Lifts aren't always available,...
Lifts aren't always available, but Jeff spends a fair amount of time looking at the components under a vehicle. Custom modifications or rare components are the kinds of things he is looking for. Believe it or not, minor wear and tear doesn't detract from the value as much as one would think (after all, the parts still need to be replaced if the car's totaled).
Another important question to ask is, How many copies of the report you will get? You will need two copies, both with original photos (not color copies). One should be kept for your records and the other is for your insurance company.
When the appraiser comes out to you he should have a very good general knowledge of your car. He should know where to find all the appropriate identification (cowl tags, VIN numbers) and engine numbers without asking you.
He should also have a very good overall knowledge of the aftermarket business and be able to identify and name the manufacturer of most of the custom components on your vehicle. If he has to ask you what things are, send him away. A good appraiser keeps up to date with the latest products by reading magazines and attending major trade shows like the annual SEMA event.
He should also be familiar with and known by most of the local contractors such as painters, upholsterers, fabrication shops, consignment shops, engine builders, etc. He should also be able to recognize some their typical work.
Photos are worth a thousand...
Photos are worth a thousand words. One of the primary reasons for good photos is the fact that most insurance companies rely on people outside their offices to determine the value of a vehicle. A totaled '56 Nomad may not look like much after being wrecked, but the photos should show how nice the car really was.
What Determines The Appraised Value Of A Car?
The most difficult question of all! A multitude of factors goes into deciding the ultimate value of a vehicle. Some of those factors include the type and exact model of the vehicle and whether or not it was customized, along with whether or not it was a total custom fabrication, a frame-off, a ground-up rebuild, or just mildly personalized.
Other factors include the caliber of the work performed, dollars spent, the extent of modifications, components used, its overall appearance, and the creativity and uniqueness of the vehicle-as well as who performed the work on the car or truck. Obviously a custom car created by a Boyd Coddington or a Chip Foose might be worth significantly more than an externally similar car built by your average backyard mechanic.
One thing Jeff pointed out was that the value can only be based on what is visible. If you tell an appraiser you have thousands of dollars in internal engine work and components they obviously cannot verify this. Most appraisers will note this information but will not add to the value for things they cannot see.
The interior is also a vital...
The interior is also a vital component of an appraisal. Seat belts, trim, material, accessories-these all add up when determining the end value.
Another big factor determining value is the exposure and notoriety of the car. Obviously, winning your class at a major show and/or being the featured in a national magazine can add to the conventional value (but it won't make you rich, so put down that phone).
What Should All This Cost?
As long as the vehicle is within a reasonable driving distance, expect to pay about $150 to $200. For this the appraiser should drive to you, spend about an hour inspecting the vehicle, take all the appropriate photographs, and either hand-deliver or express-mail two original copies of the report to you within 48 hours.
Finally, the appraiser should also offer to update your report from time to time for a nominal fee. This is particularly important if your vehicle is an ongoing or unfinished project.
What's It Worth?
After carefully evaluating our '56 Nomad, Classic Auto Appraisers came up with a fairly respectable value. How much did you guess? Without all the details and without seeing the car in person, it may have been a difficult task. In Jeff's expert opinion the car is worth approximately $44,000-far more than any insurance company would have offered had the car been declared a total loss.