When selling your classic car, you will want to determine its fair market value rather than price it at what you may think it's worth. Just because you’ve seen two guys go into a bidding frenzy over a car just like yours at Barrett-Jackson, doesn’t mean that’s what your car will sell for. It just means that they let their egos get in the way of their better judgment.
Even if you have $20K in parts receipts for the car, don’t think you’ve increased its value by that much. Cars are not an investment, they are for fun and you should only invest your “fun money” into them. If you want to sell your car, you have to price it for today’s market.
Publications such as the Old Car Buyers Guide, Hemmings or NADA's Classic, Collectible and Special Interest Car Appraisal Guide & Directory are a good place to start. Their price guides rate a car's value using 6 categories according to their conditions that range from “pristine” to “basket case”.
Most auctions houses have their completed sales results available online. It’s best to check out the most current results from auctions that typically have the type of car your selling. This will help you give potential buyers a rational starting price, and be good bargaining tool.
You must also consider what would be the lowest offer you would consider. Everyone wants to get a bargain, but they shouldn’t be able steal the car from you. If you’ve done your homework, you can easily explain to a potential buyer why they are getting a good deal. And when somebody offer you bottom line price, or very close to it, take the money and run.
