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Appraised Value Versus Reality

I went to look at an original 1975 Caprice Classic convertible today here in Birmingham.  I was referred to the owner by another dealer here in town.

 

Looking over the car, it is nice but without its wear and tear for a 43 year old car.  This one is equipped with the 454, air, gauge package and power accessories.  On the collection meter, this one is highly desirable.

 

The owner says that was appraised for $50,000 in March 2017 and is probably higher now.  I asked who appraised the vehicle and he brought me a folder that had a very nice 10-page letter giving photos, statistics, etc.  The appraisal looks professionally done and he said that he paid $200 to get the appraisal.

 

The owner said that for $35,000 the car is mine.  He pointed to the appraised value.  I suggested that he sell the car to the appraiser for that amount and the appraiser could make $15,000 profit.  You should have seen the look on his face.

 

 

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Appraised Value Versus Reality

I wonder if the appraiser has a sign in his window that says "For $200, I'll tell you anything you want to hear"? He also shares an office with a fortune-teller, and offers a service in which he convinces women that that dress doesn't make them look fat.

 

The minute I read "referred to by a dealer" I knew it was going to be absurdly over-priced.

 

Gotta find the one that the guy's been trying to sell on CL for the last 3 years and is so over-priced that he hasn't gotten any calls. At some point, he'll come down to reality, if he hasn't paid someone $200 to keep him in la-la land a little longer.

Message 2 of 47
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Appraised Value Versus Reality

Reality is what some one is willing to pay for it.  I sold a 1967 Pontiac Bonneyville for a guy. Super nice condition. Legitamate survivor car. He was asking way too much and I told him so.  Asking thirty thousand, ended up taking nineteen thousand. Not a car that some one is really looking for. More a car that some one sees and would be interested in for the right price! There's a difference.

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Appraised Value Versus Reality

What was defined for me, as appraised value, is what it would be worth in a spot market situation. If, I had one, wrecked it, need to replace it right then. Spot market would be the appraised value. 

The ask, offer, dicker, price, over a period of time is totally different. 

Message 4 of 47
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Appraised Value Versus Reality

This was definitely a "feel good" appraisal.  The car is worth $20k on the open market.  It is really clean and original.  There have been parts replaced like the top which was done with a quality unit.

 

I am going to offer $18k and start from there.

Message 5 of 47
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Appraised Value Versus Reality

Sounds more than reasonable.

Message 6 of 47
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Appraised Value Versus Reality

A classic car is only worth as much as a person is willing to pay for it. In my opinion, the appraisel is great for insurance purposes.

 

Take a look at Hemmings, Northwest Classic Auto Mall websites, both have classic cars that seem reasonably priced but have been for sale on both sites for more than 2 years. Many of the classic cars sell for difference prices, depending on where they are located in the nation.

 

Without looking at it, $18K sounds very reasonable to me, but I also have no idea what the market is for a classic car like that. I pretty much stick to pre-1948 cars, once in a while will look at pre-1972muscle cars.

 

The hot sellers right now are the 1928 to 1931 Ford Model A. Reasonably priced Model As listed in the Pacific Northwest are bringing big dollars in the south... big demand for them. I could of sold my last one for $15k if I would of shipped. I sold it local for $8500.

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Appraised Value Versus Reality

Seller declined my offer.  No counter offer.

 

I again suggested that he sell it to the appraiser who could then make a hefty profit.

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Appraised Value Versus Reality

Cars listed on eBay, Hemmings, car journals, and on marque forums at outrageous prices may be what I call "passive-agressive listings."

 

"Honey, I know you hate my 1957 Oldsmoford Bel-Airflow DeLuxe Special Brougham and need the money to buy more designer handbags and shoes, but I have it listed on the internet and no one ever calls me about it!" 

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Appraised Value Versus Reality

That's not uncommon for classic cars, it will more than likely sit for 6 to 18 months on the market or maybe the seller will come back with a counter. When they do that, I just tell them I am no longer interested and have moved on.

 

A couple of months ago, there was a numbers matching 1969 Chevy Z28 Camaro I could of bought. Was told this week, that it sold on eBay for approximately $3K more than what it was offered to me for. The offer was there, it was refused, I moved on. I have no idea how long it was on eBay, but hopefully the deal will go through for the guy and not be a scam.

 

There is always another classic car for me to buy, it's just a car, don't care, I don't like going through the buying/selling game with some of the sellers.

Message 10 of 47
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Appraised Value Versus Reality

The reality is with any vehicle of this age, you're going to end up pulling the powertrain to reseal the engine and transmission, and probably put in all new mounts, hoses, fluids, etc.  Then, off to the suspension to replace bushings and joints.  After that, brakes and so on.

 

On a car the size of the Caprice Convertible, that's a lot of car to wrestle with and you just have to understand that the mechanical restoration, even if you do it yourself, will cost a lot of money.

Message 11 of 47
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Appraised Value Versus Reality

Does anyone remember that Caprice Classic Convertible is the same car Marcia and Greg drove in The Brady Bunch episode about who was a better driver, men or women??  Greg knocked the egg off the traffic cone!  stuck_out_tongue_closed_eyes

Message 12 of 47
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Appraised Value Versus Reality

I was pretty sure that they featured Chrysler vehicles in that show.

Message 13 of 47
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Appraised Value Versus Reality

In my decades of purchasing and selling cars, I have learned 3 things:  Some appraisers tell you what you want to hears, No appraiser is waving cash to purchase, and the buying public [en masse] will dictate what it is worth-  What does an over-priced car eventally become..?  An estate sale purchase.Smiley Wink

Message 14 of 47
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Appraised Value Versus Reality

You cut close to the bone, with that one, but tiz true. 😉

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