Anyone ever have a car appraised?

Discussion in 'OT Driven' started by Faceless, May 31, 2005.

  1. Faceless

    Faceless New Member

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    I am thinking about having my Mustang appraised.

    How does the process work?
    What if I don't have receipts for every little thing that has been done to the car?
    About how much does it cost?
    Anyone know any good local companies?
     
  2. Faceless

    Faceless New Member

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  3. P07r0457

    P07r0457 New Member

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    getting your car appraised is just like getting anything else appraised... Gives you an estimate of it's worth. However, this is where the problem lies -- the people doing the appraisal are rarely the party that is going to do the buying. That is the flaw in places like KBB. They can put a number on anything, but that doesn't make it worth that. A car is worth no more than what you can get another one, of the same type, configuration, and condition, for. Dealers, for example, go off what they can get the car for at auction.
     
  4. Faceless

    Faceless New Member

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    Right. I want an appraisal for insurance reasons.
     
  5. P07r0457

    P07r0457 New Member

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    not going to help you at all.
     
  6. Faceless

    Faceless New Member

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    How come?
     
  7. edrox

    edrox A good man, and thorough

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    It depends on the insurance. If it is a standard policy (like AAA or State Farm), the appraisal has little help. But if you have collector car insurance, or are listing the vehicle under a homeowner's policy as an antique or collectible, the appraisal is critical.

    Receipts for work have nothing to do with the appraisal. It does not matter whether you spent $20k or $2k on the engine - it will appraise the same.
     
  8. Faceless

    Faceless New Member

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    I don't have collector car ins. on it
     
  9. BajaDak

    BajaDak If you have poo......fling it now

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    <shrug>

    Are you sure about that? I was under the impression that if you could prove specific value of parts/pieces in a vehicle that they were included into the value of the vehicle.
     
  10. P07r0457

    P07r0457 New Member

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    no way. A car is worth what it's worth. A toyota truck that runs fine and a toyota truck that just had a $4000 transmission/engine service are worth the SAME. A car in good condition is worth the same as a car in good condition, comprende? Doesn't matter how much money you had to put into it to keep it in that condition.

    And if you don't have a "collectors" vehicle, which means you have what 99.9% of us drive (something that kelly blue book would hold a value on) then the insurance company will never ever ever have to see your vehicle. They input your VIN and fill out a couple options and the computer gives them a monetary value. Done.

    You cannot ADD value into a normal automobile... you can only SUBTRACT it. So if a car is in good shape, and just had a new tranny, it's worth the same as one in good shape that didn't need a new tranny. However, if you have a car that NEEDS a new tranny, then you need to subtract the cost from it's value.
     
  11. Faceless

    Faceless New Member

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    I'm not talking routine maint or repairs here. I have a highly modified vehicle. It's certainly valued over KBB :rofl: :rofl: :rolleyes:
     
  12. P07r0457

    P07r0457 New Member

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    Insurance almost always ignores any value that a mod would give you... if anything, it hurts you.
     
  13. Faceless

    Faceless New Member

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    Well if the car does get smashed up by some douchebag they sure as hell are going to give m what the car is worth. Not the lame ass price KBB says
     
  14. P07r0457

    P07r0457 New Member

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    feel free to yell that at them as loud as you want... but the facts will never change :mamoru:
     
  15. RICKIEFRAT

    RICKIEFRAT La Cosa Nostra

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    I talked to my insurance agent about getting it appraised for everything that I do to my car. She told me that in the long run its not worth it. You'll be paying more for insurance than now.

    And like someone said ......... why do that to a car that can be replace with another just like it.

    That is unless you have a Stang that is very rare or a classic. :o
     
  16. Faceless

    Faceless New Member

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    Another just like it? Do you realize the time & $ it takes to build the car? :rolleyes:
     
  17. edrox

    edrox A good man, and thorough

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    What kind of car are we talking about here? Are we talking about a 1970 Hemi Cuda Convertible - or a 1999 Mustang GT that has been riced out?
     
  18. Gimik

    Gimik New Member

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    I had my truck appraised for insurance. They quoted me something like $10 a month and I questioned it - it was for a value of $400 or something like that. I told them it was worth much, much more than that, and they made me get it appraised. It appraised for ~$8,000 and the insurance insured it for that much. I had to pay more in insurance of course.
     
  19. RICKIEFRAT

    RICKIEFRAT La Cosa Nostra

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    And you don't think i have alot of time and $$ into mine ??


    A insurance company could care less how much $$ you put into your car. Unless you want it appraised and insured for that value. Oh, and you DO pay for it. To them its just another car. :mepoke:
     
  20. Y2kAccord

    Y2kAccord Everything happens for reasons I just dont know

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    Yeah put a $10,000 crate engine in your car.... get your car stolen and try to collect from your insurance the value of the car + 10k :mamoru:
     
  21. Faceless

    Faceless New Member

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    You're a huge help :rolleyes:
     
  22. Y2kAccord

    Y2kAccord Everything happens for reasons I just dont know

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    Not my fault you cant handle the trooth :noes:
     
  23. edrox

    edrox A good man, and thorough

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    Was reading the other thread and saw your car. I hate to tell you this, but an appraisail on a late-model mustang will not help with a regular insurance company. The only thing you can do is try to find a specialty company that will insure for apprased value. These are typically collector-car and specialty companies, that will give you what its worth, but cost a ton in monthly premiums.
     
  24. DarkFormula

    DarkFormula New Member

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    Bullshit. I have additional insurance waivers for $10k on my Formula to cover the blower, bolt-ons, etc. If I total the car or it's stolen, I get the value of the car and the difference (GAP) and the $10k. It's like $220/yr extra since I have full coverage.

    I have $250/250 deductible on my '99 Blazer LT 4x4, my '98 Formula, and liability plus $7500 coverage on my '89 Mustang LX 5.0L Convertible all for $1920/year. Married, 28 years old, three speeding tickets.

    Call your insurance company and request the additional coverage waiver(s). My carrier maxes them out at $5k/each, so I have two for the Bird.
     
  25. NetChemica

    NetChemica OT Supporter

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    I got my car appraised at CarMax the other day, it's a 2000 Mustang GT in perfect condition with 41k miles. They wanted to give me $8500 :wtc:.
     

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