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Knowing what your classic car is worth should be high on your
priority list. Even if you're not looking to buy or sell a car right now, the
appraisal will help you know whether you have enough insurance coverage. You
also may need to know your classic car value for the purposes of reporting to
the IRS / making a donation, or, more unfortunately, in divorce, probate, or
bankruptcy proceedings.
Sometimes appraisers may be on-site at a car show
near you, but you often will need to seek one out. You should expect to pay a
reasonable amount for your appraisal, since an appraiser is a professional like
other people we hire to perform specialized tasks. A professional and
experienced appraiser will devote time, effort and thought to appraising your
classic or collector car. So, plan to pay accordingly.
The appraiser
will probably want some basic information from you about the car, such as year,
make, model, VIN, mileage, and options. The appraiser will also need to
know whom the appraisal is being done for, if not you (maybe your bank, insurer,
etc.). The appraiser will likely also ask for documents in your possession
relating to the car, like any bill of sale, title, window stickers, etc.
If you are only curious about a rough valuation of your classic car, you may
be able to use a price guide. That may be unacceptable for use for the needs
mentioned above, though.
Copyright 2009, 118 Octane Ltd. - Thanks for reading our article on
Classic Car Appraisals |
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