In order to determine the value of replica cars, also called tribute cars, buyers, sellers and insurers must work together to determine an “agreed value.” This is because replica cars are assembled from kits and usually not built by major manufacturers, so they don’t have established "blue book” values.
One way to determine what a replica car is worth is to work with an insurance company that writes polices on such vehicles. One such insurer, Heathcock Classic Collector Car Insurance, routinely insures replica cars based on photographs and owner information, where the insurer and the owner agree on an insured value for the car. This helps determine a fair market price. Obviously, replica cars aren’t originals and therefore won’t have the same value. In fact, the National Automobile Dealers Association (NADA) does not even include replica cars in its guides on pricing.
Of course, builders of replica cars know how much they pay for their kits, accessories and labor. However, what builders spend to build kit cars is not necessarily what they’re worth in the open market. First, not all replica cars are built to the same standards. For instance, although replica cars have to meet certain federal and state standards in order to be street legal, not all builders need or want them to be. Nor are all built to be high-performance race cars.