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Summer 2010, Featured Articles, Columns
Five Reasons To get An Appraisal For Your Classic Car
You may think the last thing you need for your classic car is another piece of paper, but think again.
You have just spent thousands of hours and countless nights and weekends creating your labor of love, a classic car. One of the most important things you do once you acquire or finish restoring a classic car is to get an appraisal. Let me offer you the most important reasons for getting a classic car appraisal:
Insurance
If you have a house fire, or fire in your garage, your insurance company will not pay replacement value. Also in the event of an accident, the insurance company will not pay replacement value. Having an appraisal will establish a recognized value for your car. With such an appraisal, it is much easier to obtain insurance or settle a claim.
Your Estate
In the unlucky event of your demise, your children or heirs will have a statement as to your cars worth. This will assist them in settling and liquidating your estate.
Selling Your Classic Car
An appraisal by a qualified individual is always a good thing to have when selling your classic car. Your potential seller can contact your appraiser to verify your claims. An appraisal will help set your buyers mind at ease and expedite the sales process.
Obtaining A Loan
There may be times when you will need to use collateral for another purchase, maybe another car. You can use your written car appraisal to help you get a loan.
Buying A Classic Car
There is nothing worse than the realization you just got ripped off by a dishonest seller. Before you purchase a vehicle, an appraisal can help keep you from paying too much, and, uncover any unseen or undisclosed defects present in the car or truck.
An appraisal will normally consist of an evaluation of the cars exterior, interior, mechanics and accessories. The appraiser will factor in data from various classic car guides, auction results and retail and wholesale sales of similar model cars. By taking this extra step in getting an appraisal for your classic car, you are saving yourself from a lot of headaches in the future and keeping the fun in classic car ownership.
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