The definition of a classic car is vague nowadays. For some, this could mean cars that are relatively old and outdated while others use the number of miles covered. Conversely, it’s important to know if a car is classic or vintage given the requirements of your insurance company. Hence, knowing the true value of your car will help you reach the right agreement to cover up for damages. With the help of several car experts, we’ve prepared a guide to help you identify the factors that define a classic car as well as how to determine its value.
How Old Is A Classic Car?
Most times, you won’t get a straight answer when you ask people “how old is a classic car?” When it comes to public opinion, a classic car is generally presumed to be an old car or one that comes with unique wheels. However, the general rule is for cars within 25 years or older to be termed “classic” while those at least 15 years old are considered to be “modern classic”.
Considering the age factor, it’s important to draw a line between classic cars and pre-war cars which are classified as an “antique”. Mostly, classic cars are limited in production and can find only a handful of them on the road.
However, the criteria used in determining classic cars vary from place to place. For instance, in America, the CCCA has a comprehensive list of cars that are referred to as classic, and this definition is limited to cars produced between 1925 and 1948.
Also, some insurance companies only consider cars that are at least 15 to 20 years old to be classic. This comes with few conditions which say they should be garaged when not in use and also driven less than 2,500 miles per year. However, this condition varies from place to place. This guide outlines all the steps needed in insuring a classic car.
Besides, to add a classic car to properties insured, most insurance companies will require a vehicle used regularly also insured along but insuring a classic car alone will get you a less than standard policy agreement.
You should also know that the definition of a classic car varies from one state’s DMV to another. However, the majority consider a car older than 15 years to fall within that category. Hence, you should endeavor to find your state’s definition of a classic car and how old it must be before it’s called one.
In most cities, there are special tax regulations for classic cars considering their complex electrical system. When such a vehicle fails, it becomes a case of economical repair as used parts of such vehicles are hard to find anywhere else. Also, if you live in places like the UK and Netherlands, you will benefit from road tax exemption enjoyed by these vehicles.
Determining the Value of a Classic Car
More than anything, a classic car is a symbol of nostalgia, especially for generations before now. Most people go for classic cars not because they’re the best in the market but want to be reminded of their young self. You should know that before a vehicle became old, there was a time when it actually conquered the road.
Hence, it’s common to still see people whose desire for classic cars never seem to die out.
More than anything, cars like the Porsche 911 are a good example of vehicles which have managed to score increasingly high over the last few years. In fact, most classic cars are perceived to be more valuable to modern ones. This explains why their market has increased by 17%.
Given this fact, it’s easy to assume that a classic car will always command a high fee in the market, but there are factors to consider before making such an assumption. You might be surprised to know that classic cars normally have a history. The value of a car increases if it was originally owned by a famous person, especially those with racing history. People who buy classic cars want to know where the car is from, where it has been and who has used it.
Another factor to consider is scarcity. When a vehicle has limited supply, it’s value increases. For instance, there will always be more bidding on cars whom there’s only two of its kind in the world. Conversely, if the original price of a car is high, the hype continues even until it becomes out of date.
Generally, the factor that will most likely determine the value of a car is the condition of the vehicle. To command a good price, all of its components have to be in order. The vehicle must contain all its original pieces. Perhaps the year a car is produced will also drive its value, but it’s rarely considered if the car condition is perfect.
Where to Buy a Classic Car
If you fancy adding a classic car to your collections, there are several places to look at. Due to the price this cars command, you have to be careful where you look. The most popular brands available include BMW, Chevrolet, Porsche, and Ford. This site allows users to learn about the car before they buy it. They also have a dedicated section for car insurance inspection as well as supplier parts.
Another place to look is AntiqueCar.com. This is a viable option for those looking to buy cars within 20 to 4 years old. Usually, buyers are to make an offer and wait for the seller’s response. There’s also a search filter that allows you to search by state, age, and type.
However, these sites will always warn you about scam before you proceed with any deal. Go through this guide to know the do’s and Don’ts of buying classic cars.
The ultimate answer to how old a classic car is or what defines a classic car boils down to age. It’s safe to say cars older than 20 years can be called classic cars since that number tend to sit well with the majority of agencies. Finally, if you own a classic car, we will like to know how old it is and the price it was acquired by using the comment session below.