Fair Market Value, Stated Value, Replacement Value and Diminished Value Vehicle Appraisals
With well over 20 years of experience in the automobile and HD truck industry inspecting and estimating vehicles, Steven became a certified vehicle appraiser a few years ago through the ASCAA. After detailed analysis of our past inspection reports, grading of over 10 (ten) separate appraisal reports and a full background check we were honored to become ASCAA certified to provide automobile and vehicle appraisals. Each of our appraisal reports follow the USPAP guidelines provided by the Federal Government and approved by the IRS. Rest assured that our reports are qualified to be presented in the court of law, for financing of vehicles and for insuring of vehicles through your insurance provider. Our appraisals are also approved for use by the State of Illinois DMV for Branded Title Applications. We do NOT provide total loss appraisals or damaged vehicle appraisals. All of our appraisals require an inspection of the vehicle, if a vehicle is not available for inspection we require a waver signed by you understanding our appraisal will only be written by the information which you provide.
Fair Market Value Appraisal
Our fair market value appraisals provide you with the answer to the very common question. How much do you think it's worth?
A fair market value appraisal is designed to provide you with the value of which a specific vehicle, options package and condition will bring on the open fair market. Fair market value appraisals are best used to give you an idea of what you amount you should offer for a specific vehicle based off of what other vehicles in similar condition with similar options and features. Our fair market value appraisals are based off of at least three market data resources such as Hagerty, NADA and the Old Car Price Guide. We also base our fair market values off of open market comparables from at least three websites or auction sales.
Let us help you answer the difficult question of how much it is worth and how much you should offer for that vehicle of your dreams and at the same time make sure it is what the seller says it is.
Replacement Value & Stated Value Appraisals
How much would it really cost to replace your vehicle? That is a question that your insurance agent or adviser should be asking you when you are looking to insure your classic car, collector car or antique vehicle.
Our replacement value appraisals provide you with not just the fair market value of the vehicle but also take into account what it will take to replicate the same vehicle which you currently own. You know the one you have spent countless hours researching, tearing down, rebuilding, restoring and polishing on. A replacement value appraisal looks at the current condition of the vehicle, what materials have been used, who has done the work, receipts from the build, current modifications of the vehicle as well as the history of the vehicle. Taking this 1966 Pontiac GTO shown to the right which we provided a replacement value appraisal for which was owned by Paul Zazarine and its restoration process 100% documented in two separate publications adding irreplaceable value to the vehicle overall. This additional value is provided through research and comparing other values of vehicles which are published in magazines. Over 20 hours was spent writing the appraisal on this vehicle to make sure the highest value was provided which could be substantiated in documentation.
Diminished Value Appraisal
Diminished Value Appraisals are something that nobody ever likes to talk about. Often referred to as DV, a diminished value appraisal provides a dollar figure of the value lost when a vehicle is damaged.
Whether that be negative history or poor repairs, diminished value occurs when a vehicle is no longer at its prior loss condition. Any vehicle can suffer a diminishing in value. I have written DV appraisals for all types of vehicles from newer automobiles, classic cars, muscle cars to motorhomes, semi trucks and HD construction equipment. Diminished value is not a payment or credit which is automatically applied to your policy. More often than not a DV claim must be brought to your insurance carrier but will not provide a full reflection of the true DV of the vehicle. My DV appraisals have brought well over $500,000 in payments to past DV appraisal clients.
Every diminished value appraisal case is different and each result will vary. There is never a guarantee on what your DV appraisal may provide.