Whether you're selling cars on the Internet or initiating the transaction in someone's driveway, it's important to properly represent the automobile. This is even more important when you're on the buying side of the equation. A question that will often surface from both buyers and sellers is if the automobile is numbers matching.
Here we'll discuss the definition of this term and the variations of interpretation.
Discover what numbers to look for and where they are located. Finally, learn how the collectability and the value of the automobile depend on the results of the investigation.

DEFINITION OF NUMBERS MATCHING
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The definition of a matching numbers car can vary from person to person. However, a classic car purist might say that a truly original, matching numbers car will still have all the parts that it was manufactured with. This can include everything, down to the tiniest nut and bolt.
That would be very hard to find in a vintage automobile. In the real world, we often use a more practical definition of the term. Many collectors find it acceptable if all the parts are from the assembly line at the time of production or have been replaced with authentic new old stock parts.
New old stock seems like an oxymoron. However, it is commonly used to describe parts the factory created but never made it on an automobile.
Instead, the factory warehoused these parts as factory stock. They would then send these components to the dealership's parts department as needed.

STILL A MATCHING NUMBERS CAR

People enjoy the classic car hobby with varying levels of strictness and commitment. Therefore, a more lenient definition for numbers matching is necessary.
The most general use of the term means that the engine and transmission are marked with the same sequence number as the chassis VIN number. However, the rear axle and differential date code and casting number must also correspond with the vehicle.

LOCATING AND DECIPHERING THE NUMBERS

Most car fans are familiar with the VIN (vehicle identification number). It's found inside the driver's side windshield pillar of today’s modern cars. American automobile manufacturers began stamping and casting identifying numbers on cars and their parts in the mid-1950s. The obvious purpose was to provide an accurate description of the vehicle.
This became especially important when mass production numbers starting climbing to epic proportions. While today's VINs are relatively standard, there wasn't any standard for VINs, or any other numbers, on older cars. VINs, (formally called a serial number) came in all sorts of variations. The implementation and makeup depended on the individual manufacturer.
The factory stamps all parts with several numbers at the time of production. This verifies essential facts about the automobile and also assists in the manufacturing sequence. Some cars will have a significant identification plate or build sheet.
These list the major part numbers against which you can check. You'll find these numbers stamped on the engine, transmission and rear axle. But also on the alternator or generator, carburetor, ignition distributor, water pump and cylinder heads.

INVESTIGATING THE CARS' NUMBERS
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When buying or selling a classic, find out what numbers you need to verify. Then learn where they're located on the vehicle. This takes a diligent “Sherlock Homes” type mindset. It can be a bit frustrating even for the experienced classic car buyer. If in doubt, contact a professional who knows that particular model car.
They can either check the numbers for you or teach you how to find and interpret the numbers yourself. You can find resources for such information through the many model specific car clubs. Their members are knowledgeable about these specific automobiles and are willing to help.
When you're investigating a car’s history, make sure to clarify with the seller what part numbers are matching and what parts aren’t. Then verify for yourself or with your mechanic by including part numbers in your inspection checklist. Make sure to complete this task before making an offer or negotiating the final price tag of a classic car.

VALUE OF A NUMBER MATCHING CAR

Finally, why bother to check the numbers? The value of a classic car is becoming increasingly reliant on the vehicle's originality. You’ll find much higher prices associated with these rare cars. It’s one more piece to the puzzle of determining the market value of a collector car. Owning a verified number matching automobile also represents a more secure investment. In fact, it can produce pleasantly surprising results in an auction setting.

Once in a while I get an email with a few pictures attached of a classic car that's seen better days. They want to know if I think the automobile is worth restoring. This is a straightforward question with an extremely complicated answer. Unfortunately, a few pictures will not provide enough hard evidence to supply a yes or no answer.
In this article we'll lay the groundwork for evaluating the situation on a case-by-case basis.
Throughout the post I will reference the 1956 Jaguar XK140 Fixed Head Coupe pictured to the left. This automobile is considered desirable, valuable and collectible. However, the owner has decided to hold off on a complete restoration, because it would require an investment way beyond the vehicle's total value.

ATTACHING A PRICE TO THE AUTOMOBILE
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Many consider this the fun part of the process. In order to gauge how much we can spend on a full restoration it's a good idea to find out what the car will be worth when it's finished. It's recommended to become an expert on that particular automobile to assure the accuracy of your price evaluation. We provide a detailed list of things to consider during the evaluation for your convenience.
Since we don't know how well the restoration will turn out it's nice to get three numbers during the research process. First we'll secure the highest number by seeking out the most expensive sold example of the same exact automobile.
It's recommended to not go too far back in time as classic car values have surged forward and pulled back in the last decade.
In the case of the 1956 Jaguar XK140 Fixed Head Coupe, we grabbed the highest number by reviewing auction results from Bonhams Auction House and RM Sothebys auctions. We found a good middle of the road number by averaging exact models listed on the Hemmings Classic Car Marketplace.
For the bottom of the barrel number we found some automobiles in average condition on favourite Internet sources like BringTrailer.com and eBay.

EVALUATING THE CONDITION OF THE CLASSIC CAR

This is where things get tough. It takes a lot of time and effort to uncover the dark secrets of an automobile. However, it's this step that can prevent a restoration project from going way over budget. In the end it might be necessary to call in experts to evaluate expensive automotive systems like engines and transmissions. This can be money well spent.
Another important item to get right is the true condition of the body and frame. You need to stand in the truth of how much original metal is actually left on the vehicle. You can read more about this subject and see what it takes to remove all the rust from a classic car. We also have a detailed classic car evaluation guide that provides a list of items inspected by car show judges. This list can help keep you on track and prevent you from missing important items.

MAKING A PARTS LIST

Next we'll have to create a list of parts that need replacing during the restoration process. These lists can get extremely long. People often miss things like complete weather-stripping kits and rubber parts.
Going back to the Jaguar XK140 Fixed Head Coupe, the car is missing all of the glass components. In researching replacement costs the results were surprising. The missing rear window was available for around $150. However, the side glass and vent windows cost much more.

ATTEMPTING TO ESTIMATE LABOUR COSTS

As mentioned above it's common for a restoration to go way over budget. Often it's the labour cost that's underestimated the most. Some shops are known for providing low ball estimates to secure the project. This isn't as critical if you're performing all of the labour yourself. Nevertheless, when you are seeking outside labour estimates it's a good idea to pad the final number. You'll be much happier if the job comes in under budget than over.
You also want to ask service providers questions about what happens when unexpected problems are uncovered or the budget is exceeded.
Many companies will provide reduced labour rates when the original estimate proves to be inaccurate. To prevent your restoration project from running aground seek input from automotive restoration experts. Their model specific knowledge can help mitigate risk.

KNOW WHEN TO WALK AWAY

If you add up parts and labour and the total exceeds the value of the classic car it might be time to walk away. However, there may be exceptions to this rule of thumb. If an automobile has documented provenance, it could add to the value and increase its desirability as an investment. For example, if Steve McQueen used the car to go food shopping, it could be worth more.
In the case of the 1956 Jaguar XK140 Fixed Head Coupe, the estimate exceeded the value. Further complications included a seized engine that wasn’t factory installed and heavy frame rot. Read this next article about the XK line of British Sports Cars to learn more about these classic Jaguars.

Buying or Selling a Classic Car? You'll Want to Determine its Fair Market Value

Whether you’re buying or selling a classic car, you will want to determine its fair market value. Publications such as the Old Car Buyers Guide, Hemmings or NADA's Classic, Collectible and Special Interest Car Appraisal Guide & Directory are a good place to start. Their price guides rate a car's value using 6 categories according to their conditions that range from “pristine” to “basket case”.

To appraise your car and determine what category it fits into, rate each of the following items on a scale of one to five, using five as the maximum value.
Then total your points for all 20 categories. Compare the points you have given the car to the 100 point maximum. Use this six category valuation to determine the car's market value.
 

• Category 1 would be a 90+ point car
• Category 2 would be a 80-89 point car
• Category 3 would be a 70-79 point car
• Category 4 would be a 60-69 point car
• Category 5 is would be a 40 - 59 point car
• Category 6 is any car under a 40 point car

To determine the fair market value of your classic car, you will need to inspect and rate the exterior. Below are some checklists for doing just that.

Body

• Stand 2 to 3 feet in front of each headlight and taillight individually so that you can view the side panels at an angle to inspect for waves or bulges or any signs of poorly done body repair.
• Check for paint blisters for signs of rust, especially over wheel wells, along rocker panels and around headlights.
• Use a magnet over various parts of the body to check for body filler, signs of previous damage and those typically known for rust.
• Check for uniform gaps between the body and the doors, trunk and hood.

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DOORS

• Check to see if the doors sag when they are open, particularly the driver-side, as this will be a sign of worn hinges.
• Look for signs of aging and cracking in the weather seals around the doors and windows.
• Check for paint blisters that would indicate rust, especially along the bottom edges.

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HOOD AND TRUNK

• Inspect the hood for any rippling, denting and underlying rust.
• Check under the carpeting in the trunk and around the wheel housings for rust.
• Are the hood and trunk aligned properly so they close and latch easily?

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TOP

• Originally convertibles built prior to 1950 had canvas tops, vinyl tops appeared in the 1950s. Is the top made from original-type material?
• Is the material worn or discolored, is the stitching coming apart?
• Convertibles built from 1965 into the 70s usually had glass rear windows. Is the rear window of the convertible top of the original type?
• Check the condition of the convertible top mechanism, does it lower and raise easily and does it fit snugly in place.
• Check for dents on vehicles with metal tops.
• On vinyl covered metal-topped cars, inspect its condition and assure it's sealed tightly without rips or other damage.

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Inspect and Rate the Paint, Glass and Trim

Paint

• Does the finish reflect a high gloss or is it dull? Is the finish smooth or does it have an orange-peel texture?
• Can you spot any runs, cracking or drips in the paint that would indicate an unprofessional finish?
• When possible you should ascertain if the car is painted in its original color?
• Look for indications that the car has been repainted by checking doorjambs, inside the hood and trunk. If it has, how well does the re-paint color match the original?

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Trim

• Inspect all chrome plated trim pieces. Is the chrome bright and shiny or is the base metal starting to show through.
• Are the headlight and taillight housings or any other plated die cast parts badly pitted?
• Pitting on die cast parts is not easily repaired.
• Inspect the grill for damage and broken parts.
• Check for missing or dented stainless steel trim on body side moldings.

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Glass

• Check for factory markings on the glass which would indicate originality.
• Inspect the weather seal around the glass for cracking that would allow water to leak in around the seal.
• If it has cracks, then look for signs of water leakage on the dash or around the inside of the rear window.
• Inspect the glass itself for chips, cracks or discoloration.

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Inspect and Rate the Interior

Dashboard and Instrument Panel

• Inspect the general condition of the instrument panel and dashboard. Look for wear and aging on plating, knobs and switches.
• Are there knobs missing?
• Do all the knobs and switches work, for example the lights, horn, wipers, etc.?
• Is the lettering around the knob plate worn or have letters missing?
• Are the gauges original, intact and working? Or do they have non-original gauges or aftermarket radios that have been installed and cut into the dashboard?
• Is the material covering the dash shelf cracked or splitting?

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Upholstery

• Inspect the condition of the door panels, seat coverings and headliner.
• Do the interior coverings appear to be the originals? Even if they are in good condition, if they are not according to the original specifications of the car, it will affect the value.
• If the seat coverings have been replaced, check to make sure a good foam foundation is underneath.

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Floor Coverings

• Are the carpets worn, soiled or torn? Do they seem to be the original color or pattern?
• Look at the step plate along the bottom of the door coverings; are they deteriorated or missing?
• If possible, always pull back the carpet to inspect for rust on the metal flooring underneath.

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Interior Trim

• Is the interior trim complete and to original specification?
• Check for missing door handles and window cranks.
• Are the door handles and window cranks in good working order?
• Make sure all power accessories are working, such as windows, locks, seat mechanisms, antenna and side mirror adjustors.
• What is the condition of the window moldings? Are they chrome plated or painted as original?

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Inspect and Rate the Mechanics

The Odometers Recorded Mileage

• Does the car’s recorded mileage appear to be accurate and do the owner’s service records provide confirmation.
• Check the brake and clutch pedal pads; if they are heavily worn it would be a good sign of a high mileage vehicle. Another indicator would be a well-worn driver’s seat.
• The signs of wear and tear on the vehicle should be indicative of the miles recorded on the odometer.

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Engine Operation

• Does the car start and the engine run? If not, there is no way to appraise the engine or most of the cars other mechanical components. In this case always assume the worst and that the engine and possibly other mechanical parts will need to be rebuilt or replaced.
• If the car starts and the engine is running, listen for expensive sounding noises.
• Stand behind the car at the first start up and look for any smoke coming from the tailpipe. Blue smoke would indicate the engine is burning oil.
• While the engine is running, check the oil pressure; it should be at midrange.
• When checking the engine’s oil, is it fairly clean or is it black and thick which would indicate long intervals between oil changes and possibly poor maintenance and care.

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Engine Compartment

• Inspect the general condition and cleanliness of the engine compartment.
• Are the engine and the accessories painted in authentic colors?
• Does the wiring appear to be in original and good condition?
• Is there frayed insulation and obviously un-original wiring patched in?

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Breaks and Steering

• If you drove the car out on the highway would you feel safe in doing so?
• Do the brakes stop the car within a reasonable distance without pulling to the side or making grinding or screeching noises?
• Is the steering tight? Does it keep the car in a straight line with minimal correction, or is there an excessive play which would mean some or all of the steering components need rebuilding.

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Transmission

• If a car is equipped with a standard transmission, check the condition of the clutch; does it engage smoothly and fully disengage the transmission.
• If the car is an automatic, are the shifting points smooth or does the transmission seem to slip, especially under acceleration?
• Check the automatic transmission fluid. The color should be bright red and not brown with a burned smell. This would indicate the transmission has internal damage and will need an overhaul.

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Undercarriage

• If it was a recent restoration the chassis should be clean and painted.
• Does the engine, transmission or rear axle appear to leak oil?
• Check for rust around the shocks and suspension.

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​Rating the Authenticity, Special Features and Desirability

Authenticity

• In addition to the originality of the paint, interior and engine, evaluate the cars overall authenticity.
• Take into consideration the accessories that are included with the car such as special wheels, fancy wheel covers and other dress-up items.
• Do these extras match what was originally offered on the car? They may be attractive but if they're not authentic, it will subtract from the car's value.

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Special Options

• Examples of special options that will enhance the car's value would be a higher horsepower engine, upgraded trim or interior package, sliding sunroof or an overdrive transmission.
• Price guides may assign a premium of 10% to 30% to these features, individually or in combination.

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Desirability

• Although desirability may not be a factor used by Price Guide publications, it should be a factor to you before writing the check or applying for financing.
• What do you really like or dislike about the car?
• Is it the car you've always wanted, the convertible you never had or is it the car your ex-wife never let you buy?
• If the car resonates deeply in your soul, add points reflecting its appeal.

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