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I have always been interested in the value of things, and have spent many hours cogitating the "worth " of objects and ideas. For example, I’ve pondered what makes a farmer decide that he should call the vet to treat a sick sheep. When is it more logical to just let nature take its course, and save the expense of outside intervention? I have edited three price guides concerning collectible cameras, I am looked upon as an expert in the valuation of such items. Now I find myself involved with cars, and am having a difficult time coming to terms with their prices. It seems to me that both emotions and economics play key roles in prices for which vehicles change hands.

First, there is the "asking price". This number often seems reasonable to the seller, but frighteningly high to the prospective buyer. It seems that the final selling price of the vehicle depends on the moods and resources of both the buyer and the seller. If the seller needs money quickly, then he/she will be willing to negotiate a price considerably lower than a seller who has no need for a quick sale. A buyer who is "hot" to have the car is just as willing to settle closer to the asking price.

The condition of the vehicle and its collector interest dictate, to a large degree, the reasonableness of the asking price. The biggest problem here is that one man’s "immaculate" is another man’s "tatty" and "collector interest" can vary widely from individual to individual. Often a third party, someone who has no vested interest in either the sale or purchase of the vehicle is the best judge of condition. This "Arbiter", when acknowledged and accepted by both parties involved, can usually make a clearer judgment than either the buyer or the seller.

And then there are extreme cases where neither buyer or seller seem able to follow any logic at all. Here are two recent examples of what I consider unreasonable sellers. Seller "A" advertised a large pre-1950’s American saloon car for sale, using the local newspapers "for sale" section. No price was listed. Upon phoning, the seller explained that the car was in "perfect condition" and the asking price was 2 million Kenya Shillings. One week later, the car showed up on a local car sales lot, and the asking price was reduced to 1.5 million! I made an offer of 1 hundred thousand, which, taking into consideration the condition of the vehicle, and its interest to me as a collectable car, seemed fair to me.

One week later the car had disappeared from the lot. According to the management the car’s owner had retrieved it in order to restore it, in hopes of finally achieving his asking price. Seller "B" also used the sales section of the local newspaper. This time the car involved was a 1955 short wheelbase Land Rover, and was described in the advert as "needing completion".

Since I like Land Rover cars, and particularly Series One types, I did a little investigation into the price of such a vehicle on the market today. From what I could cull from the latest editions of "Land Rover Owners" magazine, a similar vehicle in the U.K.., fully restored, could be had for about half the price being asked by the local seller. Adding the cost of transport to Kenya and the duty which must be paid upon importation, I figured the U.K. vehicle, ready to run, delivered, taxed and licensed would cost less than the unfinished Kenya Land Rover.

Both these cars have been described as "rip-offs" by friends of mine. I however, can’t agree. I think the sellers have every right to ask whatever price they like for their cars. Having said this, I also feel that buyers have the same right not to buy something which they find too highly priced. The only risk I find in publishing unreasonable asking prices is the chance that these inflated prices can be perceived as the "value" of the vehicles being advertised.

Perhaps the following rules of thumb might be helpful to the prospective Classic/Vintage car buyer .............

1. Older isn’t automatically more expensive.

2. Rarity adds merit, but does not necessarily add to the price

3. The better the condition, the higher the price you can expect to pay.

4. Original condition cars are of better value than cars which have been poorly restored.

5. If you can’t afford it, don’t buy it.

6. If you don’t buy it, and you really want it, you can be sure it will be sold when you call back.

7. If you do buy it, you can be sure that next week another one in better shape will be offered at half the price.

In summing up, I guess the following "law" best expresses my thoughts on the value of old cars (with apologies to my friend Jim McKeown).........."at the end of day, the particular worth of any car is that sum of money which changes hands from the satisfied buyer to the happy seller".