Determining the value of a classic car is slightly different than for a regular car. Enthusiasts of collectible cars desire original numbers matching mechanical parts, original paint and interiors or reproductions of the original colors, and extensive service records. Having the original build sheet placed on top of the fuel tank is an added bonus. The classic car market moves dramatically with the economy. In good times, the prices are high, in downturns, the market sinks very low. Evaluating all these conditions is essential in determining the current value of a 1973 Corvette.
Make a list of all the optional features on the car. A big block engine or a convertible adds significant value to the vehicle. Manual transmissions on vintage Corvettes are more desirable than automatics.
Determine the mechanical originality of the car by checking the engine number with the Vehicle Identification Number to verify that the engine is the original. The engine number is located on the block just behind the fan on the left side. Clean the area and use a flashlight to read the number. The VIN is found on the title, registration or ID tag near the driver's side windshield molding. You will discover value reductions between $2,000 and $3,000 for a non-numbers-matching car compared to a numbers-matching vehicle.
Check the overall condition of the car. Is there any visual or mechanical evidence of accident damage? Check to see if everything works. These cars are very old, so repairs often are needed. Make a note of the repairs and obtain estimates to fix them.
Locate the trim tag inside the driver's door frame to determine if the interior trim and paint are the original colors. Use the paint and interior codes to determine if the color is still the original.
Use NADA to check the book value of the car.
Research Corvette forums and classic car websites to determine what comparable 1973 Corvettes are actually selling for and what features they have in comparison with your subject vehicle.
Use the information you gathered to determine a value range. In economic downturns, the NADA book value will be higher than that of comparable cars. Make necessary adjustments for the economic cycle. Make necessary adjustments for features, condition, numbers matching and repairs to determine the actual value. Remember, the real value is what someone else will pay for it.
Another option is to send your researched information to a specialized Corvette appraiser. They will assess the information, make necessary adjustments and determine a market value for you.
