Reasons You Should Get an Appraisal for Your Classic Car

It’s highly recommended that classic car owners have their vehicles appraised at least once a year, but why? Discover the core reasons you should get an appraisal for your classic car, from insurance paperwork to estate planning and more.

Insurance

The primary motivation to have your vintage vehicle evaluated and appraised is for insurance purposes. Like any car, you want your classic insured as quickly as possible and for its complete value.

Classic cars derive value differently than daily drivers, so there’s some nuance to determining how much your vehicle is worth. Most likely, you’ll have to provide a stated value of what you believe your car is worth, and then the insurance company will send an appraiser for an objective perspective. After the appraisal, you will work together to come to an agreed value on the vehicle. This appraisal is necessary if you want comprehensive insurance that covers your car completely.

Estate Planning

Classic cars are often included in estate planning, so to confirm the vehicle’s value for estate planning, it’ll need to be appraised by a professional. A classic car’s value includes many factors besides how many miles it has traveled, and the total value can change from year to year.

If you should pass away and your classic car is given to a family member or friend, it must be properly appraised for estate planning and tax purposes. Also, if you’re married, your vintage vehicle should be appraised like any asset that may be accounted for in any potential legal proceedings.

Collateral

Another reason you should get an appraisal for your classic car is if you plan on securing a loan or other financing in the near future. A classic car, like any valuable asset, can be used as collateral to guarantee the bank or lending partner their money should you not be able to pay the loan back.

In this scenario, the owner and the lender will both want an accurate and reliable financial determination for any asset used as collateral, so an appraisal is essential before the vehicle is included in the agreement.

Buying or Selling a Classic

If you’re considering buying a classic car or selling your vintage vehicle, you’ll want a professional appraisal to back up its value. A professional evaluation from an appraiser will determine your vehicle’s value and add legitimacy to your asking price when you sell the vehicle for its full worth or trade in the car for a different classic.

Trade or Sell Your Classic Car at Ideal Classic Cars

If you’re considering selling or trading your classic car for a different vintage vehicle, there’s no better place to do it than Ideal Classic Cars. Our process for selling or trading your vehicle is straightforward, and we offer a wide selection of classic cars online in the USA for collectors to choose from. View our inventory online or contact our staff to sell your vehicle to Ideal Classic Cars today!