6 Tools That Can Be Used For Your Classic Car Valuation

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The automotive sector is one of the most growing industries of today. In 2018 alone, over 81.85 million cars were sold worldwide. While a lot of people prefer buying new modern cars, there is a very significant proportion of the population that is interested in classic cars. This is why if you are thinking of selling your classic car, you will find quite a lot of demand for it. Collector or classic cars are used cars. Ninety percent of traditional car sales come from the online platform. You too can use online platforms when selling your classic car. Whether you choose to sell it off at an auction or a dealership, the chances are you would first need your classic car valuation.

Why do you need to get your classic car valued?

You might wonder, why should you bother with a classic car valuation. After all, you can go to a dealer, and they will tell you the amount they are willing to give for the car. However, do you want to provide the power to a dealer, who is trained to maximize the dealership’s profit?

By getting your car valued, you are better equipped to negotiate. This makes sure that no one tries to cut you and profitable deal. You know the minimum amount you should be demanding given the condition of your car. You can only do so if you have an estimate in mind and this is what a car valuation provides you with.

Some online dealerships, as well as traditional dealerships, have their own car valuation system in place. But, it is difficult to gauge the neutrality of these systems. How can one be sure that the value reflected by this software are not manipulated to favor the dealership? Therefore, rather than blindly relying on such systems, it is better to get a third-party car valuation system to value your classic car instead.

Six tools for classic car valuations

Are you convinced that you can’t move forward with a car sale before first getting your vehicle valued? Great!

Now, you need to find the best tools for valuing your car. You must make sure that the tool you use is as accurate as possible. This depends on the factors that the tool takes into account. As a rule of thumb, mileage, the condition of the vehicle, the current price of the automobile and the value of upgrades you have done are taken into account to provide with an estimated value of your car. Make sure to only rely on tool that at least consider these factors.

Here are six tools that can be of help during your classic car valuation journey. 

1.    The Hagerty Valuation Tool

One of the best valuation tools in the market has to be the Hagerty Valuation tool. Why do we say so? Well, while other platforms might offer their services for all cars, this platform’s primary business comes from providing classic car insurance. Therefore, the industry knowledge they have about classic cars is unparalleled.

This company has the tools needed to monitor the classic car market closely. Since it is not easy to find the current prices of vintage cars, you need such a company to ensure that you get an accurate value of your vehicle. Moreover, the platform has direct access to the Hemmings classic car marketplace data. All in all, its estimate will be as accurate as you can get.

2.  We Buy Cars Today

If you reside in the UK, another quality car valuation service is delivered by We Buy Cars Today. This platform can be used for selling your car. However, apart from this, it also offers free online car valuation services to its website visitors. All you need to do is input the model of your car and answer a few questions about its current condition and mileage. The platform will them deliver an estimate to you.

You can either choose to use this estimates a standard upon which you base your negotiations when selling your classic car on other platforms. Or, you can decide to sell the car to the platform itself. For the latter, a representative from the company will check your car first to ensure that it matches the description you gave online. Upon verification, the transaction will be completed, and the car will be taken from you from wherever you want.

3.    The K500

This index is quite recent. It has been launched by an advisory firm that offers its services to classic car collectors. While it won’t give you an exact value of your classic car, it doeslet you get a fair idea about the market demand for it. In this index, you willfind the ratings and values of vintage cars that are most sought after.

The values and ratings are based on various auctions from all over the world. Only verifiable auctions and data areincorporated in the ranks. The downside of using this index is that it might not provide information about your car if it is not popular. However, you doget an idea of market demand. While you can’t use this index alone, it goes togive valuable information about the industry which you can use.

4.    NADA guides

If you want to find accurate local and international values of used and classic cars, NADA guides will be your sanctuary. Again, you can’t use it solely for your car valuation as other factors are also important. However, it allows you to know the price of cars like yours in the market.

This guide has been operational since 1922 and is an excellent source of help for anyone who is thinking of selling their cars in the US. You can find this guide both online and on print.

5.    HAGI index

HAGI index is considered to be the WallStreet of classic cars. This platform is operated by the Historic AutomobileGroup International. The index delivered by the platform delivers the value of classic cars as a form of investment. These values are derived by comparing them to other classic investments like Art.

As per the HAGI index. More than 100,000 transactions of classic cars are taken into account before giving value to any of the vehicles. These transactions can be private, online, auctions or viadealerships. Following the index on a monthly basis can provide you withspeculative knowledge about when is the best time to sell your car. 

6.    Collector Car Market Review

This online platform tracks values of an array of classic cars. It does so by taking into account the price charged for a given car by over 65 manufacturers. It’s quite similar to NADA guides regarding the format in which it is published.

Conclusion

While all these tools can be used for your classic car valuation, sometimes you will have to use more than one. For instance, you can use the various indices mentioned to get an idea about theprice of your car. After you do, you can use platforms like we buy cars to value your vehicle keeping in mind factors like mileage and car condition.

After having a rough idea of what your classic car is worth, you are now ready to negotiate.

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