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Author Topic: Professional appraisal ???  (Read 1337 times)
41husk
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« on: April 06, 2018, 10:07:50 AM »

Had a classic car appraiser come out to give me a value on my charger 500 for agreed insurance coverage.  I am trying to have it insured for $70k.  The appraiser came back with a value of $56,700.00  flame  I asked if he had found any that repentantly sold  for that price or lower.  He said it doesn't matter what they sell for?Huh?  I did not take his report or pay him for his service.  Am I wrong?  He said without matching engine and trans, he could not put his reputation on any higher assessment.  I have seen $56k price tags on RT 69 Chargers brickwall
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1969 Dodge Charger 500 440/727
1970 Challenger convertible 340/727
1970 Plymouth Duster FM3
1974 Dodge Dart /6/904
1983 Plymouth Scamp GT 2.2 Auto
1950 Dodge Pilot house pick up
moparstuart
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« Reply #1 on: April 06, 2018, 10:14:34 AM »

Had a classic car appraiser come out to give me a value on my charger 500 for agreed insurance coverage.  I am trying to have it insured for $70k.  The appraiser came back with a value of $56,700.00  flame  I asked if he had found any that repentantly sold  for that price or lower.  He said it doesn't matter what they sell for?Huh?  I did not take his report or pay him for his service.  Am I wrong?  He said without matching engine and trans, he could not put his reputation on any higher assessment.  I have seen $56k price tags on RT 69 Chargers brickwall
ill give you 56k for it   icon_smile_big
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41husk
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« Reply #2 on: April 06, 2018, 10:16:57 AM »

Or trade even for the barn find 68 smilielol
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1969 Dodge Charger 500 440/727
1970 Challenger convertible 340/727
1970 Plymouth Duster FM3
1974 Dodge Dart /6/904
1983 Plymouth Scamp GT 2.2 Auto
1950 Dodge Pilot house pick up
moparstuart
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« Reply #3 on: April 06, 2018, 10:53:28 AM »

Or trade even for the barn find 68 smilielol
im in
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41husk
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« Reply #4 on: April 06, 2018, 10:54:45 AM »

You sure I don't need to throw in some $$$$ icon_smile_big
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1969 Dodge Charger 500 440/727
1970 Challenger convertible 340/727
1970 Plymouth Duster FM3
1974 Dodge Dart /6/904
1983 Plymouth Scamp GT 2.2 Auto
1950 Dodge Pilot house pick up
moparstuart
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« Reply #5 on: April 06, 2018, 10:55:35 AM »

You sure I don't need to throw in some $$$$ icon_smile_big
No it ok ,    im even ok with that spool rear end 
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41husk
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« Reply #6 on: April 06, 2018, 11:01:52 AM »

are you throwing in the birdable?
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1969 Dodge Charger 500 440/727
1970 Challenger convertible 340/727
1970 Plymouth Duster FM3
1974 Dodge Dart /6/904
1983 Plymouth Scamp GT 2.2 Auto
1950 Dodge Pilot house pick up
moparstuart
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« Reply #7 on: April 06, 2018, 11:44:16 AM »

 smilielol
are you throwing in the birdable?
smilielol
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Aero426
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« Reply #8 on: April 06, 2018, 11:46:57 AM »

Had a classic car appraiser come out to give me a value on my charger 500 for agreed insurance coverage.  I am trying to have it insured for $70k.  The appraiser came back with a value of $56,700.00  flame  I asked if he had found any that repentantly sold  for that price or lower.  He said it doesn't matter what they sell for?Huh?  I did not take his report or pay him for his service.  Am I wrong?  He said without matching engine and trans, he could not put his reputation on any higher assessment.  I have seen $56k price tags on RT 69 Chargers brickwall

I do not understand the refusal to take comps into consideration.    

I would figure 'bout 70k is the right street price for a numbers matching 440 auto C500.    If you include a 15% discount for a non matching driveline, it would come in at $59,500.    The appraisal may be light, but I don't think it is too far off.   But I can understand that you would feel more comfortable with a higher number as there are plenty of cars that are slightly over insured.    My cars are insured a little light, but I know I get an automatic bump in value each year from my insurer.    In a true agreed value policy, the higher the agreed value, the higher the premium will be.     If you have multiple cars, it can get pricey. 
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41husk
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« Reply #9 on: April 06, 2018, 12:00:51 PM »

I do and it does !
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1969 Dodge Charger 500 440/727
1970 Challenger convertible 340/727
1970 Plymouth Duster FM3
1974 Dodge Dart /6/904
1983 Plymouth Scamp GT 2.2 Auto
1950 Dodge Pilot house pick up
chaaargerb
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« Reply #10 on: April 06, 2018, 12:10:12 PM »

                            I did not take his report or pay him for his service.  Am I wrong?
Yes You Are Wrong. The man took his time and expenses to meet with you and appraise your car. You contacted him. Did he do something wrong? Did he appraise your car? If you don't like what he feels the car is worth then how is it his fault? You Need to pay him and move on.  down
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41husk
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« Reply #11 on: April 06, 2018, 12:13:59 PM »

That's what I thought.  He said if I did not agree with the figure don't pay me.  I didn't.
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1969 Dodge Charger 500 440/727
1970 Challenger convertible 340/727
1970 Plymouth Duster FM3
1974 Dodge Dart /6/904
1983 Plymouth Scamp GT 2.2 Auto
1950 Dodge Pilot house pick up
birdsandbees
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« Reply #12 on: April 06, 2018, 12:35:04 PM »

If god forbid you ever ding that car, I sure hope he's not the guy that the insurance company sends out to do the damage appraisal !! I'd mail him a cheque for his services...  scratchchin
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odcics2
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« Reply #13 on: April 06, 2018, 02:33:55 PM »

His value is pretty close, considering non matching engine and the color change...

 Twocents
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DAY CLONA
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« Reply #14 on: April 06, 2018, 02:40:55 PM »

Had a classic car appraiser come out to give me a value on my charger 500 for agreed insurance coverage.  I am trying to have it insured for $70k.  The appraiser came back with a value of $56,700.00  flame  I asked if he had found any that repentantly sold  for that price or lower.  He said it doesn't matter what they sell for?Huh?  I did not take his report or pay him for his service.  Am I wrong?  He said without matching engine and trans, he could not put his reputation on any higher assessment.  I have seen $56k price tags on RT 69 Chargers brickwall



If you did nothing but just let him look at the vehicle, who knows how prepared he was for the appraisal?, he can't be expected to know every facet of your vehicle's worth, although it would be nice if he was, but reality is what it is when dealing with humans...

To assure yourself the next appraisal goes well, have as many receipts for the work and parts put into the vehicle, while the amount you spent is no guarantee it will be represented in the appraised value, it does give the appraiser an idea of replacement value due to complete loss or damage, have copies/original ads of similar equipped vehicles that have SOLD recently to establish a current market trend of sold cars to help him determine a fair market value/replacement cost if total loss has occurred...

If I can get an $80K appraisal for a 1970 440/6 Daytona clone using this method with a licensed appraiser the Insurer (Hagerty) recommended, surely you can match that... Hagerty recently wanted to increase my coverage from $80K to 100K as they felt I was under insured on my Agreed value policy being that it was done a few years ago and felt my vehicle required higher coverage/updated policy based on today's market value


Mike
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ws23rt
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« Reply #15 on: April 06, 2018, 03:47:33 PM »

That's what I thought.  He said if I did not agree with the figure don't pay me.  I didn't.


This sounds odd to me.--That he would only accept his fee if you agreed with him about his assessment. scratchchin
IMO you were buying his product (which is his informed and or earned reputation.)--I would have paid him anyway and thanked him for his ethics.

As for buying insurance for $70k? --That really boils down to how much premium you are willing to pay. If you want to insure it for $140K It will cost extra for the risk the insurance company is being asked to take.  The actual selling value of something like this is a moving target and can only be predicted (at best) for a few months at a time. This is one reason that insurance companies reassess their risks annually.

BTW I paid for $150K insurance for my 69 Coronet RT for a year at $1200 cost. No "professional appraisal" was required.
I now chose to pay $231 for an "agreed value"  of $26k. ---Same car and my choice of my risk.

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Y1CHARGER
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« Reply #16 on: April 07, 2018, 07:25:41 AM »

post some pictures of the car.  A c500 was just sold off this site to another member, asking price was $70k, from the sounds of it asking and sold are usually two different numbers, I would guess.  Also most insurance companies want pictures and what you want for an agreed value.  sounds like your appraisal was geared more toward a value for someone purchasing it and not replacing it.  And you should of paid him, He did what he was suppose to do.  When YOU do a job, do people not pay you when you do what they asked you to do.  NOT COOL, You ____ed him.
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JB400
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« Reply #17 on: April 07, 2018, 03:10:25 PM »

That's the difference between book value and inflated market value.  He went by the book.  If you want market value, have a classic car dealer assess your car
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Moparpoolman
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« Reply #18 on: April 07, 2018, 08:37:30 PM »

Had a classic car appraiser come out to give me a value on my charger 500 for agreed insurance coverage.  I am trying to have it insured for $70k.  The appraiser came back with a value of $56,700.00  flame  I asked if he had found any that repentantly sold  for that price or lower.  He said it doesn't matter what they sell for?Huh?  I did not take his report or pay him for his service.  Am I wrong?  He said without matching engine and trans, he could not put his reputation on any higher assessment.  I have seen $56k price tags on RT 69 Chargers brickwall
I hate to be the one to break the news to you but it seems as though 1969 440 Charger RTs sell for more $s than 1969 440 Charger 500s.   By the way, you should have paid for the appraiser's services.
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Highbanked Hauler
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« Reply #19 on: April 08, 2018, 06:08:02 PM »

Had a classic car appraiser come out to give me a value on my charger 500 for agreed insurance coverage.  I am trying to have it insured for $70k.  The appraiser came back with a value of $56,700.00  flame  I asked if he had found any that repentantly sold  for that price or lower.  He said it doesn't matter what they sell for?Huh?  I did not take his report or pay him for his service.  Am I wrong?  He said without matching engine and trans, he could not put his reputation on any higher assessment.  I have seen $56k price tags on RT 69 Chargers brickwall

  I had mine appraised at Carlisle in 05 and mine has the original drive line but  agreed is 45K. I am sure some of that is the front end tin on it. shruggy
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kevs1969daytona
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« Reply #20 on: April 09, 2018, 01:45:55 PM »

Had my 1970 Charger R/T nice car appraised at $61000 sold it year later keeping the wheels for $59000 would think a 500 should fetch a lot more.
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69_500
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« Reply #21 on: April 09, 2018, 03:27:29 PM »

I will throw my opinion out here. It is just an opinion, worth only what one pays for advice on here, which would be free.

I had the red 500 insured with an agreed value of $75k and the bronze 4 speed insured with an agreed value of $85k. Now we all know I sold both of those cars lately and I assure you I did not get even close to those numbers out of either car.

I only looked at your car a little Allen, not in depth. My opinion on the value of it on the open market to sell would probably be in his ball park of $55-62k. It looks very nice in blue. To many that would be a plus, but to the ones that would pay top dollar it would need to be Y2. Then again to get true top dollar you would need it to be numbers matching, with fender tag and broadcast sheet. If you had all of that and looked as good as your car, I could see it being in the $80-90k range on a good day in the market.

If you need a number of a classic insurance agent that I know will have no problem doing an appraised value of $65k maybe even the $70k you were looking for. Not sure what you are paying currently for insurance. When I had both insured for the above values I was paying $645 a year.

You have my cell number if you need anything.
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odcics2
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« Reply #22 on: April 09, 2018, 06:45:33 PM »

His value is pretty close, considering non matching engine and the color change...

 Twocents

...like I said...

 Twocents
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Highbanked Hauler
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« Reply #23 on: April 11, 2018, 07:26:05 PM »

Had a classic car appraiser come out to give me a value on my charger 500 for agreed insurance coverage.  I am trying to have it insured for $70k.  The appraiser came back with a value of $56,700.00  flame  I asked if he had found any that repentantly sold  for that price or lower.  He said it doesn't matter what they sell for?Huh?  I did not take his report or pay him for his service.  Am I wrong?  He said without matching engine and trans, he could not put his reputation on any higher assessment.  I have seen $56k price tags on RT 69 Chargers brickwall

  I had mine appraised at Carlisle in 05 and mine has the original drive line but  agreed is 45K. I am sure some of that is the front end tin on it. shruggy

   So how much difference in price does a matching # drive train make on a 500 ??
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odcics2
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« Reply #24 on: April 13, 2018, 05:58:23 AM »

10K ?   Maybe more?      shruggy
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Aero426
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« Reply #25 on: April 13, 2018, 08:02:17 AM »



   So how much difference in price does a matching # drive train make on a 500 ??

I estimated about 15% in my first post.    So on a 70k car, that would put you at $59,500.  That's very close to what odcis2 said. 

It's going to depend on the car too.   If you had a really rock solid body in desirable original colors,  maybe it's slightly less.    
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Aero426
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« Reply #26 on: April 13, 2018, 08:08:10 AM »


I had the red 500 insured with an agreed value of $75k and the bronze 4 speed insured with an agreed value of $85k. Now we all know I sold both of those cars lately and I assure you I did not get even close to those numbers out of either car.


What's the market doing?    Here you have two separate sales.     2thumbs
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69_500
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« Reply #27 on: April 13, 2018, 02:38:27 PM »

15-20% drop on a car price if itís not numbers matching in my opinion.

Say all number 440 4 speed car in a desirable color combo could fetch up to $90-95k in my opinion. Same condition car but not numbers matching and your looking $70-75k tops.
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