Having your vintage car appraised is demanding endeavor. Where does one even begin?
First, ask yourself why you need to get the car appraised.
Are you looking to sell? If you are looking to sell, appraisals are a necessity for determining the market value of your car. You will want to hire a professional to do the inspection in order to get the most accurate price.
If your vintage car needs insurance, having an appraisal done is the surest way to get a claim on your vehicle.
Are you applying for a loan? You can offer up your collectible as collateral if you have an appraisal stating its worth.
When you are getting your will and estate in order, having an appraisal completed on your vehicle will help your heirs settle your will in the event of your death.
Appraising will determine the value of your car based on its year, make, model, and the condition it is in. Often, when you are looking to buy a classic car, you will want to hire an appraisal professional to inspect the vehicle to protect you from paying too much. There are two different types of appraisals for this situation, formal and informal. Informal appraisals are simply a miles check, a test drive, and a reference check in an automotive guide like Kelley Blue Book.
These types of guides list vehicles by their year, make, and model, and determine an estimated worth based on this information. On the other hand, formal appraisals are more appropriate for older vehicles that aren’t always listed in automotive guides. Formal appraisals are completed by professionals who will determine the age of the vehicle, if it is operating with its original parts, and assess the condition of the vehicle or its restoration.
For a more informal approach, you can always get an appraisal online. Much like checking Kelley Blue Book, you can research classified or auction sites to see how much similar vehicles are going for. When you are working online, provide as much information about your car as possible. Go beyond the make, model, and year and list any restorations or replacements the vehicle underwent. Clarify the performance of the motor, engine, and transmission. You will want to provide your contact information as well so the appraiser will know how and where to reach you. Be sure to choose an appraiser that specializes in the type of vintage care you own, and he or she will contact you directly with an estimate. These services aren’t typically free, to be prepared to give your credit card number when they call.