The most popular source for classic car appraisals is the NADA Guide, according to Cars Direct. However, the Value Your Vehicle section on Hagerty's official website allows you to view the most current prices for a number of different classic cars based on condition and the current market, says Bankrate.
The top two factors that determine the value of a classic car are condition and rarity, claims Cars Direct. In order to demand the highest asking price, the car must be fully restored and in perfect working condition. However, if only a few models of the car exist in the world, the owner does not need to follow price guides and is free to come up with a price of his own.
If the car has not yet been restored, the owner should decide whether to fully restore it or sell it as is. The extent of the restoration process affects both decisions, according to Cars Direct. If the cost of the restoration process does not leave enough profit once the car is fully restored, the owner should consider selling the car as is. If the profit on a fully restored version of the car is high, then the seller should consider having the vehicle restored by a professional as the profit is much higher than a car that is restored by an amateur, says Cars Direct.