How much is my Vintage, Classic or Luxury Car Worth?

As part of our appraisal process, a specialist checks the car's trade value (makes include Ferrari, Bentley, Aston Martin), by verifying factors such as year, make, model and overall condition.

As part of our appraisal process, a specialist checks the car's trade value (makes include Ferrari, Bentley, Aston Martin), by verifying factors such as year, make, model and overall condition. We then use industry leading tools such as Glass and Cap to view the trade value of the car. We will also check the V5 document for certification and proof of ownership.

Value of Prestige & Classic Cars - A Borro Guide

Initially, we find many of our customers come to us to find the value of their car so that they might secure a logbook loan. While we do offer a free valuation service, we do not offer logbook loans as we use prestige and classic cars as collateral against a secured loan. Whereas logbook loans tend to be offered at a fraction of the value of the vehicle and at rates surpassing 300% APR, our secured loans offer up to half the retail value of the car and at rates of 39.2-68.8%. This option frequently hasn't been offered to our customers before they come to us, so we decided to put a guide together to help you work out the value of your vehicle as well as offering you an insight into the best option for unlocking this value, whether it may be by selling or secured loan.

This guide has been formulated by using the frequently asked questions of our customers to give you all the information you might need.

Our Most Frequently Asked Questions

Are Cars Worth it?

It is a well known fact that almost all cars depreciate in value over time. Therefore, if you are looking for an investment opportunity, we would advise against using a car for that purpose. The general rate of depreciation is surprisingly high - this informative AA article on depreciation estimates a new car will lose 40% of its value by the end of the first year of ownership. To answer the question of ‘Are Cars Worth it?' then, these facts and figures almost certainly prove that financially, cars are never worth it. However, their usefulness as well as their history, class and performance make vehicles worth it in a whole different way.

Which Cars Appreciate in Value?

While 99% of cars depreciate in value, it is not unheard of for cars to appreciate in value. They may also initially depreciate and then appreciate later on in their lives. Factors such as rarity, performance and condition all have an affect on this. An example we found here on Autotrader is a red Ferrari Enzo which cost £450,000 new between 2002-04, but will now fetch anything from £700,000+. This is all because only 400 were made and hence they are extremely rare. As the article goes on to say, the best cars for investment would be ‘limited production super-cars in iconic colours and good condition which will hold their value the most'.

As vintage cars go, well revered cars are likely to increase in value as time goes on, as original models will unfortunately be damaged, lost, stolen, scrapped... the list goes on. An example of this would be the Ferrari 260 GTO that was made between 1962-64. When new, it cost $18,000 US. It recently set a world record, being sold for $35,000,000 US in May 2012.

Even cars which were originally fairly common, can now be extremely scarce, meaning that although they originally would have depreciated, will now be far more expensive than they were to begin with. Guessing what car might be well sought-after and scarce enough in 50 years time is nigh on impossible and hence an extremely risky investment.

See a list of the most expensive cars sold in auction from Wikipedia.

How Do I Find the Value of a Classic Car?

There are a 20 or so factors which determine the value of a classic car. These are summed up succinctly here on Wikipedia's Vehicle Valuation Criteria page.

As was made evident from the ‘Which Cars Appreciate in Value?' answer above, rarity is a key to pushing up the value of a vintage or classic car. For newer cars, you should be looking at the condition and mileage of the vehicle. Well made cars tend to depreciate less than others, but the fall in price is generally inevitable. Our page on selling cars explains how the best you can hope for is a depreciation of 13% per annum.

If you are looking for the value of vintage cars for the purpose of resale, we would advise you think very carefully about the way in which you go about parting with your vehicle. There are a number of methods from listing online, to sending to auction and approaching specialist car dealers. However, if you are having to sell purely to raise financial capital Borro can help. As cars do depreciate in value, it would be a shame to sell up for a short term cash injection, losing the amount you originally invested in the car. Instead, you could consider an option to use the value of the car against a secured loan. These loans typically offer up to 50% of the car resale value and at much more affordable rates than logbook loans. In addition, we transfer money direct into your account often within 24 hours. These loans do not take into account any personal finance information or credit checks and are therefore very popular with our customers. To find out more, simply contact Borro on 0808 163 9009 or view our page how-it-works.

How Does Borro Value Cars?

Initially, our first priority when assessing the value of your car is checking the V5 document to certify ownership of the vehicle. Then, depending on its age, our experts appraise a prestige car's value in one of two ways:

Modern, high-performance cars:
We verify factors such as year, make model and overall condition. This is then checked against industry leading tools such as Glass and Cap to produce an accurate value.

Vintage/classic cars
As well as checking the overall condition of the vehicle, we do a thorough check on auction history records from specialist car auctions such as Bonham's.

Ultimately all these reports are influenced by the factors outlined in the 'How Do I Find the Value of a Classic Car?' section above. To get your prestige car valued accurately and quickly contact the Borro team on 0808 163 9009.

What Are the Current Prices of Prestige Cars?

You can use the information below to compare recent UK prestige car valuations. These have been made by our experienced experts and are in-line with current market trends.

car

£30,000 Valuation

Bentley Continental
car

£30,000 Valuation

Aston Martin DBS
car

£10,000 Valuation

Jaguar XJS convertible
car

£17,000 Valuation

Porsche 911 Turbo
car

£26,000 Valuation

BMW M3
car

£36,000 Valuation

Ferrari Modena

Speak to a specialist

0808 163 9537

Or get started online

  Add Another Asset

 

Application has no impact on your credit score