Valvoline.com

The Paper Trail

Documenting the value of a collector car

It looks nice but what’s it worth? What follows are some general tips and unusual twists and turns gleaned from several automotive experts. We won’t dwell on the intricacies of various VIN tags, since entire publications have been devoted to that subject, usually called “white books.” Instead, we’ll start with the basics of the paperwork, the contents of “full deal jackets,” and how these can dramatically affect the perceived value of a classic vehicle.

Typically, these jackets consist of documents that were either handwritten or typed by hand before the age of computers, detailing the equipment specs on the car, the purchaser, arrival and sale date, Monroney (window sticker), Bill of Sale, and Retail Order for Motor Vehicle. What makes them so important?

What’s Up, Docs

“Collectors pay a premium for a car with docs,” points out Larry Weiner, keeper of the Mr. Norm archives. (Mr. Norm, dubbed the “Hi Performance Car King” sold a large number of factory high performance and modified Mopar muscle cars through his dealership Grand Spaulding Dodge in the Sixties and early Seventies.)

Just how much more is a documented original worth? We surveyed several sources on the difference good paperwork can make, and the answers varied, depending on the cars involved—but anywhere from 10 to as much as 300 percent is possible. Why such a big increase in dollar values for authenticated vehicles? “It legitimizes the car,” Weiner adds.

But not just any car. “Docs are more important for certain marques than others,” notes Patrick Krook of Show Your Auto, a firm that helps people build personal collections of rare muscle cars, and also helps to market and sell them. For instance, Hemi Cudas already have several identifying indicators, while LS6 Chevelles are fairly easy to clone with just an engine swap (hence the greater need for proven paperwork.) Two other relatively easy engine transplants: turning a Tempest into a GTO lookalike; or a Cutlass into a 442.

Determining Worth

In determining the value of a collectible, Krook focuses on several variables, such as originality, condition and desirability. But as noted at the outset, the most important one is authenticity.

“These are the four legs of the bar stool, and authenticity is the most important leg,” he says. “If you can’t tell if a car is real or not, the others don’t matter. Unless you have good docs, you’re sunk.”

Unfortunately, some documents simply don’t exist for a number of desirable cars, such as certain Chevy muscle cars from the Sixties, or Mopars built in Los Angeles, where all paperwork was removed and thrown away. (In these cases, a detailed examination of the VIN, fender tags and engine stamping is required.)

On the other hand, some valuable docs might turn up if you just know where to look. Imagine that you’re on an archeological dig: Search behind the glovebox, in the headliner, or under the carpeting. One owner of a ’72 Dodge Demon GSS found a build sheet buried in the trunk when he misplaced the keys and had to climb through from behind the back seat to get inside. Another buyer interested in a ’71 Charger R/T 440 popped out the back seat and found a key piece of paperwork. The car sold in two weeks for $45K, about double the price it had been offered at previously.

Counterfeit Paperwork

That doesn’t mean all paperwork is genuine, of course. Most of the experts we contacted had several stories to relate about encountering counterfeits. Some are fairly obvious, where the lettering has been tampered on documents photocopied from a book.

What’s the best way to avoid problems with phony Monroneys? Weiner points to the “police book” kept by the dealer, indicating the VIN and address of legal purchaser of car, authenticating the sale.

Simple logic and a little detective work can be of value, too. Krook relates how a Chevelle SS LS5 convertible was purported to be a genuine car, but the codes revealed it was the wrong rear end, even though the engine code was right. The kicker was the incorrect address, and since car was never sold to the person claimed.

Ideal Authentication

Ideally, authentication includes both the original paperwork and backups, such as when the dealer is still in business and the salesman who handled the transaction is available (though given the age of classic cars, that’s getting less and less likely). Next best is “stand-alone proof” such as a Protect-O-Plate. Least reliable are personal testimony and claims of authenticity.

In addition, certain personal items can have value in order to supplement the docs. “Owner history is good, it’s the story of the car, how it lived,” Krook confirms. “Like handwritten notes and service records—when you find them, it’s awesome.” Old photos can be particularly valuable. As a prime example, he came across a ’71 Hemi Challenger R/T with ultra-rare strobe stripes on the sides. Some tattered snapshots proved that those were original, and the car sold for a healthy $185K.

On the other hand, a cloudy title can end up having a silver lining. One appraiser came across the estate sale of a ’58 Corvette fitted with carburetors. It turned out to be the more valuable fuel-injected version, but the unit had been stashed under a workbench at the house of the estate, since back in the day many mechanics didn’t know how to work on them. Once the FI was returned to its rightful place on the engine, the car’s value increased by nearly $35,000.

So what’s the takeaway here? Study your cars and their codes. Do lots and lots of research. Go to club meets and cruise nights. When you’re making an initial evaluation, knowing specific VIN codes by heart can be a quick reference aid, such as the M-code for Dodge Dart, the K-code for Mustang, or CSX number for a Shelby Cobra.

Also, if you do get the right docs in hand, take really good care of them, as they’re worth gold. “There’s only one set of originals,” Weiner concludes.

Resources

Larry Weiner, Performance West Group, Inc. (Mr. Norm’s archives), 760/630-0547, www.performancewestgroup.com

Patrick Krook, Show Your Auto, 847/838-3749, http://www.showyourauto.com/