Owning a classic car, whether it’s a Classic Mustang, a Jaguar E-Type, a Dodge Charger, or a Land Rover Defender, is much more than passion. It’s an investment. Knowing the vehicle’s actual market value is necessary, whether you want to sell this masterpiece or restore it. A professional appraisal can help you learn what your car is worth in the current market. However, the process is more than just complex because it isn't just any evaluation. There are several things you need to keep in mind during a professional classic automobile appraisal.
Classic car appraisals include a detailed assessment of the vehicle. The value of vintage cars is influenced by various factors, including their condition and historical significance. You can receive an appraisal report for your classic car from a certified appraiser who will take several factors, like rarity, condition, originality, etc., into account and evaluate the car’s value.
Depending on the purpose for appraisal, exotic automobile appraisals are divided into 3 categories:
When you need an appraisal for insurance purposes, an insurance appraisal comes in handy. It ensures that you have the right coverage if your vehicle is damaged. You should regularly update the classic automobile appraisals, especially if you have made some upgrades to it. Doing so will help you reflect the changes in your car’s value.
When purchasing a vintage car, you should choose a pre-purchase appraisal. It will ensure you are not overpaying for the car and help you learn about the vehicle.
When you decide to sell your classic car, it’s the best time to get it appraised. It will help you determine the current price of your vehicle so you won’t undervalue or overvalue your car.
Here are some factors that affect a classic car’s value:
A rarer car will have a much higher market value compared to others. Limited production models, or vehicles with special features, tend to have a higher price in the market. If your car is one of a kind or one of only a few remaining in the world, this will significantly boost the vehicle’s market value.
Compared to one that needs extensive restoration, a vintage car in good condition will always have a higher market value. During an evaluation, vehicle appraisal services look for signs of damage, rust, and general wear and tear that occur over time. They also consider if the car is actually drivable or just a showpiece.
A classic car with all its original parts is more valuable than one that has been heavily modified or restored with other parts. In simpler terms, the more authentic a vehicle is, the higher its appraisal value will be.
Some cars are not just vehicles; they have a famous past and are regarded as a piece of history. For instance, the Ford Model T made automobiles accessible to a wider public and has historical significance.
The value of a car can be greatly influenced by its demand in the present market. For instance, muscle cars might be the talk of the town one year, and European sports cars may be in the spotlight the other year.
To get an appraisal of your classic vehicle, you must first prepare for the process. You will need to consider the following things to get ready for the process:
Collect the maintenance records of your car. These records showcase how you cared for the vehicle over the years and how you maintained it.
A clean car makes a good impression on the appraiser, showing off the condition of the paint, bodywork, and interior.
Compile all the available documents of the car, including its original sales receipts, restoration history, and certificates of authenticity. All these documents will prove the authenticity of the vehicle and support your claim for a higher appraisal value.
We list the steps automobile appraisers use to evaluate a car’s market value:
First of all, you provide the appraiser with details, such as the make, model, year, and modifications of the car. The consultation allows appraisers to have a basic understanding of your car. This consultation can be offline or over a phone call.
In the next step, appraisers visit you in person and inspect the car. They evaluate the exterior condition, interior condition, mechanical condition, and originality of the vehicle. Throughout the process, they assess the paint, bodywork, general aesthetics, upholstery, dashboard, overall cleanliness, engine, transmission, originality of parts, etc.
Appraisers proceed to research the car’s market value and compare the car to recent sales of similar models after a physical inspection of the vehicle. Factors, such as auction results, private sales, and dealer sales, are taken into account for accurate evaluation.
After the research is complete, the appraisers create an official report that includes a detailed description of the car’s condition, its photos, documentation of modification and restoration, market comparison, and the final appraisal value.
If you thought of getting your car appraised later, we recommend that you consider your thoughts. You can have the following benefits from a professional vehicle appraisal.
A professional appraisal will help you learn the accurate market value of your car at present. This appraisal can help you determine whether the insurance coverage for your car is fair or not.
Learning the car’s value means you don't need to be stressed when there is an accident or a natural disaster. Why so? You know how much to recover from the insurance claim.
After learning about the market value of your car, you can negotiate better with the bank at the time of selling it.
You can recover the accurate compensation for diminished value and loss of use.
There can be more than one reason why you are donating your car. You might want a museum to keep your old classic car, or you might give it to a charity or NGO that needs it. Regardless of the reason, it’s always a good idea to get an appraisal of your car. It allows you to leverage accurate tax deductions for your donation.
The following few tips can help you get your car appraised, and navigate through the process easily:
First of all, you should hire a certified and experienced appraiser. The appraiser must have deep knowledge of vintage cars and certifications from organizations, such as the IAAA (International Automotive Appraiser Association) or the ASA (American Society of Appraisers), for credibility.
When the appraiser comes for your car’s inspection, don’t hide any imperfections. The more accurate information you provide, the smoother your vehicle’s appraisal will become.
Have records and other documents of the car. Whether it’s a restoration certificate or other certificates, show them all to the appraiser. Documents will help appraisers learn about your car’s history and authenticity, leading to a higher appraisal value.
Familiarize yourself with the market trends. An appraisal of the car is highly influenced by market trends, so you will have a better idea about the car’s appraisal and whether it aligns with your expectations.
If you have been paying the same insurance amount for a year, do get an appraisal. Depending on the car’s new market value, you can save hundreds of dollars. Call a certified appraiser and get a professional vehicle appraisal, and you can discuss with the insurance agent and see if the rates can be lowered.
At ADR-Claims, we are a team of well-trained and experienced automobile appraisers. We conduct a thorough inspection of your beloved vehicle because we know it’s your precious investment. After considering all factors, like your car’s past, market trends, etc., we provide you with a detailed appraisal report and the accurate market value of your vehicle. Call us now and book an appraisal for your car!
It can depend on several factors, including how fast you provide automobile appraisers with information about your car and how well-trained and experienced they are. If you give the appraisers all the necessary documents and information about your vehicle quickly, and they are professional, the whole process might take 1 to 3 hours.
It is advised to get your car appraised every 2-3 years or after a significant market change or restoration.
Yes, several auto damage appraisal companies offer remote appraisals. However, an in-person inspection ensures better accuracy and credibility and is the best, especially for insurance and legal purposes.
Classic automobile appraisals require expertise in vintage and collectible models, market rarity, and historical context. However, regular car appraisals specifically focus on standard depreciation of the vehicle.
Yes, several companies offer open discussions if the car owner disagrees with the offered appraisal value. In this case, the car owner can provide additional documents and get the report revised.
Our quick and simple appraisal process can help you recoup vehicle-related losses.
