your car is best. But if you like getting your hands dirty, start by stripping off the paint. The process will remove all corrosion and expose parts of the body that need extensive repair or replacing.
Work on removing dents and scratches. Replace completely worn-out or rusted panels with genuine repair panels. However, finding authentic parts can be difficult. You can fabricate or rebuild body panels, but the resale value of the car will not be as high.
When repainting, look for the database of original colors. An exact color match with the original specifications will increase your vintage’s value.
Finally, work on the interiors and the small details. Cracked or faded elements will make your vintage look worn out, even if it has a shiny new paint job.
Use New Old Stock Parts
When restoring or maintaining your classic car, go the extra mile and hunt for new old stock (NOS) parts. These are obsolete automotive parts that preserve the original composition of your vintage. NOS parts are rare because they are no longer manufactured. You can look for these in old inventories of dealerships or traders. If your classic car consists of a large percentage of new old stock parts, it increases in value.
Once you successfully restore your vintage vehicle, it’s important to insure it. Insurance with adequate coverage will protect your investment if it gets damaged.
Classic car insurance is different from regular auto insurance in several ways. For a vehicle to be considered classic, it must be at least 25 to 30 years old. This type of insurance covers the value negotiated by the owner and agreed upon by the insurance provider.
Insurers require certain conditions to qualify for classic car insurance. Most providers will impose mileage limits, meaning you can’t use your vintage for daily or regular driving. Insurance companies will also require proof of secure storage and ownership of a daily-use vehicle.
If you want your classic car to increase in value, avoid using it for daily driving. Racking up mileage means depreciation, even more so for vintage vehicles. You will encounter difficulty finding original parts. Wearing them out by using your classic to go on grocery trips is wasting your effort and money.
Join Classic Car Clubs and Car Shows
By joining classic car clubs, you gain access to a network of like-minded enthusiasts. This community can help you in finding rare parts and expanding your knowledge. Car clubs are also a source of potential buyers.
Bringing your classic car to shows increases its value, especially if you win awards. Gaining distinctions in car shows is a good measure of how far you’ve come in improving the status of your vehicle. Shows are also a good marketing tool to show off your vintage to possible customers.
History Is What Makes It Classic
All that effort you put into restoring the car to its original state is part of the story that it tells. Make sure that you document the process well with photographs and detailed logs. Keep a file with all the maintenance records, insurance coverage, and certificates of participation and awards in car shows. Collectors who pay a premium price want to be part of that history. To increase your classic car’s value, make sure it has an excellent story to tell.