Classic Car Appraisal: When Do You Need It?

Carrying out a classic car appraisal can serve different functions depending on what the person carrying out the appraisal intends to use the result that will be gotten from it for. Regardless of these intentions however, it is important that you secure the best appraiser for the job if you are to get the best results.

To be able to figure out what a good appraiser should be, it might serve you to understand what a classic car appraisal entails.

What Is A Car Appraisal?

First of all, a car appraisal can be defined as an estimation of the current value of a car. In deriving this estimation, factors such as the experience of the appraiser play a very important role. It is thus best that you employ the services of a seasoned car appraiser. The market also plays another important role as it dictates the current price range for the car in question.

What a Classic Car Appraisal Should Include

If you pick out the right appraiser to help you carry out a classic car appraisal, then you will be provided with the following in the end report.

  • The time and place where the appraisal or inspection was carried out.
  • A complete description of the car that was appraised – photos included.
  • The reason why the appraisal was conducted.
  • The valuation arrived at and the date that it was.
  • The methods that the appraiser used to reach the car’s valued estimate.
  • The qualification of the appraiser with his certifications included.
  • The appraiser’s signature and address.

When Is a Car Appraisal Necessary?

There are several situations that could warrant the need to carry out a classic car appraisal or other vehicles. These include:

  1. During A Purchase: as far as classic cars are concerned, prices varies. Thus before you buy one, ensure that you have it appraised so that the appraiser can bring you up to speed with the current price range. Only then can you really make an informed decision on how much to pay for it. Besides, an appraisal before the purchase is usually the best way to ensure that what you are getting is in good conditions.
  2. Before a Sale: just the same as above, only this time, you carry it out in order to ensure that you are not selling you prized possession for more or less than it’s worth.
  3. Finance: if you intend getting a loan for the vehicle, then you’d need an appraisal report that you can present to the finance institution you intend to go to for the loan.
  4. Insurance: the appraisal report might also be needed before an insurance agency can offer you a policy on certain vehicles.
  5. In Cases of an Inheritance or a Divorce Settlement: if a car is considered part of an estate that has being inherited and needs to be settled among two or more parties, then it is necessary that an appraisal is carried out. This is to ascertain the current market value of the car in question so that it can be properly accounted for in the settlement. The same logic applies to divorce settlement as well.

There are several other circumstances that warrant the need for a car appraisal. Whatever the circumstances though, you must always try to get a certified and experienced agent if you want the best results.

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