Is your vehicle a future collectible?

Classic cars should be insured for their full value and carefully maintained, since their condition can dramatically impact the value. (Photo: Shutterstock) As spring emerges across much of the country, classic car aficionados are uncovering their vehicles and taking them out for a spin. Some of the more popular classics include the Ford Mustang GT, Chevrolet Corvette convertible and the Dodge Charger R/T coupe. Black Book, which provides independent vehicle pricing to the automotive industry, had their valuation specialists analyze a number of cars, and what they found might make you think twice about the vehicle you purchase today and its possible worth in the future. The manufacturer’s price for these and many other classic vehicles was usually under $10,000, but in today’s market, they can be valued at anywhere from $100,000 to well over $1 million. Why are they so valuable? “What makes a car a collectible over time includes any number of factors that include popularity, pop culture, and production volume,” said Eric Lawrence, director of specialty products at Black Book. “Many people think today’s uber-expensive vehicles always came with a hefty price tag, but these vehicles show that’s clearly not the case.” A number of factors affect the value of these cars, including the condition of the vehicle, how well it has aged, what flaws it may have in the body, the type of replacement parts used to repair it, the mechanical condition it is currently in, whether it has factory or aftermarket options, and the type of transmission. It is also important to document any repairs or improvements, since they will also affect the value of the vehicle. Classic vehicles are generally more than 10 years old and have particular historic interest because of exceptional workmanship or because their production was limited in some way. Any vehicle more than 25 years old is considered an antique.

About John Fagan

John is a Jacksonville native who grew up on the First Coast. He graduated from Bishop Kenny High School in 1975 and went to college at Florida State University where he completed a 4-year program in 3 years. John graduated from the Florida State University College of Business in 1978 and went straight into Florida State University College of Law. While in law school, John earned a position on the prestigious Law Review Board serving as its Business Editor. As a law student, John studied in the Oxford program. He also interned with the Florida Legislature working in the Florida House of Representatives Criminal Justice Committee. John was admitted to the Florida Bar in 1981. John began his legal career as a law school intern in the State Attorney's Office in Jacksonville in 1981. After his internship, legendary State Attorney Ed Austin hired John as a full-time Assistant State Attorney for the Fourth Judicial Circuit (Clay, Duval, and Nassau Counties). As a prosecutor, John tried jury and non-jury trial on charges ranging from DUI to Murder. In 1983, John moved from the State Attorney's Office to begin his career in private practice. He has practiced law for 30 years on the First Coast. For the last 20 years, John and his family have made Clay County their home. John limits his practice to personal injury and disability cases. While there are many fine attorneys in Clay County, John is one of only a few Clay County attorneys who limit their practice to personal injury and disability cases. John takes pride in helping clients resolve injury claims in ways that avoid the stress, uncertainty, and the expense of unnecessary litigation. Professional Activities John is the past President of the Clay County Bar Association and has served on the Board of the Clay County Bar Association from 2009-2013. He is an active member of the Florida Bar, and the Federal Bar of the Middle and Southern Districts of Florida. He is also a member of the American Association of Justice, the Florida Association of Justice, the National Organization of Social Security Claimants' Representatives, and the National Organization of Veterans' Advocates. Service to the Community John is involved in the Clay County Community serving as a member and Director of the Rotary Club of Orange Park, of the Clay County Bar Association, and the Putnam County Bar Association.
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