Selling a classic car will be harder to sell than an ordinary car as market will be more limited but investing some time and effort will yield results. You will have to do your homework, especially if you inherited it and are not knowledgeable in vintage cars.
Estimate the value: Not an easy one when it comes to vintage cars. There are a lot of factors to consider here, year, model, color and even history will make a big difference in value.
There are a lot of services which can help you determine a value for your classic. You can go online on classic estimators like Hagerty and Hemmings or use local appraisal services. Appraisal services will charge you a fee but might be well worth it and help you negotiate a decent price for it later on.
You will need to keep few points in mind when you put a price for it.
– Are you willing to take the necessary time which can sometimes be years to get maximum value out of it or are you looking for a fast sale? Price has to be adjusted accordingly to your needs and timeframe.
– How is the condition of your car? If the car has been neglected (mechanically, visually or has rust) then the price has to be adjusted and expectation lowered.
– Market. It has to be factored in as it will affect the value. What model do you have and what is the present market for it. Is the market going up generally for vintage cars or is in a decline?
After determining your needs, timing and value expected next step will be where and how to sell it. There are quite a few options.
This will bring more for your car but will require time and determination on your part. You will have to go pretty much the entire hassle required selling a regular car (cleaning, mechanical and body repairs, advertising, negotiating..etc) but in a much more tricky and limited market.
Easier you make your car on the eyes of a buyer, the easier will sell and will bring more money. Cleaning and fixing any imperfections mechanically or body will make it more valuable. Unless, you have an unrestored and completely original car, in which case you better leave it as it is. Most collectors like those cars in a complete original condition, history and dust included.
An easier solution. You will give the right to sell your car to a dealer. It will be easier for them as they have an infrastructure already in place a showroom, advertising, market contacts..Etc. There will be fees associated with it but if you want an easier solution they do not come free. However, you might be able to negotiate fees with the dealer.
Auctions
There are quite a few classic car auctions out there which can sell your classic car. Toronto Classic Car Auction might be a good example and runs twice a year, once in the spring and one in the fall. Dates and locations are easily obtained with an online search. You can use international auctions too: Barrett-Jackson, Bonhams & Butterfields, just to name a few.
These auction houses cater to a specific crowd and type of cars. You need to do your research which auction suits best the type of the car you have, makes little sense to send a classic car to a muscle car auction. It will be out of place and will not bring a price close to its real value.
Auctions houses will have their own fees which will be different depending on situation and kind on auction.