When it comes to investment options, there are many options to consider. One of such ways is owning a classic car as these assets only tend to appreciate with time. If you own one however and want to know what it’s worth currently, you might need to carry out a classic car appraisal Detroit.
Whether you are employing a professional appraiser or making it a DIY project, your appraisal reports must have the following information.
Full Description of the Vehicle: an appraisal is worth nothing if it doesn’t give a detailed description of the physical, electrical, and mechanical components of the appraised car. Details such as Vehicle Identification Number (VIN), serial number, year, make and model should be included in the report.
For a thorough description to be carried out, the car must be inspected as well by a professional appraiser. The purpose of an inspection is to ensure that all part of the car is in prime and perfect working conditions.
Since a full description can’t be carried out without a physical inspection, it is always advisable to avoid the services of appraisal companies who only request for a pictorial representation of the car and conduct appraisal using the picture provided.
A History of Necessary Documentation: For a regular car, documentation would include service history, date of manufacture, maintenance records, list of previous owners (if any), repairs and restoration records, and receipt of purchase made available by the present owner. For a classic car, however, a little more might be included in an appraisal. There should be a clear mention of awards, trophies, or other sorts of achievement that is in the cars’ history. All history recorded in the report must be backed up by photos or paper documentations.
Its Current Market Worth: while different appraisers might have their own way of determining the current market value of your classic car, the report would be nonetheless incomplete without that information. While determining the value of a classic car on the market might be tricky because no two cars are exactly the same considering factors such as mileage, repairs, upgrades, etc., an experienced appraiser would know how to get the information he needs to determine a fair market value. This might involve going through several sources of listings of vehicles that are both on the market and that have been sold.
An Appraisal Report: an appraisal report can serve a number of purposes. It might be required by someone who wants to buy a car and wants to know if it’s worth it or could be required by an insurance agency before they issue a policy on a car. Whatever it is, an appraisal must come with a very detailed and easily understood report. This should include the name or company of the appraiser, as there might be a need to refer to their credibility.
There are a number of other details that a classic car appraisal Detroit should contain, but the above mentioned are the core. If any is missing from the appraisal, then it shouldn’t be accepted. The fact that there is no regulation on vehicle appraisers right now doesn’t mean that you should settle for less.