Classic Car Appraisals
Classic Car Appraisals - Finding a Diamond in the Rough
There are many reasons for getting a classic car appraisal. In most cases, a person needs an appraisal for insurance purposes. With late model cars, it is fairly easy to find the value in a value guide similar to Kelly Blue Book. And while it is possible to find the general value of a classic car in some guides, it is not necessarily an accurate depiction of the value of your classic car.
Because classic cars vary so greatly in value, a professional class car appraisal can help determine the actual value of your particular car. A prime example is a 1952 Cadillac Coupe Deville. In the published guide, it has a value of $15,000. If you have had a complete frame off restoration; however, the value may have increased to over $70,000.
Classic Car Appraisals – Not just for Insurance Anymore
While many people rely on published guides to assist in determining the value of their classic car, a classic car appraisal will provide a more accurate picture of its value. This is especially true when trying to place a value on a street rod, hot rod, hobby or kit car, exotic car or race car. That is because these vehicles are not generally listed in the average published guide. And those that are listed may not accurately reflect your classic car’s value.
Classic Car Appraisals for Loans, Collateral and Other Circumstances
Other common situations that require professional appraisals include: vehicle restoration (before, during and after), loan collateral, legal disputes, insurance disputes, diminished values, divorces, estates, probate cases, taxation, bankruptcy, foreclosures, repossessions, charitable donations and more. Life can throw many curves. Having a classic car appraisal performed can assist you in determining the accurate value of your vehicle. This can be beneficial especially when attempting to finance this project.
What's Considered in a Classic Car Appraisal
When performing a classic car appraisal, the appraiser will look at many things. Of course, first and foremost will be the year, make and model of the car. Then, comes the actual condition of the car and its features. Once all of these items have been determined, the appraiser will consider the desirability of the car. Obviously, the more rare the car, the more valuable it becomes.
It is important to note that with most classic car appraisals you should get your car re-appraised every 5 years. In some cases, a re-appraisal can occur earlier especially if additional changes and/or improvements are made. So appraisals and reappraisals can literally save you not only thousands of dollars, but time, stress and grief as well.
We have an appraisal format to suit each of your needs! Contact our professionals today to have your classic car appraisal performed.