You might think it’s easy to buy a classic car, but if you don’t have a classic auto appraisal, it could be harder than you originally anticipated. Even if you already have a classic car, you can definitely use an appraisal to protect yourself and your investment.
An appraisal is the perfect tool to help you uncover any potential mechanical problems with the vehicle you’re considering purchasing. It can also help you determine if the sale price of the vehicle is reasonable. If you’re looking for an original car, the appraiser can help you figure out if any modifications have been made that aren’t stock. The appraisal can also tell you if the car’s been in an accident and what the quality of any repairs done is.
If you don’t have the time or the expertise to inspect the vehicle yourself, or you live too far away, it is also a good idea to have an appraiser take a look at it. This saves you a lot of money and time.
If you’re going through a divorce, financial audit, bankruptcy, or another similar process, an appraisal can be helpful in protecting your assets and keeping the process moving forward smoothly. Also, if you want to donate the car to charity, the IRS requires you to have an appraisal done for you to claim it on your taxes.
Should your classic car be damaged, you don’t want to keep paying high insurance premiums on it. A diminished value appraisal can save you money in the long run, and it can help you set the car at the right price to sell, if that’s what you want to do. If your car is damaged by someone else, you can file a claim with the at-fault party’s insurance company using the appraisal as documentation of the value of the vehicle before the damage occurred.
An appraisal can be helpful if you’re getting insurance as well. The classic auto appraisal is an independently –determined valuation of your vehicle that you can submit the insurance company. You avoid having an insurance appraiser appraise your car with their minimal knowledge of the value of customizations to vehicles and how to value older cars the right way. You could end up with a less-than-fair settlement or paying higher premiums if you’re in a claims process or looking for insurance, respectively.
Contact us today to learn more about our classic auto appraisal service to protect your investment.