There’s much to love about old classic trucks, and it’s no mystery why these beauties have become a symbol of hard work and resilience. Through the decades, these simple yet charming vehicles have helped Americans get the job done. From construction workers to farmers, these versatile and built-to-last rides have empowered individuals to haul heavy loads across the country.
But, of course, these vehicles aren’t just for work — they’re also a thrill to drive. Their raw power and rugged performance are a force to be reckoned with, making them incredibly appealing to modern drivers.
If you’re thinking of buying or selling a classic truck, you need to know how much individual units may be worth. Many different factors will dictate the value of classic trucks, such as their condition, mileage, parts, and demand. In this blog, we’ll discuss these different criteria, enabling you to find a great deal on a classic or sell your vehicle at a lucrative price.
Truck’s Condition and Restoration
Condition quality is an essential consideration for classic truck values. After all, you wouldn’t invest much money in a rusted-out piece of junk that doesn’t run, even if it’s a great model. If the classic truck requires a great deal of labor and parts to revive it into a reasonable working condition, its market value will be much less.
Similarly, a truck’s restoration quality will be a major factor dictating its market value. If you or the truck seller opted for a professional-grade restoration, the truck should be worth much more than a similar truck that isn’t restored or had a low-quality restoration.
You should also take into account whether the truck is fully restored or only partially. For example, those working on the truck may have restored the truck’s drivetrain and other essential components but perhaps didn’t revitalize the exterior. This would still be a good find, but it wouldn’t sell for as much as a fully restored truck with a breathtaking body.
Does the Truck Have Original Parts?
Another essential element of the restoration is whether the classic truck utilizes original parts. Classic trucks that have original parts with matching numbers will likely command the most value. If the vehicle’s parts don’t all have matching numbers, they should be from the same model and year.
If your classic truck doesn’t have identical replacement parts, it’s preferable for it to at least have parts that are appropriate for the period. For example, if you restore a 1977 Chevy C/K and can’t track down its factory engine, you should try and find an engine that’s as close as possible, such as a Chevrolet Silverado engine from the 1999 or early ‘20s.
If you spot a classic truck that’s been in use for decades, you shouldn’t be surprised that its odometer lists a high number of miles. While you should expect classic trucks to have a considerable number of miles, it’s preferable to find a vehicle with fewer. Mileage usually goes hand in hand with a truck’s overall condition, meaning that the more miles you have on a vehicle, the less it will be worth.
This is also worth noting if you’re considering selling your classic truck. If you want to put it on the market next year, you may want to avoid taking it on long trips that will rack up the miles.
Popularity, Supply, and Demand
While a truck’s condition, restoration, parts, and mileage are critical factors in determining value, it’s important to recognize that the only way to truly know how much a truck is worth is by researching the selling prices of individual units.
The truck’s expected worth usually comes down to the vehicle’s overall popularity, supply, and demand. A classic truck could be in great condition, but if there’s no demand for it, the vehicle will still not be especially valuable. On the other hand, if there’s a high demand for the vehicle, it will still sell for quite a lot even if it’s not in tip-top shape.
Of course, how rare a truck is will also directly impact its market value, as the smaller supply of units will increase the likelihood of a buyer being willing to spend large sums of money.
Something else to be on the lookout for is whether you’re buying or selling a truck in a seller’s or buyer’s market. Right now, the classic car and truck market is somewhat slow due to economic factors. As collectors and hobbyists struggle with inflation and rising interest rates, they may be less inclined to buy certain luxuries, such as classic trucks.
This means that it’s a better time to buy than sell, as buyers are in a better negotiating position. There are fewer buyers, and some collectors may need to unload trucks for cash. These factors add up to classic truck values being less than usual. Demand is low, meaning that a truck’s current worth is lower than usual. That said, it’s certainly not impossible to find a buyer in a slow market — it will just be harder to find one willing to pay an optimal price for your classic truck.
Get Great Insurance on a Classic Truck Today
If you own or are in the market for a classic truck, you need to protect your cherished possession with classic truck insurance. Fortunately, you’re in the right place — Classic Auto Insurance features customizable policies perfect for your rugged beauty. You can learn all about our policies and included benefits here or by calling our classic truck insurance experts at 888-901-1338.