A thoroughly documented appraisal by a certified automobile appraiser is a valuable asset. Getting the worthy appraisal starts from selecting the right appraiser. It is prudent to choose certified appraiser having requisite qualification, experience, and knowledge beyond the particular make or brand of a vehicle. It is always good to look for university trained appraisers. One must make sure that the appraiser is well versed with the procedures and processes of appraisal. He must be able to demonstrate his methods if required in the court of law.
It is very important for an individual to understand what should be included in an automobile appraisal. For instance, if an automobile appraiser provides a one page report telling that he believed the value of your car is X car is worth “X,” this is not an appraisal. It is important to know that there’s a difference between one person’s opinion and the value calculated on the basis of data, knowledge, current trends and other factors. A certified appraiser considers the market value as well as the geographical value of the items.
There is no single standard form for automobile appraisal, but it is expected that they should conform to the generally accepted standards for professional appraisal practice in the industry. An accurate appraisal starts with consulting with vehicle’s owner to get requisite information for appraisals such as specific needs and instruction. The appraisal determines the value on the basis of the overall condition of the vehicle such as function, appearance, equipment (factory and/or custom) maintenance (original, restoration, customized etc.) along with damage history and other information. An automobile appraiser conducts market research to know the value of the similar or comparable vehicle in the general market place to make appropriate deductions and additions to the value. The book value is determined on the basis of accepted published value guides. Some of the key ingredients of automobile appraisals are as follows:
- It should have clear identification of the automobile or vehicle to be appraiser including VIN, mileage and correct model designation
- A clear and detailed description of the vehicle
- Documentation of the valuation sources such as price guides
- Explanation of the valuation these sources indicate and how they equate to the subject car
- The methodology used to arrive at the final value for the car
- Photos of the car
- Copies of documents used for preparing the appraisal report
- The specific value of the vehicle appraised and not a range.
An automotive appraisal helps in establishing the value of a vehicle in varied situations such as securing a loan, obtaining or renewing insurance coverage, resolving legal issues or determine a vehicle’s pre-loss value when negotiating a total-loss recovery. It is prudent to hire an experienced and qualified and certified appraiser to reap benefits out of automobile appraisal.
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