ferraribuyer

So I got an appraisal for my 1996 tt and came back at $128000. I did it for insurance purposes only otherwise I think these are a waste of money. What do you guys think and have any of you done the same? Can you really convince a buyer its worth that because an appraiser said so? Doubt it.

OldGuy

From what I have seen from the market lately (as a former 97 TT owner) I could see where a buyer
would have to pay $130K for a low milage clean example of either a 96 or 97 TT

ferraribuyer

I agree, usually use market prices for a sale price but are appraisals worth anything?

dbf73

main purpose would be to support an insurance claim or application for an agreed value policy.

GreenLantern

Is there a reputable appraiser folks tend to use for insurance purposes?

OldGuy

Its been my experience that the appraisals are usually behind the market, in both cars and real estate. I am guessing that the insurance people arent going to be as enthusiastic as the market is.

ronnie993tt

Way too low. I talked to some of the bigger US sellers and low mileage examples were going for around $165,000 in the spring. Mine is insured for $190,000 19a "agreed value". This only partially takes into account currency, duty and taxes if I had to source a US replacement car.

OldGuy

Ronnie like I said, I thought the appraisals would be a bit slow to catch up with the market. The reason I used the $130k number is because Ferrari buyer said his appraised value was $128K.
But Ca993twin said his appraised value is more than the market value is. I am no expert and I am just commenting on my own experiences.

LexVan

For a car that isn't even properly tuned yet?

You paid about half that. Why would the next buyer pay about double for the same car within months??

You bought and paid for a professional appraisal and now you doubt him???

ronnie993tt

I must be misunderstanding you but an appraisal should be the selling price at the time of the appraisal because it should be based on current data. After my initial appraisal 5 years ago, I have been given huge increases to reflect the rising market without an appraisal. I give 'em a number, their senior underwriter makes a few calls and Bob's your uncle. My experience in stable markets is that appraisals tend to over-estimate the market a bit 'cause the owner is paying. I've also noted F355's, which continue to depreciate, lag the depreciating market with higher appraisal values for the same reason.

OldGuy

Ronnie, your experience is more real time than mine, I was just commenting. But I agree 100% that the appraisal should reflect current Market value. I didnt take into account the "owner is paying" angle of the paid for reappraisal.

ferraribuyer

I don't doubt the value of my car. I think if I were to find a replacement Id have to spend more than $128000. Ill probably insure for $160k. Our cars are appreciating for sure.

GreenLantern

The unfortunate thing is it's not as simple as just saying to them that you want it insured at a certain value, you have to convince their underwriters that it's worth that value.

ronnie993tt

That was easy. I just had 'em call Willhoit and Sloan who were happy to assist.

ronnie993tt

Always follow the cash Old Guy, follow the cash. BTW, very jealous. Mammoth is my favourite ski mountain in the USA.