That depends on your state, and/or your DMV office, and/or your DMV agent.
I had to obtain a bonded title on my 1954 Suburban (that had been registered in NY state for at least 15 years).
Luckily, the NC DMV agent trusted me and allowed a bonded value based on original list price (or, maybe even the depreciated original list price). He trusted me because I had a lot of documentation and the truck had been registered to me in New York State.
I hope that same agent is around when I have to register the 1954 pickup (that is still looking for a finish-coat painter).
