Appraisers

[HYRDGOON]

Just curious are there many ppl on here that do appraisals? If so I know it's for the most part not a regulated industry but are you part of any recognized organization.

In the Province I live in when you buy a car that isn't recognized in Blackbook Value (classics, specialty vehicles etc...) you need to have an appraisal to determine sales tax and the insurance companies sometimes request an appraisal every couple years.

I'm considering looking into doing appraisals on the side as I think it's something I would enjoy.

 

[Icecobra]

What experience do you have? What would qualify you to do appraisals? Becoming an appraiser is not something you wake up one morning and decide you want to do. It takes years of learning and training to become a qualified appraiser. Other than that you can be an opinion giver...

 

[super-bee_ski]

Funny thing is:
I'm researching this as we speak!
I am going to try to become a certified appraiser for the collector Car market specializing in muscle cars, 50s 60s and 70s

 

[patrick66]

I do car and truck inspections for a company out of Connecticut, and have been doing that for them for over 15 years now. I could go into the car appraisal business pretty easily. I provide expert opinion on the vehicle, based on a set of proprietary criteria the company has established. The buyer makes his/her decision to buy or not, based on the information I provide, both in written form and anywhere from 100 - 200 digital pictures. What I do is NOT an "value appraisal" per se, as I do not set a monetary value on the vehicle, and the terms of the purchase price are completely unknown to me.

You were asking about becoming a vehicle appraiser. My advise would be to take the knowledge you have and the resources you use to back up your value estimate, along with your credibility with the local car community and the insurance companies, and go from that point. Does your state or province require a certification of some sort, or a license to operate as an appraiser? What insurance are you going to have to maintain, if any? Bond requirements? I've heard of states that require a person to have an insurance background to become an appraiser of whatever (homes, jewelry, vehicles, etc.)

 

[HYRDGOON]

What experience do you have? What would qualify you to do appraisals? Becoming an appraiser is not something you wake up one morning and decide you want to do. It takes years of learning and training to become a qualified appraiser. Other than that you can be an opinion giver...

Truthfully what "qualifies" anyone to do appraisals... the industry isn't regulated and that's the problem... so to answer what experience I have the answer is simple. I have the experience of getting lackluster, misinformed appraisals done by people in the industry.

I don't have experience as an appraiser but this is why I'd like to learn what it would take because I don't have a problem doing research and producing a document based on a valuation from the facts collected and market value.

 

[eldubb440]

rebuilding junk and turning it into art should qualify anyone!

 

[patrick66]

rebuilding junk and turning it into art should qualify anyone!

So, would the Misfit Garage or *** Monkey Garage guys "fit" this criteria?

 

[eldubb440]

So, would the Misfit Garage or *** Monkey Garage guys "fit" this criteria?

maybe...... i'm sure someone there knows a hack when they see it

 

[YY1]

Wow...last year I registered my 67 Belvedere wagon...and apparently no one had registered another one since their system was computerized.

They told me it weighed 5,000 pounds.

I laughed.

They asked me how much I thought it weighed, and turned the monitor around, so I could see they were googling "station wagon weight".

I said my 66 Coronet weighs about 3500, and the wagon probably weighs 200 more because of the glass and extra doors.

We all googled "1967 Belvedere wagon curb weight" at my request, then averaged the results to get 3850.

Now 3850 is the official county weight for all future 1966/67 B body wagons.

 

[HYRDGOON]

My buddy just sold his Mom's 2006 Tahoe with 350,000 km on it for $1500. The truck was beat. The MTO wanted almost 3k in sales tax because of blackbook value.

 

[coronet340]

My buddy just sold his Mom's 2006 Tahoe with 350,000 km on it for $1500. The truck was beat. The MTO wanted almost 3k in sales tax because of blackbook value.

Thats like 1,000,000 miles!!

Nevada is like that though. Around 10% of book value to register EVERY YEAR. When I moved there they tried telling me that my F-250 w/ 7.3 was worth $20,000. Registrations was over $200. I told them that if they thought it was really worth that I would sell it to them and happily walk home.

 

[Rick]

Its closer to 220,000 miles

 

[1969CoronetR/T]

Or 217480 miles.

 

[coronet340]

It's definitely closer to 1 million than 200 thousand. If you can prove me wrong without using math I will agree with you.

 

[Bruzilla]

I think a better line of work might be becoming the guy who certifies appraisers. Since I work with the government I have to deal with this BS all the time. We have Project Management Institute (PMI) who certifies project managers, American Society for Training and Development (ASTD) who certify trainers, but who certifies the certifiers? No one. All you have to do is establish a pedigree by selling your services to someone, like an insurance company, and you're in business. After that it becomes "you can't be a certified appraiser until you get your certification from Joe's Appraisal Professionals.

 

[skrcsmith4]

Speaking as a retired real estate appraiser I can say this. Opinions on value have nothing to do with appraising anything. Its all done with data. And I would think appraising cars is no different. Basically if your appraising a car you have to have something to compare it to. Its based on the theory of Substitution. For Example: If you have two cars exactly alike, except one car has a better radio. They are both for sale for $10,000. Which one would you purchase. So if your appraising a car you have to determine what similar cars are selling for in that time frame. Condition, mileage ect. all have to be put into the equation. Appraising anything is not a science. Give three appraisers something to appraise and you generally you will get three different values. If the appraisals are within 5% of each other than you most generally have three good appraisals. But in my years I have seen some of the most awefull appraisals ever. So my opinion is be aware. Just because you got an appraisal on something doesn't necessarily mean its a good one.

 

[Speedbird]

Are "expert opinions" like regular opinions?
(Everyone knows the line. They just cost money.)

Don't these kind of things end up evolving into something like home inspectors?
Accreditation societies composed of the experts giving their blessing to other experts.

If it ever has to be regulated, I'm sure the government will do a good job of it.

 

[1969CoronetR/T]

I just had my insurance guy call me to see if the value of my cars went up today. I need an appraisal as he can only go to $50,000.00 without one. I am curious to know if the money you put into a car raise its value.

 

[jeepers007]

The appraisal business is not like a trade skill where apprenticeships and tenure are required. Its all data, and some deduction of how what you are looking at compares to the data.

You'll probably run into a bunch of people who just watched the latest auction show and believe theirs is worth $100ks. That would be the only downside. Imagine trying to tell someone their ride is only worth $20k after they just watched an auction and one "just like" theirs went for $180k. You'd probably get kicked to the curb.

Still, just to meet the cool people, and talk about their ride and the stories behind it. I say go for it!