Article: How to valuate a collector car

如何為經典車估價？Original article published on Classic & Sports Car Magazine, Kenneth Wong Explains How to Valuate a collector car. Check out the English Version Below.

如何為經典車估價？

~眾裡尋它，總有路

「外國的經典車買賣廣告，只可當作參考。不同地區，對各種經典車的需求也不同，例如某地區的手波版較值錢，加上左軚右軚也有不同，兼且要看當地氣候。」

今次想跟各位談談一部所謂有價有市的經典車，其實是如何為它估值的呢？一般保險公司去為一部車估價，會先看該款車在新車時的售價，然後計算折舊率等相關因素，整個過程很是科學，只是簡單的數學計算。經典車的估價則完全不同，我會說，這是一門是藝術。我從事這一行業一段時間，有時遇到朋友和客人，他們會覺得我一眼就知道一部車的價格。事實上，我每次的答案都一樣，經典車車價是浮動的，不全在一套準則。

就像早前有一部保時捷964 Carrera RS 3.8 ，在美國以一百六十萬美元之天價成交。這是否代表擁有964 Carrera RS 3.8的買家，其愛駒都能賣到同樣價錢呢？這當然不是，因為其拍賣地點在美國，而我們在香港，這便是地區因素。該部911的狀態接近完美，行車里數很低，加上以拍賣形式售出，有幾個客人出價競投，成交價便高一點。

所以我常說，一部經典車要等到成功賣出之時，人們才會知道價錢，而這個價錢才可以作準，成交價跟「叫價」不同。於是，一般人會問，怎樣才知道價錢?

我會認為，第一個方法，是聘請經典車顧問，請他們做資料搜集，找出價格範圍。每一個顧問都有自己的方法，我通常去研究現時市場叫價，然後再看看真正的成交價。有一些可在網上看到，有些則是靠我們行內人的關係得知價格，會知道行家賣多少錢，但這些資料是不公開的。除了拍賣的成交價，還要視乎當時經濟環境，以及樓市和股票市場的情況。因為每部車在不同時段，都有不同價位。集合所有資料，加上經驗，從而得出一個價格範圍。

第二，是買賣雙方都可做資料搜集，其實網上有很多資料，而在電子世界之外，現實世界也有很多東西可作參考，例如講二手車的車刊；網上的則可參考本地和外國的汽車買賣網站，研究一下銷售商和私人賣家的放售和成交價。不過大家要明白，這些價錢只能作參考，不同的地區、不同的車款、不同的狀態，都會令價格出現大幅偏差。

說回本地經典車買賣，可以是車主自己找車，有些則是透過車行。大家需要知道，車行把價格要定高一點，才能賺得到錢。中國人的美德是喜歡講價，所以叫價多數會進取少少。遇到有心人的時候就會還價，買賣雙方得到一個中間點，就會成交得到。

如果是私人買賣，整條方程式便有所不同了。例如，看車主有多心急想要賣車，某些例子可能是剛剛離婚，或者是自己公司上需要現金流，這些狀態就會急一點，議價空間較多。其實，每一個成交都是個別個案，不能一概而論。

外國的買賣廣告，只可當作參考。不同地區，對各種經典車的需求也不同，某些國家的某車款，產量會特別少，也很難找。若求過於供，叫價自然高一點。又或者某地區的手波版較值錢，加上左軚右軚也有不同，兼且要看當地氣候。好像美國東岸會落雪，經典車有機會接觸到路面鹽份，因此放盤會較為便宜。再者，貨幣的兌匯率影響也很大，像早前英國脫歐，匯率跌得厲害，經典車的價格卻沒有相同跌幅，所以要自己衝量各個國家的情況。

第三，是參考拍賣行的成交價，但我要提醒各位，拍賣行為了造出一個價錢，很多時都把大約10-15%的buyer's premium，以及賣家10-15%的佣金計算在內，因此公開的成交價，可能比賣家真正賺到的價錢，多了近30%，要留意。

最後，有人喜歡問朋友意見，通常朋友都會說：「我朋友個朋友話呢部車賣幾多幾多錢……」，因此不能證明真實狀況，只是道聽塗說。個人認為，問朋友意見之餘，還一定要自己做資料搜集。

總結上述幾種不同方法，其實買家想買一部車，都只是想以公平原則，買賣雙方以你情我願、大家滿意的價錢去成交吧。經典車的狀況和保養歷史都會影響價格，而且車行幫你賣車，可能都要收取一點費用，賣廣告都要廣告費吧，加上買方可能要求維修報告或證明，而這些都會影響價格。

What is the best way to find out how much a car is worth.

People always think I know what every car is worth, but I always say it depends! I can tell you what a similar car has sold for or this may sell at this range, but It’s all about the individual car, its history, condition and provenance. No one really knows, precisely, what your car is worth at any given moment in every market.

There is a lot of misunderstandings about car values, because you see a car that looks like yours listed online or on auction website but that doesn’t mean that you’d get that price. You really have to know the actual transaction price, not the asking price, to start to gauge what your car is worth in the market.

There’s a bunch of ways you can find out.

#1 Obviously you can engage a consultant such as myself to do research for you and come up with a valuation range.

Every consultant has their own different approach to realize a valuation. I use a combination of market asking price, transaction records information within my network, auction results and market sentiments on that particular car in a particular market and timeframe.

#2 You can do your own research: There’s also a lot of information that’s available to the general public, such as online and offline classified ad from local and international car dealers, as long as you understand that every reference point that you see is simply a “reference point”. It’s not the value of your car. The value only realizes itself with the transaction.

For local ads, you have to distinguish which cars are sold by a dealer, which cars are sold by the owner. Dealer has a big overhead, therefore they need to make a much larger margin in order to survive. Meanwhile private seller doesn’t have the same mathematics, but they don’t want to loss out either. At the end, it all boils down to negotiation, so every deal is different.

For international ads, you can use them as a reference point, but you do need to understand preferences, market sentiments, demand & supply, even exchange rate fluctuations could have a big impact on the price.

#3 You can search online for similar cars sold at auctions, but please note auction results shown usually includes a hefty premium and seller’s commission, so what the seller ultimately get is as much as 30% less than the transaction results.

Auctions rewards the ultra shiny and ultra perfect examples, the record smashing results could be due to a car’s provenance and it’s ultra pristine condition.

#4 Finally you can ask your friends, but prepare to listen to something like ‘A friend of a friend of a friend just bought a similar car for $XXX.” Or you will hear stories about a friend who spent twice as much as he should have on a car, then spent twice as much as he should have on restorations, then sold it at a loss. Usually these stories doesn’t help and maybe a waste your time.

In conclusion:

When buying a car, you want to buy it at “fair market value”, the amount that a car might change hands for between a willing buyer and a willing seller, both acting on their own best interest and both of whom are in possession of all the relevant facts of the car.

When you are selling, a “marketable value” is what you’re going to end up with in your pocket after you pay off the brokerage fees, auction commissions (if you sell at an auction), advertising cost, pre-purchase inspection, etc.

Happy Motoring!

Classic Insider is a purveyor of fine automobiles founded by Kenneth E.Y. Wong, offering clients a range of motoring related consultancy services including classic car brokerage, private sale, appraisal and curatorial advice