If you have ever owned a classic car, were planning on owning one, or know someone who owns a classic car, you will know how important an appraisal can be. But what is an appraisal? Well if you looked up the definition you would get something along of the lines of “an act of assessing something or some” and “an expert estimate of the value of something”.
Which brings us to the next point, to get an appraisal you do need an “expert” or vehicle appraiser. It’s important to make sure you research and find a good local appraiser who you feel comfortable with. They will end up researching your vehicle, conducting all the necessary market research and then of course they will dive into your vehicle to see how it stacks up against the market. They will examine everything from mileage to trim, brakes, paint, interior, etc. which will help them establish a ”grade” or true condition of our vehicle. From there you’ll get a value, or appraisal on your vehicle.
So why should you get your classic car appraised? Well there are several reasons why it’s a good idea to do so but the most important one is to protect your investment. Just in case something happens, you’ll be glad you had an appraisal from a 3rd party that you can show your insurance company. This will prevent them basing your replacement check on the condition after the fact. If you have a classic car policy, an appraisal will be a necessity anyway which is a good thing!
But there are several other reasons you’ll want to get an appraisal done. For example, if you are about to purchase a classic car and need to get a loan, an appraisal will help the bank understand the value of the car and get you the money to complete the purchase. Which leads us to taxes, as the government will also use the appraisal to make sure the vehicle is worth what you said it’s worth, so they can of course get paid as well.
Bottom line, if you own a classic car, get it appraised.