Sample Typical Appraisal

Transcription

1 Appraisal Report # of a 1968 Chevrolet El Camino This report has been prepared for Xxx Yyyyyy : A vehicle inspection and report preparation has been undertaken by: Mr Smith S.V.A.I. XXXX YYYYY Drive Calgary, Alberta XXX YYY (403) XXX-XXXX Canadian Personal Property Appraisers Group C.P.P.A.G Trained A current member and director of the Specialty Vehicle Appraisal Institute S.V.A.I. Page 1 of 15

2 Vehicle Specifications: Year: 1968 Make: Chevrolet Model: El Camino Body Style: 2 Door Truck V.I.N. # BXXXXXX Odometer: 42,193 miles License # XXX YYY Policy # Registered Owner: XXX YYY-XXXX XXX yyyyyyyyy ZZZZZZZ, Alberta General Comments: General Motors copied Ford s lead and marketed the El Camino, which was part car with comfortable appointments and part truck with an open truck bed. Examples today are rare and make unique collector vehicles. Appraisal Summary: This truck has undergone some exterior reconditioning but remains very original. The engine runs fine. The vehicle does show some interior and exterior aging and wear but is overall in above average # 2 condition. Appraised ( Fair Market ) Value : $ 16,900.00_ Cdn., Date of inspection and effective date of the appraisal May 3, 2010_ Report Number _12345_ Signed: Note: The appraised value may vary over time, especially if modifications are made to the vehicle. It is recommended that periodic updates to the appraised value be made to ensure that the estimated value noted above is an accurate reflection of current value. The appraised replacement value will probably differ from market value. Due diligence has been applied to make the assessment as accurate as possible using information presented to me at the time of the inspection. Value is determined by the use of comparables and value guides, review of readily available sale / auction results in North America and based on my experience in local sales and auctions of similar vehicles. Unless otherwise stated the value shown is fair market value for insurance purposes to be applied on collector vehicle policies having a 19A (appraised value) endorsement. The owner should verify that the policy includes this endorsement in the contract. Page 2 of 15

3 Vehicle Inspection Summary: (Date) by (Appraiser) Vehicle Model VIN # Condition Rating Comments Exterior and Body Paint and Finish _4_ Some age and faded colour Panel Alignment _4_ Minor hood misalignment Bright work and Trim _3_ Some fading with age Glass _4_ Minor windshield pitting Weather-stripping _5_ New Paint chips or Scratches _3_ Numerous chips / scratches Bodywork _4_ patches on rockers Corrosion _3_ Paint bubbles on lower doors Category Average 3.75 Mechanical Yes / No Abnormal Noise / Smoke Y/N _N Modifications for appearance Y/N _Y Operational Y/N _Y Evidence of leaks Y/N _Y Power enhancements Y/N _N Exhaust System Condition _3_ performance mufflers some rust Transmission and Rear End _4_ Minor oil seepage Category Average 3 Interior Inspection Seat Upholstery _5_ Redone, New Carpet and Kick Panels _5_ Redone, New Door Trim Panels _5_ Redone, New Dash / Instruments _2_ Cracks in the vinyl Centre Console Seat Belts _4_ Minor fraying Headliner _5_ Redone, New Category Average 4.3 Instrumentation / Electrical / Other Factory / Aftermarket Audio Y/N _Y_ Panasonic am / fm CD player Factory / Aftermarket Gauges Y/N _Y_ Tach on Console Good Working Condition Y/N _Y Custom Sound System Enhancements Y/N _Y Wheels (Factory or Aftermarket) _5_ Replacement Rally Style Tires (Indicate size and approx wear) _5_ New P235 60R15 Category Average 4 Trunk /Bed area Carpet / Mat Condition Floor Paint condition _3_ Numerous chips / Scratches Seal rubber Trunk /TailgateDeck Condn / Alignment _4_ Small dent in trim Trunk Deck decals Vehicle Jack Condition _3_ some rust and damage Trunk TailgateLock Condition Category Average 3.3 Page 3 of 15

4 Undercarriage and Chassis Finish and condition _2_ some damage and repairs Undercoating _1_ Poor condition Evidence of Corrosion _1_ general heavy corrosion Front & Rear Suspension Operational _3_ Some sagging with age Front Brakes Operational _3_ some aged rubber hoses Rear Brakes Operational _3_ seal leaks Damage to Frame or Unit Body _4_ prior hoist damage Category Average 2.4 The overall average for this truck is 3.0 / 5 or an average of 60 % out of a possible 100 for a perfect example. This translates to good condition car. A definition of the various possible condition ratings are found on the second last page of the report. Comments: The interior of this truck has been partially refinished. The dash pad is however original and there are several cracks in the black vinyl pad. The engine may not be original but a period replacement. It is essentially in the stock condition with no significant modifications aside from some chrome valve covers and air breather. The floor panels and undercarriage have had some prior repair with probably previous rust cut out and patches welded in. There is some severe rust in some spots. The paint is original and shows some fading with age. There are numerous paint chips and rust bubbles showing in the lower door panels. References used to determine value. Reference guides for a good condition car indicate that the average selling price for this model and of this vintage is on average about $17, The Collector Car Market Review, Hagerty CTM Guide, NADA Guide, Old Car Guide were consulted to determine the market value of this particular truck model and vintage. In addition, three comparable cars (the same model and similar condition were found with values in the range of $ 14,000 $19,000 dollars. For the above reasons the appraised Market Value for insurance purposes is $ 16, This value does not include applicable sales taxes, fees or shipping charges, that the individual insurance company may pay (depending on the contract) once a replacement similar vehicle has been purchased in the event of a loss. Page 4 of 15

5 This valuedecoding the VIN number and Body Tag Numbers: The VIN number BXXXXXX may be decoded as follows 1 = Chevrolet Division of General Motors 34 = Chevrolet El Camino body series V8 80 = Two Door pickup sedan 8 = 1968 Model Year B = Baltimore MD assembly plant code XXXXXX = Sequential Production Number 1968 introduced a longer El Camino, based on the Chevelle station wagon / 4-door sedan wheelbase. A new, high performance Super Sport 396 version was launched this year models were very similar, but 1970 saw the availability of a new big block which actually displaced 402 cubic inches, (although all emblems read 396). Chevrolet's largest and most-powerful engine of the time was also put into a select few El Caminos. The LS6 454 engine, rated at 450 hp also marked the first time that the Chevrolet 350 V-8 was used in an El Camino. The 1971 model saw reduced power and performance, along with the rest of Chevrolet's line, as lower-octane unleaded fuel was mandated, and emissions controls began to be felt. Single headlights replaced double for 1971, and the grille came now to a point. Little changed but still lower power outputs were marketed for A rebadged El Camino called the GMC Sprint debuted in Note that many factors are considered to determine replacement value. Some details may not be presented in this report but a copy of the relevant information is kept in my files and is available on request. The fair market value may differ from the invoiced cost of the vehicle, especially if it has been extensively modified or restored. The odometer reading of 42,193 is probably an indication that the gauge has turned over once and the actual mileage is 142,193. Page 5 of 15

6 The engine may be a replacement 327 cid GM V8. It has been rebuilt to factory specifications and has no modifications or performance upgrades. The engine started easily and ran smoothly with no unusual noise or smoke that might indicate a hidden mechanical or maintenance problem. Page 6 of 15

7 The front and rear bumpers are straight and free of accident damage or corrosion. The chrome finish on the rear bumper is good and appears to be original. Front and rear lights are free of cracks or chips. The owner indicates that all lights are operational. The vinyl tonneau cover shows no aging or wear. Page 7 of 15

8 The side panels are free of corrosion and accident damage. The paint is very good with a good shine present. All trim appears to be intact and in very good condition although the rocker trim might benefit from a good polish. The glass is also very good with no significant flaws. Page 8 of 15

9 Exterior panel fit is very good with uniform gaps and no pinch points. Doors open and close easily, with no sagging or binding. The side windows crank up and down easily without binding. Door panels are free of holes or tears in the vinyl. Page 9 of 15

10 The front seats are in excellent condition and show very little aging or wear. Similarly, the interior overall is in very good condition, with steering wheel, and instrument cluster showing minimal aging or wear. The dash was cracked however due sun or heat damage. Page 10 of 15

11 With the pattern of rust evident on the underside, it appears as though a portion of the original floor pan has been removed and replaced with a new unpainted panel. Page 11 of 15

12 The trunk area is clean and free of corrosion. The floor is original and shows some aging and wear with numerous paint chips. The tail gate is in very good condition as is the vinyl tonneau cover. Page 12 of 15

13 Wheels show no corrosion or curb damage and are in very good condition. There are cracks in the dash pad. The shifter is mounted on the floor and it appears that this is an original four speed truck. Page 13 of 15

14 Terms and Conditions of Appraisal Report Opinions and conclusions made in this report reflect my professional judgment based on facts and conditions available to me during the time of the inspection of the vehicle. Due diligence has been applied to gather the facts and establish the condition of the vehicle. This includes all information requested and provided to me by the vehicle owner at the time of the inspection. The appraised value does not include applicable taxes or duties. The intended use of this report is limited for insurance valuation only. The report must be used in its entirety only, and is not intended for any other use or distribution beyond the registered owner and his / her insurer. Certification of this report All facts and data set forth are true and accurate to the best of the appraiser s knowledge and belief. The author has no present or prospective interest in the vehicle that is the subject of this report and the author has no personal interest or bias with respect to either the vehicle or the parties involved. I have made a personal inspection of the subject vehicle and requested from my client that all pertinent information relating to the vehicle and its history be passed on to me prior to preparation of the report. All information provided was considered in the report preparation. I verify that the digital images presented accurately reflect the condition of the vehicle at the time of the appraisal. My compensation is not contingent upon the reporting of a specific predetermined value, or direction of value, or any portion of estimated value. Value indicated does not include applicable taxes or duties. XXX YYYYYYYYY is an accredited member in good standing of the Specialty Vehicles Appraisal Institute of Alberta, and this report has been prepared in compliance with their standards, requirements and practices. This report may be subject to review by either or both of these groups or their duly appointed committees to ensure that these standards are met. Signed and Dated Page 14 of 15

15 Condition Rating The 1 to 5 grading scale for collector vehicles was developed by Krause Publications and has been in use in the industry for some time. These number coded categories help to maintain consistency of descriptions and assessments. 1 = Excellent, 2 = Very Good, 3 = Good, 4 = Fair, 5 = Restorable 1) Excellent: Restored to current professional standards of quality in every area; or original with all components operating and appearing as new. This vehicle is true show car quality and is never driven and transported in closed trailer. Flaws, if any, are few, minor and readily repaired. 2) Very Good: Well Restored; or combination of superior restoration and excellent original condition; or extremely well maintained original showing minimal wear. This vehicle would only be driven infrequently in good weather. Also called above average condition. 3) Good: Completely operable original or older restoration showing some wear or amateur workmanship. Also a combination of well done restoration and good operable components; or partly restored car with valuable NOS parts. Vehicle would likely be driven frequently for enjoyment. Also called Average condition. 4) Fair: Addressable vehicle needing no or only minor work to be functional; or a deteriorated restoration; or a very poor amateur restoration. All components may need restoration to be Excellent or above average, but mostly usable in as is condition. 5) Restorable: Needs complete restoration of body chassis and interior. Not drivable, but is not weathered, wrecked or stripped to the point of being useful only for parts salvage. Rating for Rust or Corrosion Deterioration: Serious: Frame and sub frame or floor pans show surface rust and perforation to the extent that some structural weakening has occurred. Body shows perforations and holes around prone areas or floor pans. Moderate: Frame and sub frame or floor pans show extensive surface rust but no perforation or structural weakness. There may be a few small holes in prone areas such as lower door panels and around wheel wells. Light: Frame and sub frame show light surface rust in some areas. Body is intact with no holes but possibly some bubbling of the paint in prone areas. No Rust: There is no rust anywhere on frame floor panels or body panels. Valuation Definitions Fair Market Value: The highest price, expressed in terms of money, that this vehicle will bring in an open and unrestricted market between a buyer and seller who are informed, knowledgeable, and prudent and who are acting independently of each other, neither being under any compulsion to buy or sell. Collector Car Insurance policies are based on fair market value and it becomes the Agreed Value between the insurer and insured for an insurance contract with a 19A endorsement for collector vehicles and motorcycles. Replacement Value may be the same as fair market value but is usually higher if modifications or custom effects have been made to the vehicle. These changes may or may not always be reflected in market values, but these same costs would be required to return any replacement vehicle to the same condition or state as the original vehicle. It usually used in property value insurance and not for collector vehicles. Page 15 of 15