Home » Articles » Titles » What’s Your Vehicle Worth? How To Get Your Vehicle Appraised
When it comes to titling older, Highline, or specialty vehicles, vehicle valuation is a frequent concern. Often, an appraisal is necessary to establish the vehicle’s clear value. Sometimes, the value is overstated for taxes, and an appraisal is needed to demonstrate the accurate value. Conversely, some individuals may not be aware of their vehicle’s value. So, how can you determine the correct value?
We had a recent conversation with a company called Auto Appraise, and please note that we are not affiliated with them and do not profit from them. It is simply beneficial to know that there are professionals in this industry who can assist you. The appraisal is frequently required for probate cases where an estate with vehicles needs to be sold, and their value must be established. In other instances, legal matters, such as court-ordered titles or judgment liens against the vehicle’s owner, necessitate determining the vehicle’s value. It is essential to have an expert with documented experience in these cases. As we know from our investigative work if a person’s opinion cannot hold up in court as an expert witness, putting it on paper may not be worthwhile. Working with an individual with provenance and appraisal experience is crucial when dealing with disputed amounts.
However, conducting an appraisal to save a few hundred dollars on taxes is not worthwhile since appraisals can be quite costly. For instance, if you’re following the Vermont process and have a bill of sale for $3000 while the book value is $8000, and you don’t want to pay taxes on the additional $5000, you’ll only be charged about $300 in taxes. It makes no financial sense to pay hundreds of dollars for an appraisal to save $300. However, if you own a vehicle worth well into the five figures, such as $50,000 to $60,000, and the book value overestimates its worth, it may be worth considering an appraisal. Similarly, for specialized probate cases, an appraisal may be helpful.
When selecting an appraiser, ensure they have the appropriate credentials or license that the jurisdiction or venue that requests it will accept. For example, if it is necessary for the court, verify that the court will take it. If you need an appraisal for the DMV, ensure it is the type of appraisal the DMV will accept. It would be best to speak with the appraiser, such as the company mentioned here, to ensure they have the appropriate experience, reviews, and background, particularly for classic, specialty, or Highline vehicles. Although they may also appraise new cars, it is worth investigating. If you require additional information about appraisals, contact us at our help desk at [email protected].
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