Do you know what your vehicle is worth? Appraising a car is the act of determining a market value after considering factors such as age, vintage, rarity, mileage, modifications and comparable sales. Lauren Fix, the Car Coach, has more information.
Appraising the value of an automobile is a skill that anyone can learn, but few actually master.
There are different types of appraisal reports: Insurance, sales, diminished value, legal/divorce, charitable contributions, loss of use, storage & transportation, long term asset planning, etc.
Appraisals are not just for “antique, collector, exotic or specialty” cars. Daily driver cars benefit from appraisals too! ?
For example, adding on aftermarket parts such as DVD entertainment systems, components, upgraded wheels and rims, or stereo systems could change your car’s worth. If you’ve made similar additions, it may be time for an appraisal.
Also, a third party accident and mishap to your car can result in a “diminished value.” Issues with the subsequent repair also can affect the value of your automobile.
Do your homework first to find a certified appraiser! Many “desk appraisals” or internet appraisals have been thrown out in court because the “appraiser” didn’t physically see the car and, as a result, was discredited as an expert witness.
Look for a certified appraiser who includes a valid copy of their certification credentials with every report and one who physically inspects the car prior to assigning a monetary number.
It’s not the cost...it’s the VALUE! A few hundred dollars for an appraisal can prevent you from losing thousands of dollars because of a gap in insurance coverage.