Auto Appraisal FAQ

Why Do I Need a Specialty Vehicle Auto Appraisal?
There are many common reasons for needing an appraisal...
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From Actual Cash Value Appraisals to Diminished Value Appraisals, the Auto Appraisal Network has an Appraisal Just For You!

The most common appraisals we provide are Actual Cash Value appraisals. These are also known as Fair Market Value appraisals and sometimes referred to as Replacement Cost Appraisals.

These types of appraisals are self-explanatory. With a classic vehicle, the purpose is to accurately document every facet of the vehicle. This means deciphering, documenting, and photographing; it means providing VIN numbers, production codes, production numbers, model codes, paint codes, engine numbers, engine codes, door tags, fender tags, and all other supporting documentation. We must establish an overall condition and check for originality. Our job is also to confirm and record the known history, prior owners, and notoriety of that vehicle. All this is essential in order to accurately establish the true value of such a vehicle.

Likewise, appraising a customized vehicle also means photographing and documenting in great detail all of the aftermarket components installed in, and modifications performed on, that automobile. Such an appraisal must take into account the cost of finding a suitable donor vehicle, and accurately estimating the cost of exactly duplicating that customized vehicle if it were subject to a total loss. We list all custom components and modifications chronologically, going from the front bumper to the rear! In addition, a typical custom vehicle appraisal will include anywhere from 30-60 digital photos highlighting all of the major features of that automobile.

A custom vehicle appraisal must also take into account exactly who performed the work on the vehicle. These automobiles are rolling pieces of art, and their value can depend largely on the various artists that are commissioned to work on them!

As with any vehicle, the accolades that vehicle has earned — awards, trophies, magazine covers and features, promotional advertising, television exposure — can greatly affect its value.

THERE IS ONLY ONE WAY TO PROTECT YOUR INVESTMENT: GET IT PROFESSIONALLY APPRAISED!

Diminished Value Appraisals.

Diminished value appraisals have become very common in recent years. They usually apply to late model, luxury automobiles. The typical scenario is this: through no fault of the owner a 2006 Lexus GS 430 was recently in a fairly serious accident that resulted in over $20,000.00 in repairs. According to the work order repair sheet made by the body shop, it required 8 hours on a frame machine in order to straighten it out.

We live in a very consumer-conscious, financially-competitive world! In order for the insurance company to get your business, they have to keep their rates low. In order for the body shops to get the insurance company's repair work, they must keep their rates low. The end result is that many cars that should perhaps be 'a total loss' are indeed repaired.

The dealer will now have to sell that car for somewhere between 25% and 50% of its conventional retail value. The difference between what that vehicle SHOULD be worth according to the value guides, and what it is NOW worth because of that accident, is called the DIMINISHED VALUE.

How does this diminished value affect the owner? When the owner goes back to the dealer to trade that car in for a new one two or three years later, he or she will be asked if that vehicle has ever been in an accident that required a frame repair and to sign a form confirming or denying this fact. In addition, the dealer will check with Carfax or a similar online service to verify the accident history of that vehicle.

The dealer does not want to resell a car with frame damage. He must disclose it to the next buyer, and the dealer cannot sell it under one of those Premium Guaranteed Used Car programs that have become popular. Safety, the integrity of the workmanship, how it will drive, rattles and strange noises, future unknown mechanical problems are all factors that can affect the dealer's reputation, and all dealers depend on their reputations for their livelihoods.

Likewise, if the owner of that Lexus tries to sell it to a private party, the information must be disclosed. If you were a potential buyer, and two identical cars were advertised for about the same price, one of which had been in a serious accident, which one would you buy?

Now that you know about the types of appraisals, click here to find out why you need one!

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