Having a hard time finding comps for that classic or exotic car you want to buy (or sell)? This month we launched a new feature that makes it way easier to find the most relevant Comps in our database.
It doesn’t matter if it’s a car that sold previously or one that is coming up for sale, our software will produce the most relevant Comps to the car you’re looking at.
How to evaluate Comps on CLASSIC.COM
As an example, let’s look at the list of Comps for this 993 Carrera 4S, which sold for $109,200 on March 4, 2022.
In this particular example, as of this writing, the system found 6 comps with a relevance score of 100%.
This means that for the Value Drivers that we currently have for this model, the system found 6 listings that match exactly – meaning that they are very strong Comps to evaluate the market value of this vehicle.
From the 7th listing onwards, the match score starts to decrease based on Value Drivers that fail to match to this vehicle, ie, less relevant comps.
To be clear, Comps on CLASSIC.COM should not be thought of as showing the exact price that someone would/should pay for a certain car. The goal is to give guidance by evaluating listings based on specific Value Drivers that can be assigned to each listing and compared against each other.
Currently, the Value Drivers we are using in Comps are:
- Taxonomy (Make, Model, Generation, etc)
- Attributes (Colors, Transmission Type, etc)
- Conservation Status (Original, Restored, etc)
- Location (Country)
You can expect to find these attributes accounted for in all listings since May 1, 2021.
Future iterations of Comps will include other Value Drivers such as:
- Mileage (is the comp relevant to the target with respect to mileage)
- Recency (how recent is the comparable data point)
- Condition (what is the comps condition relative to the target)
As you can imagine, certain things matter more than others. For example, exterior color generally matters more than interior color – and that is weighed into our Comps algorithm. But it gets even more complicated: the transmission type in a Ferrari F355 is a huge determinant of value, but not so much if it’s a 2nd Generation Toyota 4Runner. Therefore, expect relevance scores to adjust over time as we refine the algorithm to take these market nuances into account.
We hope that you find Comps useful in researching your next purchase or sale of a classic or exotic car. We will be constantly updating the algorithm in order to give you better insights, and we always look forward to your feedback. It’s what drives us.