Well that all depends on if you need to determine the Replacement Value or the Fair Market Value. People are always surprised there is a difference.



The replacement value is how much it would cost to replace your car. In the case of a stock vehicle in which other cars just like it exist the difference between Fair market value and replacement value may be small.



Consider if you car is very rare or customized and there are no other cars like it available. You may need to purchase a donor car and restore it or just insure the car for what you invested in its restoration. This may not be the "market value" of the item, and is typically distinguished from the "actual cash value" payment which includes a deduction for depreciation.