Professional Appraiser

Posts that have nothing to do with the Model T. You can post here or OT posts will be moved here.
Forum rules
If you need help logging in, or have question about how something works, use the Support forum located here Support Forum
Complete set of Forum Rules Forum Rules

Topic author
Peter, Memphis TN
Posts: 31
Joined: Mon Jan 07, 2019 12:00 pm
First Name: Peter
Last Name: Claverie
Location: Memphis, TN

Professional Appraiser

Post by Peter, Memphis TN » Mon Apr 08, 2019 11:33 pm

A friend at church asked me to recommend a "professional appraiser" for an antique car he is looking at. He implied it was a high-dollar car, and worth the cost of having an appraiser come and look at it.

He's in Memphis.

Any suggestions?


Topic author
Peter, Memphis TN
Posts: 31
Joined: Mon Jan 07, 2019 12:00 pm
First Name: Peter
Last Name: Claverie
Location: Memphis, TN

Re: Professional Appraiser

Post by Peter, Memphis TN » Wed Apr 10, 2019 10:18 am

Bump


Adam
Posts: 394
Joined: Sun Jan 06, 2019 11:57 am
First Name: Adam
Last Name: Doleshal
Location: Wisconsin
MTFCA Number: 23809
MTFCI Number: 1
Board Member Since: 2000

Re: Professional Appraiser

Post by Adam » Wed Apr 10, 2019 11:00 am

Several years ago I asked a professional appraiser how they exactly determine value. He told me that he asks what you paid for it, what you think it’s worth, then looks it up in the price guide. The appraised value is generally an average of the three amounts... Maybe that was just the way this one particular appraiser did it, but I didn’t think that system was very worthy of of the fee unless the evaluation was truly needed from an insurance or legal perspective.

I’ve also seen several instances of “professionally appraised” T’s that were waaaayyy overvalued and likely caused a huge disparity for a sibling who wanted to keep a car that was part of a parent or grandparents estate.

One instance was a roadster I had worked on that originally was so rusty it probably had 2 gallons of bondo in it, a really rough motor, flaky paint, rustoleum primed rust under the flakes, poor sounding rear end with excessive endplay, but it ran and drove okay. It couldn’t have been more than a $6,500 car if it had 5 brand new tires. One of the siblings that wanted it was going to have to “buy it” out of the estate and the professional appraiser had “appraised it” at nearly $30,000.00!


YellowTRacer
Posts: 15
Joined: Tue Jan 08, 2019 6:55 pm
First Name: Ed
Last Name: Archer
Location: 1807 East Ave. Hayward, CA 94541
MTFCA Number: 19
MTFCA Life Member: YES
Board Member Since: 2009

Re: Professional Appraiser

Post by YellowTRacer » Wed Apr 10, 2019 7:19 pm

I was trying to avoid commenting on this but as a professional motor vehicle appraiser I feel the need to set the record straight. The fair market value of a vehicle has nothing to do with how much you paid for the vehicle, how much the seller was asking or what the value guides state. It has everything to do with the market place. What they are realistically selling for in the market place. Value guides can be thousands of dollars off. Sometimes high sometimes low. Without getting long winded here, several years ago I was appraising a teens non Ford, big car. The value guide told me top value, number one condition $34,000.00. By the time I was through and before I submitted the appraisal I had three buyers for the car at over $100,000.00. That's an extreme case and not normal but it can happen. And as for submitting an extreme high appraisal.......usually the appraise doesn't know enough about what he's appraising so appraise it high and when you submit it your client pays you and just loves you for the job you did. Later generally you're out of the picture when he find out that he can't get that kind of money for it.

Ed aka #4

User avatar

twrenn
Posts: 288
Joined: Sun Jan 06, 2019 10:53 am
First Name: Tim
Last Name: Wrenn
Location: Ohio
MTFCA Number: 30701
MTFCI Number: 24033

Re: Professional Appraiser

Post by twrenn » Wed Apr 10, 2019 7:44 pm

Many will disagree with me, but I really think Old Car Reports annual buying guide (think that's what it's called)
does a pretty good job of putting values on vintage and classic cars. They "grade it" in six different levels, Grade 1 being "excellent" naturally, down to a grade 6 being nothing but a parts car. Their various level descriptions are pretty reliable in my opinion as attached to their pricing of each level. Go to your favorite magazine store and see if you can find one. You may have to
get one from them online at www.oldcarsreport.com
Just my two cents.


FreighTer Jim
Posts: 469
Joined: Sun Jan 06, 2019 10:50 am
First Name: James
Last Name: Jarzabek
Location: Dayton, OH
MTFCA Number: 29562
MTFCI Number: 24398
Board Member Since: 2008
Contact:

Pray On It

Post by FreighTer Jim » Thu Apr 11, 2019 6:28 am

Peter, Memphis TN wrote:
Mon Apr 08, 2019 11:33 pm
A friend at church asked me to recommend a "professional appraiser" for an antique car he is looking at. He implied it was a high-dollar car, and worth the cost of having an appraiser come and look at it.

He's in Memphis.

Any suggestions?
Hi Peter,

Tell your friend to Pray on the matter for an answer ....

Recommending someone or somewhere to find service can end badly
if you don’t personally have experience with the recommendation.


FJ

Post Reply Previous topicNext topic