Inheriting an old car from a loved one can bring a surprising mix of emotions. Firstly, this may be the vehicle of a beloved relative, such as a grandfather, for example. Even if you know the car hasn’t been used for a long time, it can still be difficult to suddenly find yourself responsible for it.
Interestingly enough, a lot of people assume older cars only have value if they are fully restored collector vehicles, and even then, not every classic car is a gem. But, in reality, there are many options. You’d be surprised to know that there is more value in older vehicles than meets the eye if you are ready to explore different routes.
Start by Understanding What You’ve Actually Inherited
No matter how much you may assume the car is worth, the first step is to actually understand what you’ve got.
Even a vehicle that appears worn out can be highly valuable if it is a limited-production classic. What to check first:
- The make
- The model year
- Mileage
- Condition
- Originality / rarity
You may also want to check if there is any paperwork accompanying the car, such as service records, manuals, and other documentation. These will be important when you’re trying to get an estimate of the car’s value. Besides, collectors will also pay more for a vehicle with a complete history.
This may be unexpected, but the vehicle doesn’t need to be in perfect condition to attract attention. Untouched original features may be worth more than modified restoration, even if they are damaged.
Finally, it’s worth researching how rare the specific model you own is. Some cars, such as the Tucker 48, were produced in small numbers, making the surviving vehicles highly valuable.
Selling the Vehicle As Is
Some inherited vehicles become a long-term project, while others need too much work or care. How much time, space and money are you willing to sacrifice?
If the answer is none, this is your sign to sell the car. Even if restoration costs feel too high, many hobby restorators would be happy to buy a classic car and make it their responsibility. That’s why it’s a good idea to have the car evaluated before you hit the market.
Alternatively, you can also sell the car to salvage buyers who are looking for replacement pieces, even before they run a restoration business, or because they own a vehicle like yours and need many parts.
The Registration Plate Could Be Worth More Than Expected
Did you know that the registration plate can carry a surprising resale value, and depending on the condition of the vehicle, sometimes even more than the car itself? Why is this the case? Older combinations used on registration plates used to be shorter, and these are highly desirable nowadays.
How much is my number plate worth? This may come as a surprise but some plate types are worth over $50,000 or even over $1 million. Which are the more valuable registrations?
- Dateless plates
- Short combinations featuring 1 letter and 1 number (dating from before 1963)
- Recognizable initials
These are some of the highest-priced registration plates, and if you have inherited an older car, chances are it comes with an original registration.
Additionally, plates where the combination of letters and numbers features either a meaningful message or something that is akin to a name or a brand, can attract the attention of both individuals and professionals.
Valuable Car Parts Still Have a Market
Even if the vehicle itself doesn’t hold much value, individual parts can still attract a strong interest from buyers and restorers.
Many original components are notoriously difficult to source as manufacturers have often stopped producing them years ago. As a result, enthusiasts restoring older vehicles often search for authentic replacement pieces rather than modern reproductions.
Which items can be sold?
- Chrome trim
- Steering wheel
- Vintage dashboard panel
- Original radio (full or in parts)
- Headlights
- Emblems
- Engine parts
You can often reach out to salvage specialists or collector groups to put your items in front of a knowledgeable audience. Places like eBay may appear like a good solution, but you are more likely to find high-paying buyers on relevant classic car forums.
This is a good way to make money from a vehicle that may not hold as much value if sold as is.
Selling Parts Beyond the Automotive World
What happens to the parts that collectors do not need for restoration purposes? Ultimately, there are way more car parts than you think!
Did you know that vintage automotive items are a popular find in antique malls and flea markets? This is definitely something you may want to think about if you find yourself with elements that still look the part but that hold no interest to the car market.
What type of car parts would sell at an antique market? You need to think outside the box. This is about pieces that can be used for purposes outside the car functions, such as decoration, for example.
An old license plate that is not valuable for its combination of letters and numbers can be valuable as an eye-catching statement piece on a wall, for instance. Similarly, old seats or mirrors are also excellent additions to a bohemian interior style. Even worn pieces with rust or faded paint can actually win you many compliments!
Renting an Older Vehicle for Ongoing Income
If the vehicle is still in good condition, you can also use it as a rental. Classic vehicles are often used for weddings, themed events, photo and film shoots, so you could provide your car as a resource.
There are different ways of bringing your car onto the rental market. You can explore partnerships with classic car rental companies or choose to do it yourself. Bear in mind that this venture requires thorough insurance and solid driver vetting, as you want to protect your vehicle.
In conclusion, inheriting an old car could open a wide range of opportunities if you are willing to put the work in. Naturally, not everyone is willing to go down any of these routes. There is absolutely nothing wrong with choosing to cherish the memory of a loved one by restoring a classic car in their name. At the end of the day, the choice you make needs to meet both your financial and emotional needs.
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