How to find your classic car's value

How much is my vintage car worth?

Ultimately, your vintage or classic car is worth as much as someone is willing to pay for it. But several factors are considered when setting the fair market value, including:

Make and model

The year, brand, and model of your classic car are especially important in determining its value. Specific models, such as a 1965 Ford Mustang or a 1957 Chevy Corvette, carry more prestige and historical significance than other models. Specific model features, such as the body style and engine specs, can also affect value. The more desirable the make and model of your car, the higher the value.

Condition

The condition of a classic car is a primary factor in assessing its value. The classic car community uses a scale of 1 to 6 to rate the condition of a car. The scales differ slightly from one source to another, but generally, the lower the number, the better the condition of the car. Here's how Hagerty defines each rating:

1. Concours. These are the most sought-after makes and models in the world and are in perfect condition. These cars are extremely rare and valuable.
2. Excellent. These are prize-winning cars that hold up to an expert inspection. They are "like new" inside and out.
3. Good. These are the most common collector cars. They show reasonable wear, but their flaws are few and mostly undetectable to the average eye.
4. Fair. These cars show more obvious flaws, including a fading exterior, worn upholstery on the interior, or minor mechanical issues.
5. Project car. These cars can't be driven without extensive repairs and professional work. The major components of the car are still intact, but nearly everything must be updated or replaced.
6. Parts. These cars can't be saved without extremely high costs. They may, however, still have rare parts that can be used or sold for another project.

Original parts

A car with "matching numbers" is more highly valued than a car without. These "numbers" refer to the serial numbers located on the engine, transmission, chassis, or other various parts of a car. When the numbers match, it means the car has its original parts, indicating its authenticity and raising its value.

Rarity

Rarity is a much debated term in the classic car industry. As Hagerty states, "a car can be rare but not collectible, while another can be collectible but not necessarily rare." Rarity often refers to the desirability of a specific make and model based on special options or trims. If a car has such options, it could be considered rare and valued at a higher price.

Mileage

As with any car, classic cars with lower mileage carry more value than those with more miles. Assuming that the car has been well-maintained, low mileage indicates less wear and tear and a better condition.

Documentation

Having official documentation verifies the authenticity of the car as well as its history, condition, and any updated features or parts. Documentation tells the story of a car, and these stories are valued by classic car aficionados.

Why should you know your classic car's value?

Knowing the value of your classic car is important when buying, selling, or insuring your car. It can help you buy the car of your dreams for an appropriate price, sell your classic car for what it's worth, and properly insure it in case an expensive accident happens.

When it comes to insuring your classic car, knowing its value can help you get the right level of coverage. That's because a classic car insurance policy typically insures your vehicle for its true value, whereas a standard auto policy may only cover the actual cash value of a car (the cost to replace the car minus depreciation).

Agreed value vs. stated value

Agreed and stated values for classic car insurance are two common methods insurers use to determine classic car payout limits. Stated value is what you say your car is worth (potentially requiring proof), while agreed value is the insured amount you and your insurer agree on. Neither is the same as the actual cash value of your car, as that would have to factor in depreciation based on age. Learn more about agreed value and insurance.

At Progressive Classic Car by Hagerty, agreed value is known as Guaranteed Value®, which doesn't require an appraisal.^* This value won't automatically change, but some insurers may want your vehicle revaluated at the beginning of each new policy term.^†

What do you need to find the value of your classic car?

To find out the value of your classic car, you may need the following:

• Year, make, and model
• Body type
• Engine size
• VIN (not required by Hagerty)
• Current condition of your vehicle, including history of work or restoration

Compiling this information can help you and your potential insurer identify any unique or high-demand features that add to your vehicle's value. Have these specifics ready when you use the Hagerty Valuation Tools to find out how much your collector or classic is worth.

Does getting your classic car appraised impact your insurance?

Getting a professional appraisal could help you prove the stated or agreed value of your classic car. This ensures that you're accurately insured and will be paid what the car is worth if you file a claim and it is approved. Some insurers require an appraisal to protect both parties. Classic cars can fluctuate in value depending on the market, so it may be wise to check up on your car's value at least yearly.