If you’re wondering, “Should I sell my classic car?” — we know exactly how you’re feeling. Deciding whether or not to sell your collector car can be a mixed bag of emotions. But ultimately, coming to a decision depends on your specific situation.
Let’s break down a few key factors that may help you make the best decision on if it’s time to sell your classic car.
Do you have the space to store it?
It’s no secret that you need extra space to park and store your classic car. If you live in an apartment community, this could be a challenge. Even if you have a 2-car garage, this could still be a challenge. However, having a safe and secure location to store a classic car is a must, and if you don’t have any options now or in the near future, it could be a reason to sell your classic car.
And hey, if it gets your significant other to let up on the nagging, that’s a win in our book.
Can you afford the insurance on it?
Honestly, adding on car insurance for a classic car usually doesn’t run that high. In some cases, it can be as little as $10 a month. But if this is something you’re not interested in, you may want to consider selling your car.
There are insurance agencies that can provide comprehensive protection for storing your car — which can protect your precious baby from just about anything. If you’re not willing to invest in protection, keeping the car might not be the best option for you.
Consider this the birds and the bees talk — but for your classic car.
Is it already restored?
If the car is already restored and in pristine condition, then this could be a major factor in keeping the car. However, if the car is not restored and requires a lot of work, then you’ll need to decide whether or not you have the time and financial means to restore it. If not, then the car will likely continue to sit there and do no one any good.
Do you need the money?
If you’re in a financial bind and you need the money, then selling your classic car might be a good option for you. However, it’s important not to settle and to price your classic car correctly.
If you’re wondering, “How much should I sell my classic car for?”, then do yourself a favor and stay away from sites like Kelly Blue Book and NADA. While these pricing tools can give you a general overview of price, they don’t understand the full value of a classic car. This includes the features the classic car may have and the current supply and demand surrounding it.
If you need help determining what price to list your classic car at, send us an email at EMAIL GOES HERE for custom advice.
As another option, you can search around multiple platforms, like Facebook Marketplace, Ebay, and Bring A Trailer. Together, these sites can give you a really good idea of how similar cars are priced and what the current supply and demand is.
Will you regret it?
Most classic car owners will sell their car, regret it, and then try to re-buy the car a few years (or even a few months) down the road. It’s like drunk texting an ex, but worse.
If this sounds like you, then you may want to keep your classic car. A good rule of thumb is to ask yourself whether or not you’ll be able to buy the same car, at the same price, with the same features, three years from now. If not, it might be worth the investment to keep the car.
Is your classic car even a classic car?
In many cases, people think they have a classic car. But when it really comes down to it, they just have an old car. This might be hard to hear; however, it’s still worth looking into it. If you hold onto an old car, put a ton of work and money into it, and then find out later that no one appreciates or values that type of car, then your entire investment will be for nothing. At this point, you should let the car go before you get in too deep.
That being said, if you love the car, keep it. Who cares if no one else likes it.
Interested in seeing if others are looking for your classic car?
If so, we’ve got you covered! At Do U Have, we’re a platform for buyers and sellers looking for collectibles, classic cars, and vintage items. Hop onto our site and start a search to see if anyone in your area (or even nationally) is interested in buying your classic car.