Appraising the value of vintage and specialty cars in this market and for the foreseeable future requires research, experience, and an unpassionate, impartial approach. Why?
First of all, it's easy for us customers to “overbuy” impulsively, especially when the design, period and cosmetic appearance is so appealing.
Insurance brokers know how important fair market value is to establish current market value and whether depreciation or appreciation formulas have been employed to reach a realistic evaluation of the condition and resale value.
As the owner (or yet to be the owner) of a collector vehicle, it is important to have your unit inspected, appraised, and have at hand the actual cash re-sale value and insurance value of the vehicle by way of an expert report.
Ask yourself these three tough questions
Auctions are fun but also risky! Auction prices are often far above fair market value because of the competition Auction Houses rely on at the time of bidding.
A reserve may be placed on the car, truck, or motorcycle because the owner is aware of the minimum and current value of the vehicle. He/she is hoping that excitement and impulse buying will render a higher price.
Don’t get me wrong!! Auctions can be a great place to purchase your dream car! However, consider having a guide to consulting on that vehicle’s current value estimation before bidding.
I have restored and reconditioned many vintage vehicles and collector cars, trucks, and vans. I own five right now. I know firsthand what it’s like to own and restore or continue the restoration of a vintage vehicle.
My daughter and I still get the corvette out and drive to our favorite ice cream parlor on those warm sunny days and mingle in the parking lot packed with folks showing off their dream cars.
It is one of the best feelings in my life, being with my daughter and the Vette…and she always expects me to pay!
We would love it if you would send us a picture of your vehicle and we would be happy to post it is on our website with your name(s) and the general location of where you and the vehicle reside.
Thanks for reading about US and OUR services. All the best and happy driving!
Dean “Doc” Powers
Doc started his love of cars way back in the 1950’s when his parents owned and operated a gas station/café in southern Ontario Canada. His father raced a stripped down 1955 Monarch and owned a 5 acre junkyard filled with vintage auto and truck parts. During that time and later his father built a career selling used cars in Windsor Ontario. As an adolescent, Doc worked for his family while attending a one room schoolhouse: pumping gas, washing used cars, starting them up every morning (to keep the battery from dying), and cleaning the interiors and helping with small mechanical repairs. Reminiscing, Doc remembered his first love at ten years of age:
“…it was a 1957 Ford Fairlane Skyliner 500 hide-away top, two tone, black with a white top, three on the tree, stock 292ci and she was a beaut! I couldn’t stop washing that car…it didn’t last long on the car lot, bought up by a young woman who stole my heart and my car!”
Doc owned several cars as a teenager including a 1965 Ford Fairlane coupe with a 289ci, four barrel 4-speed hurst shifter that he raced several times at the Windsor Dragway.
Doc also sold new and used cars at a Ford dealership remembering the first Pinto (green) that he sold to a Fijian family who christened the car with juice from a cleaved coconut followed with treats as the whole family stood by celebrating their new buy.
“Family of six got in the car…amazing they all fit in as I waved and they drove home in their first new car buy on a bright sunny day, a memory I will always treasure.”
Fortunes turned and Doc moved to Vancouver BC and completed University studies. He recently retired as a Rehabilitation Psychologist from a 40-year practice with many jobs prior to that career.
“I have always had a love of classic cars given that my family is still in the car business… really spanning several generations. My nephew and I continue that conversation about vintage and specialty cars, auction prices and market values.”
Doc has five of his own classic cars which he has restored while in private practice over the course of 15 years. This has brought him in contact with many in the restoration industry in British Columbia and Alberta that includes autobody and collision, trim and interior, auction houses, engine rebuilds and reconditioning specialists. He continues to this day to attend car shows and auctions such as the Barrett-Jackson auction held every year in Palm Springs California.
Right after retiring Doc was approached by several colleagues requesting if he would locate and negotiate the purchase of specialty cars both vintage and modern: Mercedes-Benz, Ferrari Spider, and a classic refurbished 1969 Camaro and that started both him and Auto-Fit Solutions into the appraisal business.
While appraising a 1978 Ford Cobra II for insurance purposes, Doc had this advice:
“To be an expert aa a vehicle appraiser, you need to be good at researching comparables within and outside of the location of both the owner and vehicle while doing due diligence by inspecting that car personally and preparing a comprehensive checklist of the vehicle’s strengths and weaknesses. The appraiser’s goal is almost always fair market value determined in a non-biased, objective manner.”
“Experience, qualification and knowledge all count in conducting an appraisal but intuition is the Appraisers best friend. You have to have that if you want to succeed in this industry.”