What is a cars true value?

omp60 · Addicted!

What is a cars true value?

hawkeye5766 · Canadian Poncho Superstar!

OURWAGON wrote:
Appraised value means next to nothing to me.
APPRAISAL 40.000 SELL FOR 20.000
CAN NOT BASE A TRUE VALUE ON THAT.
MEANS NOTHING TO ME EITHER

Agree..but this opens up another whole can of worms.... To be an appraiser do you need accreditation of any sort? Just open up shop and throw out #'s? Don't home inspectors have to be qualified and take a course? Just wondering what makes an expert an expert? Thinking Carl should retire and play with this on the side..then he could appraise his own car. smile He does have the know.....

hawkeye5766 · Canadian Poncho Superstar!

omp60 wrote:

Appraisals are glide lines for insurance companies.

We see it all the time on TV. Barrett Jackson Auction.
Some cars go for way over what they are worth.
1974 Pinto $18,150. Really???

The only true value of a car is after you sell it.
And you have the cash in your hand, and now its not yours anymore.
Just my opinion

I understand that....but what if the appraiser is out to lunch? Says a $60,000 car is worth $40,000 or a $10,000 car is worth $20,000? One guy is happy...one guy is Pi$$ed! I guess it's like Doctors......always get a second opinion...but we have to pay good $$$ for that opinion! Think creditation/experience must be mandatory. Give a guy pics of 20 sold collector/classic cars...appraise them...see how close he was? True market value.. Are there any guide lines to be an appraiser?

-- Edited by hawkeye5766 on Sunday 17th of February 2019 02:26:08 AM

Canadian Poncho · A Poncho Legend!

I was told an appraisal is often high to cover the labour and search for hard to find parts if the car is ever in a collision. Also protects you from having the car written off. Not sure if this is true or not.

65Camino · Uber Guru

You would think an appraiser would ask what you paid for it beforehand. I know mine does. Then he knows the base to start from.

4SPEED427 · A Poncho Legend!

That's what struck me as odd when my guy did the appraisal. He never did ask me what I paid for it. I only told him when he got back to me with the appraisal what the purchase price had been.

Pontiacanada · A Poncho Legend!

Canadian Poncho wrote:
I was told an appraisal is often high to cover the labour and search for hard to find parts if the car is ever in a collision. Also protects you from having the car written off. Not sure if this is true or not.

Sounds very plausible.

jmont64 · Canadian Poncho Superstar!

Canadian Poncho wrote:
I was told an appraisal is often high to cover the labour and search for hard to find parts if the car is ever in a collision. Also protects you from having the car written off. Not sure if this is true or not.

I think the appraisals have to be high in event of a loss either through accident or theft. I know I have mine insured for a set amount if either of those cases happen. If they have to find a car like mine and bring it to a comparable condition would obviously cost more than what my car would bring in the market today. There were only 128 made plus maybe 350 V8s and who knows how many are left so in some cases it's not like replacing a 56 Chev. The other thing that higher appraisal should allow for is that someone else is doing your car and presenting you with the identical condition car finished. Usually in the value of your car there is next to no allowance for your time.

Mike Ward MB · Addicted!

I will be having my Nova appraised once it is on the road, strictly for insurance purposes. I know exactly what I have invested in my car and have no illusion of fully recovering the money I have spent on it if I decide to sell it, but that will not be happening. I expect the appraisal will be higher than what I will insure for, just would hope to recover my investment in the event of total loss. A friend was offered what I thought was fair money for his Nova, but of course was below his cost. He had no intention to sell anyway but set a price in response to being asked if he were to sell what would he sell it for. He was surprised when he was offered that amount with no negotiation. He turned it down.

I will probably have my Beaumont appraised at the same time. No idea how that will come out but again, it will be for insurance purposes only.

Canadian Poncho · A Poncho Legend!

I see Hagerty now offers a policy for those in the middle of a restoration. The coverage goes up a certain amount (each month I think) until the car is finished.

gtodrive · Guru

When I bought my 2+2 in 2009, book value was about $22,000. I paid $42,000 because I have always wanted one! When I contacted Hagerty for insurance, the first question he asked me was what I paid for it. I believe he asked me, because he was not familiar with the Canadian Pontiacs. Anyway, I told him and he insured it for $50,000. I would never get that if I sold it, but its covered if I get hit!

Poconova · Addicted!

Appraisals. Case to point at is the dude in Langley, BC with a barn full of very rare muscle cars etc that burnt to the ground. (About a year and a bit ago)
Insurance paid out at the appraised value of each unit.
He won on some. Lost on others but was able to build a new barn and startstart rebuilding a collection

4SPEED427 · A Poncho Legend!

gtodrive wrote:

When I bought my 2+2 in 2009, book value was about $22,000. I paid $42,000 because I have always wanted one! When I contacted Hagerty for insurance, the first question he asked me was what I paid for it. I believe he asked me, because he was not familiar with the Canadian Pontiacs. Anyway, I told him and he insured it for $50,000. I would never get that if I sold it, but its covered if I get hit!

Not everyone would agree with me, but I would say the moment you bought that car for $42,000, the minimum appraised value for it is $42,000. Appraised value has to be at least what a car is worth, and a car is worth what someone is willing to pay for it. Maybe you were the only one willing to pay that, who knows, but that's beside the point. It was worth it to you, so that car is worth it. Otherwise, what would be the point in looking at comparable sales when doing an appraisal?

Would it resell for that if you listed it? Hard to say, but that really shouldn't matter.

long stroke · Canadian Poncho Superstar!

I would ALWAYS pay more for a car that is an original survivor over a car that has been "personalized" and appraisals mean little or nothing.

Bill shuba · Guru

I have mY 64 CS , as prob most of us reg as a antique, here in Sask the plates are cheap and so far no worrys of a safety inspection..prob is its only insured for I think 800 because through SGI with plating as Antique,,I worry every time I get a chance to drive it,so I am told to get a Appraisal in case someone hits me..but of course I dont want to do that till I get the car done so it gets appraised for as much as I can,,so its going to be scary for awhile as I really want to drive the car alot more and really dont see it ever getting done,,done anytime soon lol But even with the appraisal I am sure there will be probs with SGI and the value..

jmont64 · Canadian Poncho Superstar!

Thanks Bill shuba wrote:
I have mY 64 CS , as prob most of us reg as a antique, here in Sask the plates are cheap and so far no worrys of a safety inspection..prob is its only insured for I think 800 because through SGI with plating as Antique,,I worry every time I get a chance to drive it,so I am told to get a Appraisal in case someone hits me..but of course I dont want to do that till I get the car done so it gets appraised for as much as I can,,so its going to be scary for awhile as I really want to drive the car alot more and really dont see it ever getting done,,done anytime soon lol But even with the appraisal I am sure there will be probs with SGI and the value..

Another good option for you is to insure it for the value you are comfortable with. I use Hagerty and I think there are a couple others. They dont ask for an appraisal unless you have a crazy high end car. Rates arent cheap but I think they are fair. If my car gets written off at least I know the size of the cheque. I just have to survive the accident!

Bill shuba · Guru

thanks Jerel yes I think that would be rather expensive,and besides seeing I don"t have any health care insurance at work or prvt I am pretty sure its not going to be well liked if I pay for priv.insurance for my car lol if you know what I mean..I think she likes me but that would be pushing it haha

mfleury · Poncho Master!

I do car appraisals and what I look for is orignal equipment on cars before I start I tell them if the motor been changed it's been modified and not worth as much. My car been appraised at 28000.00 will never get that. Depends who wants it and how bad.when I brought my 66 it wasn't,t worth I paid for it but that's what I had out in calgary and I paid more for it.i wailed away from appraisals because the person wanted to much money for me to do it. It's a touchy subject

otus · Addicted!

Guess I'll throw my 2 bits in here..I'll use my PBS watching knowledge! wink When I watch Antique Roadshow..Did I just say that ??lol .. the "appraisers" always give three values. One is for "at auction" one is "in a retail setting" and the third and highest it seems is "for insurance purposes". Three different values for the same antique! I guess it depends on whether one is selling, buying, or hoarding! For me personally, the nostalgia attached to cars effects the "value" in my mind for sure...as we age, I think, the term value takes on different meanings perhaps.......That's why I'm beginning to hate work! Thanks guys ! For giving me space to figure that out lol hmm