As gas prices go up, fewer people are getting behind the wheel of large trucks. The more economical electric and hybrid cars are becoming the favorites of today’s drivers, putting trucks in a category that may make them worth a substantial amount of money once they enter the “classic” phase. Auction watchers all over the country are beginning to notice that classic trucks are becoming increasingly popular among rookie and veteran collectors. That rusting beast in your garage might just fetch you some big money.
At an auction held in Arizona last January, 12 vintage Toyota Land Cruisers (FJ series) were sold, of which one particular FJ-40 model sold for almost $90,000. The average value for classic Jeeps and trucks has gone up by 33% over the last five years, and many models of older trucks are gaining value at rates higher than those of collector cars.
In light of these statistics, it is in your best interest to preserve your truck and keep it in great condition! Collectors these days attempt to purchase classic cars that have been well maintained, unless they are enthusiasts of vintage car restoration.
Keeping your truck well maintained will help you ensure it retains its value over time. Remember to never replace original parts with knock-offs or cheap imitations, but spend the money up front to keep original parts in your truck – this will increase the resale value by leaps and bounds. Always keep your truck cleaned and out of the weather – rust can be a major hazard to older vehicles like these, so keeping them away from extreme conditions and protecting them from the weather will only help you add value to your classic truck. While keeping your truck well maintained and off the roads as much as possible, check into your options for classic truck insurance. Maintaining insurance coverage on these classics is always important, because you never know when a theft, natural disaster or other type of hazard will affect you.
Classic Auto Insurance can offer you competitive coverage for your classic or vintage truck. Give us a call today for more information or fill out our free instant classic truck insurance quote form online! Stay tuned later this week for more information about the types of classic and vintage trucks that are worth the most money, and what they’ve been selling for at the latest auctions! Do you have a collector just gathering dust in your garage? Find out!
About the Author
Drew Yagodnik is Vice President of Classic Automobile Insurance Agency, Inc. Classic Automobile Insurance Agency has been protecting collector, classic and exotics since 1992.