Value of Having Your Classic Car Appraised

Value of Having Your Classic Car Appraised

Posted by Anderson Restoration Parts on 26th May 2023

There are many areas of our world where knowing the value of something carries real value, and the classic car industry is no exception. There are a few different reasons why you might want to know an objective value of your classic car, and the primary method for doing this is by obtaining what's known as an appraisal.

At Andersen Restoration Parts, we're here to offer a wide range of parts that will help raise your classic car's appraisal value, from control arm bumper sets and shaft kits to suspension rebuilds and more. Let's take a look at what an appraisal is and the key factors an appraiser of a vehicle is looking for, plus some of the reasons why having your car appraised can provide major value (or is even outright necessary).

What is a Vehicle Appraisal?

If you've never had your classic car appraised before, you may not know exactly what's involved. A vehicle appraisal is the process of evaluating a car's condition and establishing an estimated value for it. Appraisals are typically performed by a professional with experience in the classic car industry, such as a restoration specialist or certified appraiser.

One of the key points here is the third-party nature of the appraiser who examines your vehicle and makes an objective assessment of its value. This is important, as it can provide a more accurate picture of the car's overall worth than you may be able to give yourself.

The Factors That Go Into an Appraisal

When someone appraises your classic car, there are several key factors that go into establishing the vehicle's value. These include:

  • Tires
  • Brakes
  • Engine
  • Body condition and repairs
  • Interior features
  • Electrical system
  • Mechanical components

The appraiser will conduct a thorough inspection of the car, taking into account all of these elements to come up with an estimated value. This process is often long and involved, but it's necessary for a precise estimate of the car's worth.

What are some of the key benefits of appraisal, or situations where appraisal is necessary? Our next several sections will look through this.

Insurance Reasons

Perhaps the single most common reason why someone would need to get their classic car appraised is for insurance purposes. Insurance companies often want an objective assessment of the car's value in order to accurately assess how much a policy should cost, or even whether it will be approved at all.

By having your classic car appraised, you can make sure that you're getting the coverage you need at a fair cost. Your insurance company will not be able to claim that the car is worth less than it actually is and thus reduce your coverage.

Tax Purposes

Another key reason to get an appraisal for your classic car is for tax purposes. If you're looking to sell your car, or if you've had major repairs or restorations done on it, then having a professional appraiser assess its value can help ensure that you're paying the right amount of taxes on it.

Additionally, if you need to establish a value for estate purposes or charitable donations, having an appraisal done is often a good idea. It can provide the figure that you need in order to accurately assess your taxes and make sure they are paid correctly.

Obtaining Financing

In other cases, you may need to obtain financing for your classic car. In these cases, having an appraisal done can be essential in helping you get the loan that you need. Banks and other lenders often require an appraisal of the vehicle before they will agree to finance it, as it provides them with a reliable estimate of the vehicle's worth.

Costs of Appraisal

Finally, while costs will vary depending on the appraiser and the car, it's important to note that getting your classic car appraised won't typically be very expensive. Most appraisals cost between $100 and $200, which is a small price to pay for the crucial information that you'll receive.

Getting your classic car appraised can provide major value in many areas. Whether you're looking to obtain insurance, establish a value for tax purposes, or obtain financing, an appraisal can be essential in helping ensure that everything goes as smoothly as possible. The process is fairly straightforward, and the cost of obtaining an appraisal is relatively low.

At Andersen Restoration Parts, we can help you with all of your classic car restoration parts and related needs. Contact us today to learn more about how our expertise can be a major benefit for your vehicle.