Vehicle Value Appraisals

Numerous resources, including books and specialized tools, are accessible to the general public for determining vehicle valuations. Given the abundance of these resources, why would an individual choose to pay for a professional auto appraisal?

The appropriateness of such a decision depends on the specific needs and circumstances of the rightful owner or any interested or vested-interest party. The increasing complexity of vehicles necessitates a comprehensive understanding of their various types and the diverse valuations associated with them. Therefore, we present an outline that classifies the different types of vehicles and their respective valuations, providing a clear overview of the subject matter.

Auto Value Appraisals Oregon - KeenAutos

Vehicle Types

Classic, Antique & Specialty

Classic car appraisal Oregon

Most states define a classic or antique vehicle as being 25 years or older. This definition encompasses custom, one-of-a-kind, prototype, special interest, and concept vehicles.

However, simply reaching the 25-year milestone does not guarantee a vehicle’s classification as a classic. A vehicle must possess historical significance, uniqueness, and scarcity to be considered a classic car. A reputable appraiser can assist in distinguishing more desirable and valuable classic cars from those with minimal value.

Modern & New

Oregon auto appraisal services

Typically a new vehicle that is sold, registered/licensed to a party other than dealer / manufacturer and it is driven on a roadway, is construed as a used vehicle or what is construed as a late-model car. Yes, even if its only a few days old and/or only a few miles, its value changes. In most cases they will depreciate and in some rare cases it might even appreciate.

Daily Drivers & Late-Model

Auto appraiser near me

These are the common late-model used cars and trucks that we drive everyday. They are commonly categorized as sedans, coupes, convertibles, wagons, crossovers, hatchbacks and they come in gas, electric and hybrids version.

There are also pickup trucks, van/minivan, sport utility vehicles (SUV’s) and compact utility vehicles (CUV’s). Each vehicle category may have its own sub-category like economy, compact, sub-compact, mid-size, full-size, light utility vehicle, ½, ¾, and 1-ton, two wheel drive, four wheel drive and the list goes on.

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Valuation Types

Insurance Agreed Value / Replacement Value

Insurance auto appraisal

If you recently bought a classic or unique car, your insurance company might want a professional appraisal before they give you a liability, collision, or comprehensive policy. Many people ask their friend who owns or works at a dealership to get a quick appraisal. Some insurance companies accept it, but most won’t. A professional state-certified auto appraiser will give you a detailed, documented report that shows the current replacement value of your specific car.

The Insurance auto appraisal report includes the Vehicle Identification Number (VIN), the year it was made, the make, any factory options, and any aftermarket accessories. With this report, you can negotiate the policy terms to make sure you have enough coverage for replacement or repairs.

In today’s fast-changing market, it’s important to keep track of your car’s current value, especially if you want enough insurance to cover it if it’s stolen, vandalized, or in a crash. A properly appraised and insured car is much more likely to be protected.

Resale / Market Value

How much is my car worth in Oregon

Market values for classic cars fluctuate in accordance with the national economy. Fortunately, the current classic and exotic car market has experienced significant growth, making it advantageous to sell your investment. Having a current fair market value appraisal provides you with the leverage to negotiate a fair price.

Understanding a vehicle’s true value enables you to identify the appropriate buyer and achieve a reasonable return on your investment. It also instills confidence in the buyer, assuring them that they have paid a fair price and are receiving value for their money.

A resale value appraisal informs you of the current market demand for your vehicle before you commence advertising. We will also provide you with marketing strategies to facilitate your sale.

Divorce / Estate / Bankruptcy Property Settlements

Divorce / Estate / Bankruptcy Property Settlements

Occasionally, families, friends, or other entities may have a vested interest in a vehicle. In such instances, controversies may arise, or there may be misconceptions regarding the vehicle’s true worth. To address these concerns, we offer a professional, objective assessment of the vehicle’s actual cash value. Our appraisal report provides comprehensive documentation of the vehicle’s current condition and market value, which can serve as a valuable tool for facilitating settlement negotiations among all parties involved.

Diminished Value

Diminished value appraisal Oregon

If your vehicle is wrecked and repaired, it loses value. Diminished value is the loss in market value caused by damage and repairs. Though repairs may be done to the best of the shop’s ability, no one will pay full value.

For instance, suppose you find two identical late-model vehicles for $10,000 each. They match your specifications, have comparable mileage, and options. One vehicle has $1,500 in collision damage that was repaired, but it’s imperceptible. Which vehicle would you buy? How much discount would you need to consider the previously wrecked one?

The party at fault (insurance company) is responsible for the diminished value loss. A diminished value appraisal report provides the documentation needed to negotiate a fair settlement.

Bank Loan Value / Lending Requirements

Bank Loan Value / Lending Requirements

When buying a special or one-of-a-kind car, banks usually ask for an independent appraisal from a certified expert. Many lenders use KBB, NADA, or the Black Book guides to figure out interest rates and loan terms. But these guides don’t really give a fair value for collector or unique cars. We can help you and your lender get an honest market value appraisal to figure out the right lending rates and terms.

Leased Vehicle Early Termination

Leased Vehicle Early Termination

Vehicle lease contracts are legally binding and come with a bunch of terms and conditions that you’re supposed to follow. But life can be unpredictable, and personal, business, or family needs can change.

In most vehicle lease contracts, you’ll likely end up owing more on the car than it’s worth. This is what people in the industry call being “upside down.” If you owe more on the lease than the car is worth, it’s a tough situation to be in, especially if your financial situation has changed.

We can help you out by giving you a market value appraisal. This can help you figure out a fair price to sell the car or use it to negotiate refinancing.

Charitable Donations

Charitable Donations

Offering your vehicle to a non-profit, charitable organization is a commendable and noble decision. It is crucial to ensure that the organization you choose is reputable and aligns with your beliefs and values.

There are several accounting and tax benefits associated with vehicle donations. While we cannot provide legal advice, we can offer a fact-based appraisal that can be used to determine the value of your vehicle for tax purposes, whether you donate it during your lifetime or upon your passing. This appraisal can assist those responsible for managing your estate and will in determining the appropriate amount to claim as a donation.

Civil Litigation

Civil Litigation

In our society, we tend to be litigious. If you find yourself in a legal battle over the value of a vehicle, we’ll be happy to help your legal team get ready for court, present your case, and even testify on your behalf.

Private or Public Car Collections

Private or Public Car Collections

We provide customized pricing options for personal, private, non-profit, or corporate vehicle collections. Organizing and managing the collection of vehicles for various purposes.

Total Loss Claims

Total loss vehicle appraisal

In the event that your vehicle sustains significant damage, potentially leading to a total loss declaration, it is crucial to understand the insurance company’s compensation approach. If the vehicle is deemed a total loss, the insurance company will provide you with a replacement amount. However, it is essential to be aware that they may attempt to “lowball” you by offering a value less than the actual market worth of the vehicle.

Alternatively, if the damage is close to the threshold of total loss, the decision between repair and total loss may be more complex. While we cannot provide legal advice, a diminished value or total loss appraisal report can serve as valuable documentation, presenting the facts and evidence necessary for you and your legal team to make an informed decision.

Pre-Purchase Inspection

Pre-Purchase Inspection

A pre-purchase inspection (PPI) is an independent evaluation of a vehicle’s condition by a qualified inspector prior to its purchase.

Our experienced inspector will reach out to your seller to confirm the vehicle’s availability and schedule an inspection appointment. During the inspection, the inspector will personally examine and road test the vehicle.

A pre-purchase vehicle inspection is a professional evaluation of a car’s condition. A qualified, independent inspector assesses the vehicle before you make a purchase decision. This inspection helps uncover mechanical, cosmetic, or safety-related issues that may not be immediately apparent.

“Having a objective market value auto appraisal will give you the negotiating clout to ask top dollar for a trade-in, or give you the confidence to sell it on your own.”

Vehicle Examination Report

If you are considering purchasing a vehicle, no matter what the condition or age, it’s always a wise idea to get a Pre-Purchase Inspection.This inspection can save you from buying a car with minor and/or major issues. It gives you an objective overview of the vehicle’s overall condition. Buying a car has risks, but having an inspection performed can give you the peace of mind you need to feel confident about your potential offer to buy or a justifiable reason to find another.

We offer basic visual pre-purchase inspections appraisal exams.Unlike a few of our colleagues in this profession, we do not give sight unseen appraisals!We must physically see and closely examine the vehicle.After all, meeting the buyer and/or the seller and seeing the car first hand is what it’s all about.That’s simply the fun and joy of this profession.

Flood water damaged vehicles
Crash damaged, bent/cracked frame vehicles
Stolen stripped vehicles, VIN switches
Odometer fraud/alterations/roll-backs
Major defects, recalled “lemon law” vehicles
Branded or washed titles, salvaged, reconstructed & junk vehicles

Sellers Pre-sale Inspections

Its critical for sellers, critical to determine the correct marketing price range for the vehicle. A strategically priced vehicle will typically sell within a reasonable time frame. Let us to inform you of your vehicles strengths, weaknesses and our appraisal of the vehicles value at time of sale. Having the knowledge of your vehicles true value can help you to find the right buyer and get you a reasonable return on your investment.

Pre-purchase Vehicle Inspections / Exams (PVI)

Buying a used vehicle is a major investment. As a buyer or seller of a vehicle, you simply cannot rely on book values and vehicle history reports to provide true and accurate information about a vehicle’s condition and true worth.

Not too many people want to buy a vehicle that is plagued with mechanical problems. How can you be certain you are making a sound decision and a quality investment?

When you purchase a house, many states and/or lenders require a home inspection. In a home purchase there are many points of wear and tear or unrevealed faults that could adversely affect the homes livability, longevity or its value. You cannot rely on what you can plainly see or what the realtor or sellers tells you. So just like when buying a house you get a home inspection, the same is true for when you buy a used vehicle.

When you are considering purchasing a used car it is essential to obtain a vehicle history report. It will provide information such as the number of previous owners, service records, odometer readings, and whether the vehicle has been in an accident. Ordinary vehicle history reports can often be vague and inconclusive. In addition, vehicle history reports cannot guarantee that the vehicle has no mechanical problems, if it’s structurally sound or if it is offered at the right price.

So below we break down and give you outline of the various types of vehicles, appraisals, pre-purchase inspection examinations and their purposes.

Buyers Pre-purchase Inspections

For buyers, whether you’re a connoisseur, enthusiast or just an every day driver, there’s a distinct benefit of having a reliable, unbiased professional opinion of a vehicle’s condition, correctness, originality, and value. Even the most experienced car investors rely on the opinions of experts. This gives you the peace of mind in in knowing you can offer a fair purchase price and that you are getting your monies worth.

Pre-purchase inspections can help you avoid:

Flood water damaged vehicles
Crash damaged, bent/cracked frame vehicles
Stolen stripped vehicles, VIN switches
Odometer fraud/alterations/roll-backs
Major defects, recalled “lemon law” vehicles
Branded or washed titles, salvaged, reconstructed & junk vehicles

Sellers Pre-sale Inspections

Diminished Value / Total Loss Claims

If your vehicle has been damaged and repaired, it has experienced a loss in market value, known as Diminished Value (DV). DV occurs when a vehicle sustains damage and undergoes repairs, resulting in a reduction in its resale worth. While repairs may have been performed to the best of the shop’s capabilities, no insurance company will offer the full value of the vehicle.

Consider a scenario where you are shopping for a late-model vehicle and find a dealer with two identical vehicles that you are interested in. Both vehicles are the same year, make, model, with comparable mileage and options. They appear to be in similar condition. The dealer is asking price for both vehicles at $10,000 each.

You inquire with the salesperson about the vehicle history and are informed that one of the vehicles has sustained $1,500 in collision damage. The repairs were completed, and there is no visible evidence of the damage. In this situation, which vehicle would you likely purchase? How much of a discount would need to be offered on the previously wrecked vehicle for you to consider buying it?

It is important to note that the party at fault (the insurance company) is responsible for the loss in value. A diminished value report provides the necessary documentation to initiate the negotiation of a fair settlement.

In cases where the vehicle’s damage is severe enough to be declared a total loss, or if it is approaching total loss, the insurance company will determine the appropriate settlement amount. If the vehicle is declared a total loss, the insurance company will provide a replacement amount that you can use to purchase a similar vehicle. However, they may attempt to “lowball” you by offering a lower amount than the vehicle’s true value.

Alternatively, if the damage is nearing total loss, the decision between repairing or declaring the vehicle as total loss depends on various factors. While we cannot provide legal advice, a diminished value/total loss appraisal report will provide you with the facts and evidence you or your legal team will need to make an informed decision.

Insurance Needs

Insurance Agreed Value / Replacement Value

Insurance Agreed Value / Replacement Value:

If you’re considering buying or just bought a classic or unique vehicle, your insurance company may require a professional appraisal before issuing a liability, collision, or comprehensive policy. Some people get appraisals from friends who own or work at dealerships, but most insurance companies won’t accept them. A professional state license auto appraiser can provide a detailed, documented report with current replacement value for your car.

The report includes the VIN, production year, make, factory options, and aftermarket accessories. It serves as proof to negotiate policy terms for sufficient replacement or repair coverage. In today’s rapidly changing markets, it’s crucial to keep track of your car’s current value for insurance coverage. Proper protection against vehicle loss is essential.

Banking & Finance

Bank Loan Value / Lending Requirements:

When acquiring a collector or distinctive vehicle, financial institutions frequently require an independent valuation from a certified professional appraiser. Numerous lenders rely on Kelley Blue Book (KBB), National Automobile Dealers Association (NADA), or Black Book guides to establish interest rates and loan terms. However, these guides do not provide a comprehensive assessment of the true value of collector or unique vehicles. To assist you and your lender in determining fair lending rates and terms, we can offer you an impartial market value appraisal.

Leased Vehicle Early Termination:

In most vehicle leases, you’ll likely end up owing more on the car than it’s worth. This is called being “upside down” on the lease. If you owe more than the car is worth, it can be tough to get out of the situation, especially if your financial situation has changed.

We can help you figure out a fair price to sell the vehicle or use it to negotiate refinancing. Just let us know what you need, and we’ll be happy to assist you!

Legal Matters

Divorce / Estate / Bankruptcy Property Settlements:

Families, friends, or other entities may have a vested interest in a car. Controversies or misconceptions about its worth can arise. We can provide a professional objective opinion on its actual value. Our appraisal report documents its current condition and market value, helping facilitate settlement negotiations.

Charitable Donations:

Offering your vehicle to a non-profit, charitable organization is heart felt and noble decision. First and foremost it is imperative that your vehicle is going to a reputable organization and that the cause supports your beliefs and desires. There area number of accounting and tax benefits to donating your vehicle. We cannot offer advise on the legalities of donating your vehicle. However, we can offer a fact-based appraisal that can be used for determining a value to declare if you donate your vehicle during your life. Or in the event of your passing, it can be used to assist in those who handle the affairs of your estate and will.

Civil Litigation:

Contact KeenAutos Appraisals

If you are in the market for an auto appraisal or a pre-purchase inspection and you would like our experts to help you out, contact us today for a friendly and free consultation.

Auto appraisal examinations are conducted at our office or off-site examinations are available throughout the Salem, Portland, and Willamette Valley as well as throughout Marion, Polk, Linn, Lane, Lincoln, Benton, Clackamas, Yamhill, Washington and Multnomah Counties. We can also provide services to many cities and county locations throughout Oregon.

503.371.6800

Located in Salem, Oregon with services throughout the state.

Monday – Friday 9:30am – 3:00pm
Closed weekends & holidays

“Integrity driven appraisers give you quality driven auto appraisals!”

Auto Appraisals Salem Oregon - KeenAutos