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Discussion Starter #1
So there I am, expressing extreme interest in a 1970 Mach 1 in an estate sale. There is an appraised value on the car for 14.5K. After looking at the online photos and multiple emails with the folks, I pointed all the items wrong which brought appraised value down:
1. No Body option tag
2. Incorrect steering wheel (After Market)
3. AfterMarket Exhaust tips (Not original exhaust)
4. Slap Stick (Auto Tranny aftermarket alter)
5. Strips on hood missing the "351" poor restoration
6. Wrong radiator (351 C came with a 24" top support, car has 20 aftermarket)
7. Aftermarket wiring under the hood (Aftermarket MSD Electronic ignition)
8. Aftermarket Export Brace (connects strut towers to firewall)
9. Aftermarket speakers cut into rear fiberglass side panels
10. Aftermarket tach mounted to the top of the dash board
11. There are no photos of the undercarrage showing no rust or condition
12. No documentation of any motor or vehicle restoration or maint

Am I wrong or what????
 

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Appraisals are useless, imho

There are few appraisers that are experts in the car being appraised. Last year I had my 65 appraised. He put a value of $9k on it. We both agreed it was of "2" quality. I talked until I was blue that he was wrong and that he could not use a 6 cyl coupe of unknown quality as a basis for value on my 289 2+2. I asked him the difference in value between a coupe and fastback and he said there wasn't any difference. I gave up and threw out that $150 appraisal.

This year I had it appraised again by a different appraiser. Without any coaching he put a value of $23k on it. A little too high but still a lot more realistic than 9k. I tried to explain to him the value of my rally pac and he missed that in the written appraisal.

I had no choice but to get an appraisal for my insurance company. It had been 12 years since my last appraisal.
 

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It's not that you're not wrong, but an 'appraisal value' is always higher than what the car would actually sell for among private parties. To my knowledge, it's used a reference for insurance companies to get an 'informed estimation' of the value of a car. (I'm sure someone else here will give a better definition.)

Unfortunately, if the person selling the car thinks that the appraisal value is the same as a projected selling price, then you're going to be hard-put to get them to lower the price to something more reasonable. I would think that your best option is to present them with examples of other cars of the same shape that have sold and their selling prices, direct them to a resource that would show them what the fair price for a car in that shape is, etc.

Hope it works out the way you want it.... :)
 

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Am I wrong or what????

Nope. You're describing market value, which is all you care about, and, since they're selling, all that matters.

IMO, appraisals are for insurance and have no real bearing on what things sell for on the open market, which is transitory. I consider them to be a guide only.
 

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Discussion Starter #5
That was my stance. I tried my darnedest to reason with the executor of the estate. I told him cash is king and I was ready to wire it to the estate. I will keep on it though. I really want this one for my wife....
 

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Appraisals are a guide. Since it is an estate sale the executor will be doing his best to sell the car for top $ because that is his job. If any of the beneficiaries wanted the car it would not be for sale. If you really want to buy the car give the executor your best offer in writing. Make it your best offer and tell him so. Give him some time to decide. He will end up taking the best offer even if it is lower than the appraisal because that is his job.. If you really want the car don't try to steal it, give him a fair offer. All the stuff you pointed out in your above post is very minor (nickel & dime stuff). Good luck.
 

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If you want to better understand what "value" an appraisal has in the real world, have a diamond ring appraised at a reputable jeweler and then try to sell it to the jeweler who just gave you the appraisal. Beyond the retail/wholesale issue, the whole point of appraisals is to provide a dollar amount necessary to replace the item if it is lost or stolen...thus top dollar.

Fair market value is that amount which a willing buyer pays to a willing seller not under compulsion to sell. That's the number you need to determine.
 

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I only smile when someone says it's appraised at.......
It is only a guide.
 

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I'm with the others in that appraisal values are generally overstated. On the other hand, I don't feel that the modifications you've mentioned would detract much from the value of the car. They may turn off a few people that don't like the mods, but if each of those detracted from the car, I'd have to pay someone to drive my '66 away ::

That price doesn't seem that out of line for a '70 Mach I.
 

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When I financed my Mach 1 , the bank wanted a professonal apprasial.
so I tell the dealer about that and he says well I am registered for that and he does the apprasial for the bank who is financing this car for them.
I thought that would be a great conflict of interest but the banker gave it no thought at all.
So My thinking about the bank was they were only going threw the motions and needed something to justify the loan for a classic !
Of course the apprasial came in above the amount to be financed , I wonder why?
 

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My Q-code, 4-speed Mach 1 was appraised for $25K in June of 2001. I sold it in August of 2001 for $28.5K after advertising it on VMF for only two weeks, during which time I had 5 bites from around the country and one from Scandinavia.

The appraiser deducted for having Magnum 500's instead of the original Mach 1 wheels, for having changed the color (the restoration shop told him; there was no visible evidence), and for using a chrome air cleaner instead of the original style.

The buyer considered the changes to be exactly what he would have done.

So the appraisal is just a guide, as others have said. Sometimes it guides high and sometimes (as in my case) low. But a knowledgeable appraiser should always be somewhere in the right ballpark.
 
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