Dear Kenyon,
You asked Eric the question, but it's one that interests me so I decided
to chime in.
I've only had two appraisals done, both on cars that were too far away
for me to go see (or at least I wanted to make sure they were worth the
trip before I spent the $ for the airfare), and this is before I became
aware of the IML. I would say both appraisers were very knowledgeable
and capable people, but one was clearly better than the other. The
first guy more or less asked me what I wanted the appraisal to say in a
kind of "nod, nod, wink, wink" sort of way. In other words, he hinted
that he would value the car at close to the value I wanted for it. I
didn't really trust this guy's appraisal.
The 2nd guy looked at a car in south Florida for me and saved me a lot
of time & money. He looked at the vehicle with a very critical eye and
took pictures that showed me the defects. On the basis of his appraisal
I decided not to buy the car.
So I guess my first point is there are appraisals . . . and then there
are appraisals. Not all appraisals are created equal. Some are good,
some are bad.
I know some folks will disagree with that. I have heard many people say
flatly "An appraisal is worthless," or an appraisal only has value when
it comes to insuring a car. I disagree with that. A good appraisal,
done by a conscientitious and responsible appraiser, can be worth a lot.
As for the question of value, there are many on this list who will say
"value is determined by the market." While I think this is true, I
don't think it's particularly insightful or helpful when it comes to
figuring out how much to sell our cars for, or in determining what is or
is not a "fair" price for a car we are thinking of buying.
An antiques dealer I know recently told me there are really only 3
things that determine the value of anything. She was talking about
antiques, but I think her statement applies equally well to cars:
1. Rarity
2. Desirability
3. Condition
If you find a car that is rare, highly desirable, and in good condition,
it will have high value.
A lot of folks, when selling a car, only consider one of these factors
and forget the other two. They'll think of the rarity, for example, and
say "Do you realize they only made 410 of these?!" Well, yes, they only
made 410 purple Gremlins with green interiors-- and that makes them
rare. But it also makes them UNDESIRABLE. So it really doesn't matter
how rare they are, or what condition they're in-- nobody wants 'em.
Therefore, they won't command a high price.
I think one reason our Imperials are so low priced in the market these
days is, unfortunately, they are not as desirable as the Caddys and
Lincolns-- in most peoples' eyes. If they were, the price of a '68
convertible would be a lot higher-- comparable to a '68 GTX or Charger.
But they aren't, because the Imperial was never as popular as those two
cars, even when new.
That's another thing. A lot of folks seem to think as long as it's old
and in good condition, it's a "classic" and worth a lot. Well, not
necessarily. I am also a big fan of VW Dashers (yes, I admit it). But
as old and as rare as these cars are, they will never be classics and
never command a big price. Why? Because they were not big hits when
they were introduced.
Well, I forgot my point, so I guess I'll shut up now . . . no, I guess
my point is, appraisals can be useful, depending on how they were made,
but they're only one tool to use in determining value of a car. That's
my opinion! :)
Mark
Kenyon Wills wrote:
> Hi Eric, Your job of doing car appraisals is an interesting one. How
> do you determine value, What special skills or expereinces do you call
> upon to arrive at a fair price, and what should current owners of
> valued (Imperial) cars know to avoid or do based on things that
> you've seen that could apply to us? I'm wondering if there's anything
> that we can learn from your experiences with other owners at time of
> sale? I'd think that there's an argument for having a valued car
> appraised for insurance reasons. What isn't obvious to people about
> your line of work? This is a bit of a tangent, so please folks, don't
> take this off on some diversion away from Imperials. My interest is
> as an owner of an Imperial, of course. -Kenyon
>
> ERIC C MARSH <ECMarsh@xxxxxxxxxxx> wrote:
>
> I do antique, custom and modified
> vehicle appraisals and hate to say how often the owner wants
> the appraisal so he can sell the vehicle.
>
>
> Kenyon WillsSan Lorenzo/SF Bay Area1960 Chrysler Imperial
> -->http://www.imperialclub.com/YearbyYear/1960/Kenyon/Page01.htm1973
> Chrysler Imperial -->
> http://www.imperialclub.com/YearbyYear/1973/wills/
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