There are many reasons for knowing what your vehicle’s value is in the marketplace. No matter the situation, it is critical that you protect your investment(s) OR recover any lost value. We can help with a professional appraisal supported by our many years of experience and extensive qualifications.
SELLING A COLLECTOR VEHICLE
Appraisals can be extremely helpful when selling a collector vehicle, particularly in establishing an accurate, supportable market value that can help you negotiate the best possible sale price. Additionally, it will lend credibility to the vehicle and provide the documentation that most astute buyers want to see. Appraisals close deals!
BUYING A COLLECTOR VEHICLE — PRE-PURCHASE APPRAISALS AND INSPECTIONS
A pre-purchase appraisal and inspection can help you make an informed decision as well as protect you from overpaying for and/or purchasing a vehicle that has been misrepresented or is not what you expected. Photographs alone rarely provide an accurate or thorough representation of the vehicle’s current condition. Besides assessing and reporting on the four major vehicle areas, an operability check and drive test are included in the appraisal. Most pre-purchase appraisal and inspection reports are in excess of 16 pages and include detailed information and supporting photographs. We have helped many buyers from as far away as New Zealand and London to ensure that they are getting the exact vehicle as represented by the seller. Avoid being “taken!”
The IRS requires proof of value for any substantial gift to a charity, eligible museum, etc. We have helped many clients that have chosen to donate one or more vehicles of their vehicles and are in need of the appropriate documentation in order to obtain a tax deduction. An appraisal, along with the applicable IRS 8283 form signed by Jack Anderson, Certified Vehicle Appraiser, can be used to provide this proof of donated value.
Our appraisals assure that either in advance or as a condition of your will, your heirs will receive the real value of your treasured collector or even late model vehicles. Additionally, if you are trying to settle an estate, we provide impartial vehicle valuations to help all heirs determine how to divide the assets properly. Large estates facing tax payments can also protect against over-payment of taxes with our appraisals, which accurately document the vehicles’ values at the time of disposition.
Deteriorated vehicles can have lower than book values. In the case of bankruptcies, courts go strictly by the book and may overvalue your vehicle if it is damaged or not running. The correct adjusted value can only be presented to the court with a formal appraisal, which we can prepare for you.
State and Federal laws provide owners with the ability to receive reasonable compensation if a defective vehicle cannot be repaired within a reasonable period of time. We can help determine a value for reasonable compensation.
Diminished Value is the amount by which the Resale Value of a damaged/repaired vehicle has been reduced for having sustained damage. While there are a number of variables impacting this loss, there are two (2) generally accepted types of Diminished Value:
- INHERENT DIMINISHED VALUE assumes optimal repair quality and is defined as the amount by which the resale value of a vehicle has been reduced simply because it has a damage history.
- REPAIR-RELATED DIMINISHED VALUE includes any additional amounts by which the resale value may be reduced because of less-than-optimal repairs. This could include anything from cosmetic imperfections to major structural defects.
A vehicle’s accident and repair history will usually be traceable via one of the online services or easily identifiable by a trained automotive technician or an astute buyer. So if the damage was caused by another party, your late model vehicle will have suffered some amount of Diminished Value in the marketplace. We have assisted many clients in recovering additional amounts over and above the cost of repairs for this Diminished Value. Let us help you!
TOTAL LOSS INSURANCE CLAIMS AND THE “APPRAISAL CLAUSE”
Has your late model vehicle been declared a “total loss” by your insurance company? If you disagree with their valuation, you can invoke the “appraisal clause” in your policy, which gives you the opportunity to hire your own appraiser to develop a different valuation. The insurer can then engage a secondary appraiser to come up with another valuation and negotiate a compromise with your appraiser. We have handled hundreds of these disputed claims and can help you achieve a fair and equitable settlement for your vehicle.
COLLECTOR CAR INSURANCE
Protect your investment of time and money by having your collector vehicle appraised! Armed with a documented valuation appraisal, you decide what your car or truck is worth, not the insurance company. The markets are changing rapidly as are the values of all collector cars, with auctions having a significant impact. Collector car experts and insurance underwriters recommend that an appraisal be completed every two years or even more frequently, particularly if your vehicle is in high demand in the marketplace.
Important: Vehicles in your own garage for restoration are not generally covered for fire or theft under a homeowners policy. So you should purchase an “agreed value” collector car insurance policy offered by one of the companies that specialize in this coverage.
The value of your collector vehicles can increase your “net worth” and, in some cases, give you the leverage needed to obtain financing for other projects, such as building a new home or purchasing a business. When being used as collateral, banks typically require documentation of the vehicles’ value in order to qualify for loans. So our appraisal can enable you to successfully tap this value.
Sadly, divorces happen and your vehicles may be included in the calculation of the marital assets to be divided. During sometimes contentious and often emotional divorce proceedings, an impartial appraisal will help prevent a court or an opposing attorney from determining what your vehicles are worth. You should be in control! We can help assure that your vehicles are accurately and fairly valued and represented.
PRE-LOSS CLAIM SETTLEMENT
We can determine the value of your vehicle before it was totaled in a collision or as the result of a theft, fire, windstorm, or other loss. An appraisal in hand can fortify your negotiations with an insurance company to obtain the most accurate and beneficial settlement amount.
An appraisal can help document and build your case against a third party who fraudulently misrepresented a vehicle during a sales transaction with you. Many “tributes” or “recreations” of high-dollar collector vehicles have been passed off as “original” and/or “numbers-matching,” a term loosely used to mean that a car or truck retains all of its factory-installed drivetrain, optional equipment, and other features. For low production, high performance, and/or other unique vehicles with a strong demand and value in the collector car marketplace, misrepresentation can be costly to you, the buyer. We can help if you are in this unfortunate situation!
Did you pay for an expensive, prize-winning restoration only to find that the workmanship is shoddy and the shop did not deliver on its promises? We can assist you with an appraisal that will visually document the deficiencies, condition issues, poor quality work, and failure to meet the contracted specifications for the restoration.