For some of us, collecting cars is a hobby or a means of uniting with that one memory that still echoes in our heads. While for others, it is an investment – a business, even.
Either way, we see collecting cars as one of the skyrocketing pursuits in the present times. Over the previous decades, the increase of interest in this field has been record-breaking. And hence, the automotive industry rightfully anticipates more individuals paying greater amounts for the vintage car models.
In case you are closely associated with this interest and industry, this post is going to come in real handy for you. After reading this, you’d know 8- determining factors to help you (or your client) decide whether or not you should sell your classic car.
Let’s get started.
Identifying a Classic Car
A classic car does not only refers to vintage and historic cars. Instead, it also refers to the specific car models that satisfy our class taste. It can be an antique or the latest ultra-modern model. It can be metallic or boldly designed.
You see, there is no accurate and universal definition present for classic cars. And, different automobile organizations have different criteria for classifying classic cars. So, depending on the region of your residence, you’ll have to confirm the categorizing criteria from the authorities.
Generally, a vehicle above 15-years of existence gets called as a classic. But, age is not the mere factor to consider. Some automotive bodies have defined the value too. According to HMRC, the vehicle must have a worth of more than £15,000.
It means that people possessing the cheaper models from the past can’t call the vehicle a classic. However, do notice, these rules and technicalities differ from organization to organization.
Moreover, there is another grey area in classic car identification that is a dateless number plate. Back in time, the cars manufactured during the 1960s and before carried dateless number plates. Hence, some people still consider it as an identification mark. But, note, the DVLA sells these dateless number plates too.
So, only because your vehicle has a dateless number plate, you do not own a classic!
When dealing with number plates, the better way is to hunt for silver and black number plates. A silver-black number of plates surely refers to a classic car.
If you’ve taken the criteria defined by the regional automotive authorities into consideration, then you can claim the car is a classic. Remember, checking the authenticity of classic cars holds immense importance when selling them. Read more to unravel about other factors!
Other Factors to Consider
Well, once you know the fundamentals of identifying a classic car, it’s to give some thought to other influential factors.
The aspects mentioned below are important to consider when selling a classic car.
The Investment Approach
There are two kinds of investments in vintage cars:
- Passion-oriented Investments
- Business-oriented Investments
If your passion fueled the investment, the chances are that you’ll maintain your classic well, which in turn will keep its value appreciating with each passing year. And hence, we would advise you to keep your classic close for as long as you can. Put it up for sale when you think its current price is at least five times its original price.
However, if you’ve business-interests, we advise you to sell it right when its price doubles. That’s because prices may take forever to increase, and for some models, they may stay stuck permanently. It would not be in favor of your business interests to take risks like that.
There is a fine line of difference between owning a car and enjoying a car. We all have cars, but not all feel joyful or comfortable when driving it. So, before selling your classic car, question yourself whether you like the vehicle or have any emotional attachments to it. After all, it’s difficult to find a car that feels homely!
Demand of time
Car collection is indeed a demanding interest. But life is even more demanding.
In times of financial crisis, owning a classic car may not make sense. Instead, its maintenance may consume what little you’ve left in your pocket. In such times, it’s advisable to sell your car for good.
Possessing a classic car comes with some monthly expenses, even if you are not using it. Before putting up the sale notice, calculate whether you can or not afford its expenses. If you can, there are still other factors to consider before deciding to sell.
If your classic car is your primary means of transport, then we’d say sell it now! And that’s because you can get yourself a much more equipped and safe vehicle in the price you will get.
Most old vehicles lack air conditioning systems, satellite radios, airbags, traction control, anti-lock brakes, etc. Traveling around in such a vehicle is certainly not a smart choice.
Inheritance & Nostalgia
Undeniably, it is rare for people to inherit a classic car. But, the main area of concern when deciding whether to sell these cars is nostalgia and attachment. Dealing with emotions can be a dominant issue for some.
But, one must train himself/herself to evaluate situations with practicality and logic.
Maintenance & Restoration
Lastly, consider if you’ve got enough time and resources to spend on restoring a vintage car’s original looks. If it’s been sitting around for years, then it might require bulks of input, with which you may as well purchase a new car. Hence, decide wisely!