9. How is a Vehicle’s Appraised Value Determined?

An accurate appraisal begins with a consultation with the subject vehicle’s owner or representative to ascertain relevant information (i.e., specific needs, instruction etc.) followed by a thorough inspection of the subject vehicle by a qualified expert. The intent of the inspection is to determine its overall condition regarding function, appearance, equipment (factory and/or custom) maintenance (original, restoration, customized etc.) along with damage history and other information as may be pertinent to establishing its overall value.

Then a market search is conducted to determine the actual “Fair Market Value” to ascertain what other similar and comparable vehicles to the subject vehicle will command in the same general marketplace as possible (with appropriate deductions and additions whereas applicable).

A “Book Value” is then determined using various accepted published value guides (i.e. NADA (National Auto Dealers Association, Black Book, Kelly Blue Book, CPI- Cars of Particular Interest etc.).
A report of the research findings is then prepared, customized to the specific needs of the client and certified to permanently record the acquired information. Copies of the information are retained for a limited period of time (normally 1 to 2 years) to Vehicle Value Experts you further should the need arise.


Category: Appraisals FAQ

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