Common Vintage Vehicle Scams (And How to Spot Them!)

Common Vintage Vehicle ScamsThanks to the internet and websites like Craigslist and Facebook Marketplace, it has never been easier to buy or sell a vehicle on the secondary market. Private car sales negotiated between individuals can be the source of great finds or nasty scams – high rewards are possible, but so are devastating losses. Avoiding these vintage vehicle scams is essential, and the best way to avoid them is to learn how to spot them.

Selling Your Car: Signs of Trouble
Some signs that your buyer may not be “on the level” include:

Common Vintage Vehicle ScamsACH Transfer Fraud: ACH transfers occur when money moves between banks electronically. You may be asked to provide account information or send money to your account. After a few days, the buyer claims the transfer was unauthorized and will attempt to keep your money AND your vehicle.

Fake Mobile Deposits: The buyer might ask to log into your mobile banking app to deposit funds into your account, but instead of depositing money, they remove funds and put the money into their account instead.

Deferred Payments or Loans: A buyer might ask you to wait until they receive a paycheck or a settlement payment, at which time they will pay in full. They may also ask for a loan on part of the amount. It should come as little surprise that they then disappear with the car.

Common Vintage Vehicle ScamsOverpayment: This is a common scam in which the buyer sends a cashier’s check or money order for more than the agreed-upon price. In this scam, the buyer never sent a legitimate check or money order in the first place. When you are asked to send a refund on the overpayment, the buyer disappears with your money before you realize the original payment was illegitimate.

 Selling Safely
You can protect yourself from these scams with a little extra care and caution. Always meet with your buyer in person in a public place, even if the sale originates online. Be sure that you only accept certified checks when selling, and consider an escrow account for buyers that are not in your area. An escrow account can reduce the risks of fraud and allow you to confirm that funds have cleared with the escrow service before you ship your vehicle.

Common Vintage Vehicle ScamsBuying a Car: Common Scams
Watch for these scams when buying a vehicle:

Priced Below Market Value: What you find generally is also true in car-buying: if it seems too good to be true, it probably is. Fraudsters will often post enticing pictures of exotic cars with prices that seem far too low. When you contact the scammer, they will tell you the car is actually out-of-state or even out of the country. They will then ask for money to ship the car – a car that most likely doesn’t exist.

False Escrow Services: Escrow services are a legitimate way for sellers to protect money, but sellers can also lie and claim to use an escrow service in order to get you to transfer funds before the car can be shipped. The scammer will then break the contract once the funds clear.

Common Vintage Vehicle ScamsSight Unseen: It should be a giant red flag any time a seller expects you to buy a car without seeing it first. The seller may claim they are too busy to meet you, or they may even offer a fake inspection report to convince you that the car is in working order. In truth, the car may not even run – or exist – at all.

Buying Safely
You can protect yourself as a buyer by following a few simple steps. Performing a vehicle history check can alert you to repairs, accidents, and other signs that the car may be a lemon. You can use any of the reputable services online, like CarFax, Auto Check, and Vin Check Pro to perform a history check; but know that they only know what is reported to them. Not everything gets reported. History reports do not show you the current condition and providers do not know the current value.

It’s also a good idea to check for liens on the vehicle. Verify that the owner’s driver’s license matches the information on the car’s title, and visit the local DMV to find out about liens on the vehicle.

Common Vintage Vehicle ScamsScammers count on buyers to be uneducated, and many scams rely on the ability to hide damage before the sale. This is especially true of vintage vehicles, whose value may depend on the use of OEM parts and original paint. It can be hard for the average buyer to spot the little differences that can cost thousands of dollars. The best way to protect yourself from paying more than you should is to have the car inspected.

If you are considering buying a vintage vehicle locally or from a distance, a pre-purchase inspection from AAG can be a real lifesaver! Your prepurchase inspector can meet with the seller to prove the vehicle is real and as advertised. Scam sellers will avoid meeting in person or have something to hide about the vehicle, so insisting on a pre-purchase inspection can help determine if the sale is legitimate or not. AAG inspections have been instrumental in avoiding vintage vehicle scams for many of our clients and we are ready to help you too!

Pre-Purchase Inspections: Frequently Asked Questions

Pre-Purchase Inspections: Frequently Asked QuestionsIf you are interested in a pre-purchase inspection for a potential vehicle purchase, you may find yourself asking a lot of questions. How do pre-purchase inspections work? How much do they cost? Are they even worth it?

With more than 30 years of experience, AAG has heard (and answered) all of the pre-purchase inspections frequently asked questions. We have provided this list to answer the most common questions we hear from customers. If your question isn’t answered below, give us a call! With over 30 years of experience in the pre-purchase inspection business, we have an answer.

What Is A Pre-Purchase Inspection?

A pre-purchase inspection is a detailed assessment by a qualified individual to document the condition of a vehicle to help the potential buyer make an informed decision to buy or not to buy.

how do pre-purchase inspections workHow Do Pre-Purchase Inspections Work?

AAG’s certified agents perform detailed research about all types of vehicles and provide a comprehensive report about the vehicle’s condition. This report includes detailed photographs, title information, and receipts pertaining to any repairs or restorations. You are able to speak with the inspecting agent before and after the inspection about any concerns you may have. You can also speak to an AAG appraiser if you would like an opinion of the value based on our inspection. To learn more, read our blog post: How Do Pre-Purchase Inspections Work?

How Much Do Pre-Purchase Inspections Cost?

Generally, a prepurchase inspection costs somewhere between $425 and $750. The higher cost for custom and modified automobiles reflects the time and care required to research and document a custom-built vehicle. Antique and vintage automobile appraisals require extensive knowledge and detailed documentation. The value of a classic or antique car can affect insurance costs and estate value, and is vital as part of the sale process –collectors often claim that the higher price associated with a certified agent and skilled auto appraiser is well worth it in the long run. To learn more about the cost of pre-purchase inspections, read our blog post: How Much Does a Car Appraisal Cost?

what do pre-purchase inspections includeWhat Does a Pre Purchase Inspection Include?

We want you to stay informed throughout the whole process! That’s why we include a consultation with an AAG-certified agent before and after inspection. Once the inspection has been completed, you will receive a 15-page condition report documenting all details. This includes origin and condition, test ride results, paint gauge readings, detailed photographs of the vehicle’s condition, a copy of the title, and any provided receipts. Reports provide decoding and identification numbers, and your agent will review the report with you and answer any questions you may have. We do take a test ride or test drive as long as the vehicle is street legal and the seller allows us to do so. You will receive a current market value consultation, and if you purchase the vehicle, you have the option to purchase a certified appraisal certificate for insurance or bank loan purposes.

Why Do I Need a Certified Agent to Perform My Inspection?

AAG’s agents are tested and certified so that your pre-purchase inspection is performed by an experienced professional who can accurately assess your potential purchase. Having a fresh set of eyes that aren’t interested in purchasing the vehicle is extremely beneficial! The inspecting agent will discuss the vehicle with you before and after the inspection so that your questions and concerns are properly addressed. AAG Agents are trained to look for details that might go overlooked by inspectors who are unfamiliar with antique, classic, vintage, or late-model vehicles. AAG does not buy, sell, or broker automobiles, making your interest our only concern. We have set the industry standard by providing prompt, independent, reliable pre-purchase inspections and auto appraisals that you can trust.

Pre-Purchase Inspections: Frequently Asked QuestionsDo I Need a Pre-Purchase Inspection?

In our professional opinion, Yes! But, you expected us to say that. If you are driving a brand new car off the lot, then no, you don’t need a pre-purchase inspection. If you are buying a certified pre-owned vehicle from a reputable dealer, the dealer has probably already performed an inspection. However, if you are buying any vehicle second-hand, there is a chance the seller may not be telling the whole truth about the vehicle in order to sell it to you. An investment in an independent, unbiased pre-purchase inspection could save you thousands in repair costs or by lowering the negotiated selling price. With 30+ years in business we have spent a lot of time fine-tuning our inspections to make them the best for our clients!

How Do I Get a Long Distance Pre-Purchase Inspection?

Pre-purchase inspections are frequently used to gather information on a vehicle you can not see in person, whether that is in another town, state, or country. If you require a long distance pre-purchase inspection, ensure you talk to the inspector beforehand to discuss any questions or concerns you have about the vehicle. You don’t want to pay for an inspection, only for them to miss the most important questions you had about the car! If you ensure your inspector covers the area the vehicle is located in, most inspectors are prepared to work with long distance clients and can also visit auctions to view an auction vehicle if necessary.

If you are considering purchasing a vehicle second-hand or purchasing a vehicle that’s not in your area, AAG’s Pre-Purchase Inspections can assist you in being your eyes and ears to help make an informed decision! Our inspectors provide detailed research and reporting on any type of vehicle, including classic, antique, and collector cars, as well as late model daily drivers. You can call 800-848-2886(AUTO) to schedule a pre-purchase inspection right now! We have agents located across the country to make it easy to get your inspection without traveling. International callers can call 011-434-295-1722.

paint thickness reading by prepurchase inspectorWhat Do We Provide That Other Companies Don’t?

Our agents are trained, tested, and certified through us. They have extensive knowledge and backgrounds with vehicles! Our inspections include over 350 checkpoints throughout the vehicle. Other inspection services don’t even come close! With that many checkpoints, our reports are much more thorough. When we quote our price for our service that includes everything, travel to the site, decoding, appraisal value consultations, etc. There are no hidden fees.

If you still have questions, we encourage you to call us or complete our scheduling form and we’ll call you. We will be happy to use our experience to help you better understand pre-purchase inspections. Call today!

Beware of Flood Damaged Cars

Beware of Flood Damaged CarsRecent catastrophic flooding in the US has left many aftershocks in its wake, just one of which is the many cars that experienced flood damage. When it comes to vehicles, flood damage usually qualifies as a total loss, but indiscriminate sellers and scammers often try to cover up the signs of flood damage in order to get rid of an undesirable vehicle. The current onslaught of flooded cars makes it more important than ever to be vigilant when purchasing a vehicle. The following tips will help you spot flood damage:

Signs of Flood Damage

Recently replaced fabrics. Fabrics and upholstery used in the seats and carpets of a car are more likely to show water staining from flood damage. If a vehicle’s fabrics look like they have been recently replaced, it could be a sign of flood damage. New seats and new carpet might look good at first glance, but they could be covering up much bigger issues.

Beware of Flood Damaged CarsRust in unusual places. If you see rust in odd places where a car doesn’t usually get wet, it’s a red flag that the car could have been in standing water or even underwater! Look for rust in the interior of the car, particularly in the metal brackets under seats. Rust under the hood is also a telltale sign of flood damage.

Excessive rust.
Excessive rust is a warning sign in any vehicle, but when a newer model shows signs of rust, it could be a warning sign. Excessive rust is also suspicious if the seller claims that the vehicle originated from a dry area (such as California or New Mexico). Rust can form very quickly if a car is sitting in salt or brackish water, which is common if the flooding occurred in coastal areas or locations that experience hurricanes.

Scams to Watch Out For

Suspicious origins. Selling a flooded vehicle is a common car scam. In many cases, sellers bring vehicles from Florida and Louisiana to the Northern and Western states where buyers are less familiar with the signs of flood damage. In other cases, sellers will lie about the origin of the vehicle in the hopes that buyers will assume that the possibility of flood damage is low.

Title-washing. When a car has sustained water damage but is still drivable, it is assigned a “salvage title” that informs future buyers that there is some risk associated with the vehicle. Scammers may register that title in a different state where clerks are not familiar with foreign salvage markings in the hopes that the car will be assigned a regular title. It is difficult for the average buyer to spot this kind of scheme without experience and background investigation, making a pre-purchase inspection done by an experienced professional vital.

Beware of Flood Damaged CarsBuying sight unseen. Never buy a vehicle sight unseen. Some sellers will claim that they cannot meet you and that the photos are accurate enough. In other cases, sellers may be out of state and refuse to travel. Don’t be tempted to buy the car unless you or a certified inspection agent has viewed the vehicle in person.

The recent rise in popularity of used cars has made it harder to find a reasonably priced used vehicle. Combine this factor with the recent flooding in the US and it’s not surprising that flooded vehicles are appearing for sale from unscrupulous sellers, making a used car purchase a risky endeavor. You can eliminate the risk and increase your chances of finding a vehicle that is right for you at the right price by engaging a certified auto appraisal company to perform a pre-purchase inspection. An AAG pre-purchase inspection will provide the information and the documentation you need to proceed with confidence. Call us today to schedule!

How Do Pre-Purchase Inspections Work? We Can Tell You!

How Pre-Purchase Inspections WorkSo you’re considering a pre-purchase car inspection – congratulations! You are taking an important step toward making an informed decision about an important investment. But how does a pre-purchase inspection work? How do you begin, and what should you expect?

A pre-purchase car inspection allows you to obtain detailed information about a used, classic, vintage, or antique vehicle. AAG’s certified inspection agents perform detailed research about all types of vehicles and provide a comprehensive report about the vehicle’s condition. This report includes detailed photographs, title information, and receipts pertaining to any repairs or restorations. You will be able to speak with the certified auto inspection agent before and after the inspection about any concerns you may have.

What to Expect From Pre-Purchase InspectionsAAG Pre-Purchase Inspections include:

  • Consultation with your AAG Certified Agent before and after inspection.
  • An in-depth, 15-page condition report that documents the origin and condition of the vehicle, including test ride results and a detailed schematic of paint gauge readings.
  • Pre-purchase inspection reports include decoding and identification numbers at no extra charge.
  • Detailed photographs that show the vehicle’s condition, inside and out. You will also receive a copy of the title or registration and any receipts or information provided by the seller. The report and photos will be available in your Pre-Purchase Inspection Portfolio online to be viewed and downloaded as needed.
  • Your inspection agent will review all inspection materials with you and remain available for any questions you may have about the car’s condition.
  • Pre-Purchase Inspections with Auto Appraisal GroupYou will be provided a current market value consultation after all research and analysis of the current market have been completed.
  • You have the option to purchase a vehicle appraisal certificate to document the vehicle’s condition and value for only $150. This certificate can be used in reference to insurance and lending requirements.

AAG does not buy, sell, or broker vehicles, allowing us to work solely in your best interests. Our certified agents have set the industry standard with prompt, reliable, and personal pre-purchase inspections that you can trust. Our pre-purchase inspection agents work not to tell you whether you should or shouldn’t buy, but to provide you with all the information you need to take an educated step in the right direction.

How Pre-Purchase Auto Inspections WorkReady to schedule your pre-purchase inspection? It’s easy! Call us at 800-848-2886 between 9:00 – 5:00 Eastern Time or fill out our online form. We have offices nationwide to serve you wherever you need us. Most pre-purchase inspections are scheduled within 48 hours of your order. Let our certified pre-purchase inspection agents help you to make the right decision!

The Best Museums to Donate Your Antique Vehicle

Donate Antique Vehicle to LeMay Collections at MarymountDonating a classic, antique, or collector car to a museum can be a terrific way to give back to the community and keep the rich history of vintage vehicles alive. Donating a collector automobile is different from donating a normal modern vehicle, although the process shares some basic principles (for general tips on how to donate a vehicle successfully, read our recent article about Donating a Vehicle to a Non-Profit). Collector and antique vehicles have the unique opportunity to become part of a museum collection, but how do you find the right museum?

The list below includes some of the most prestigious auto museums in the United States that accept donations and gifts:

America’s Car Museum in Tacoma, Washington
America’s Car Museum was started by a donation of automobiles from the Harold LeMay Family’s collection and includes a wide variety of vehicles ranging from a famous Peking-to-Paris Citroën 2CV to a 1983 Mercury Colony Park station wagon. The collection explores the history and evolution of American mobility and automotive lifestyles. Learn More…

AACA National Headquarters & Library

The Hershey, Pennsylvania-based club is the oldest and largest such organization in the United States.  Its new facility houses a special display of vehicles, memorabilia, and the largest public automotive library known to exist.  As a 501 C 3 AACA welcomes donations of automobiles, literature, and selected memorabilia. Learn more…

The AACA Museum, Inc.
The AACA Museum, Inc. has built an antique automobile collection entirely based on the contributions of thoughtful automotive collectors. The museum is a Smithsonian affiliate with a collection made up of over 175 vehicle donations. Learn More…

The Blackhawk Museum
The Blackhawk offers collectors several options for donation, allowing donors to choose between donating to the Wheels for Wheelchairs programs, the Children’s Education and Transportation Fund, or donating a gift to keep the Museum running. Learn More…

The Cadillac & LaSalle Club Museum
We have affiliated with the world-renowned Gilmore car Museum in Hickory Corners, Michigan. Because of its partnerships with other museums and collections, its outstanding facilities, and beautiful campus with year-round access to its exhibits, the Gilmore Car Museum is the destination of car enthusiasts from all over the world. The Cadillac & LaSalle Club Museum & Research Center is a premier attraction at Gilmore. Learn More…

Donate to Boyertown Museum of Historic VehiclesBoyertown Museum of Historic Vehicles
Discover Pennsylvania’s Transportation History at the Boyertown Museum of Historic Vehicles! See vehicles of all types: gasoline, electric, and horse-drawn, including carriages, wagons, and sleighs. You will see ‘high wheelers” and “safety bicycles,” vehicle builder’s tools, and local historic roadside architecture. Learn More…

The California Automobile Museum
This wonderful museum includes more than 150 classic cars and trucks exhibited in groups based on historical context. The museum is always looking for new donations to keep its exhibits comprehensive and up-to-date. Learn More…

The Gilmore Car Museum
The Gilmore collection consists of more than 250 vehicles, 7500 automotive artifacts, and almost 500,000 archival and library items. The collection rotates items to tell the story of transportation in America. Learn More…

The Henry Ford Museum
The Henry Ford Museum offers educational experiences that include authentic objects and stories about the ingenuity, resourcefulness, and innovation of the legendary Ford automobile. Exhibits celebrate the traditions of the past and the path that led to the modern Ford automobile.Learn More…

The Lane Motor Museum
The Lane Museum is one of the few museums in the U.S. to specialize in European cars. Some cars are in showroom condition, while others represent typical aging. Efforts are made to restore each vehicle to near-original specifications. Learn More…

The Larz Anderson Auto Museum
The Larz Anderson Auto Museum is dedicated to educating the public about automobiles and their impact on society. The changing exhibits offer insight into how we think, use, and feel about cars. Learn More…

The LeMay Collections at Marymount
Founded by Harold & Nancy LeMay, this museum showcases over 500 vintage vehicles – primarily American-made cars, trucks, buses, fire engines, motorcycles, and more. Recognized as the world’s largest privately-held collection and located on the historic Marymount campus in Tacoma Washington, it is managed by the LeMay Family Foundation. Learn more…

The National Corvette Museum
The National Corvette Museum preserves the past, present, and future of one of the world’s most popular vehicles. The 115,000 square foot facility located on 55 acres includes the world’s only General Motors Corvette Assembly Plant. Learn More…

The Petersen Automotive MuseumThe Petersen Automotive Museum
The Petersen Automotive Museum was rated by CNN, Octane, and Top Gear as “the world’s greatest automotive museum”. The Museum is also used as a venue space that has hosted some truly glamorous celebrations and continues to host presentations, weddings, social receptions, conferences, and much more. Learn More…

The Savoy Automobile Museum
Officially opening 12.8.21, Savoy Automobile Museum connects people to the cultural diversity of the automobile. Through changing exhibits, educational programs, and engaging experiences individuals have the opportunity to appreciate the beauty and history of automobiles. This world-class museum and showgrounds sit on approximately 37 acres in Cartersville, GA just off I-75, between Chattanooga and Atlanta. Learn More…

The Simeone Foundation Automotive Museum
As one of the world’s greatest collections of racing sports cars, the Simeone Foundation Automotive Museum contains more than 75 historically significant cars including Ferrari, Alfa Romeo, Bugatti, Mercedes, Jaguar, Bentley, Porsche, Aston Martin, Corvette, Ford, and more. Rare and vintage race cars are the primary focus of exhibits, but more common automobiles are also accepted as a way to support the Museum and its educational initiatives.
Learn More…

No matter what vehicle or where you choose to donate, it is important to make sure you know the fair market value of your vintage vehicle or classic car. Knowledge of your car’s value will help you to get the most out of your deduction and help you to avoid tax mishaps. AAG can help you determine the true value of your car with a Charitable Donation Value Appraisal and allow you to make the best decision about your donation. Call us today for more information!

How Much Does a Car Appraisal Cost?

How much does a car appraisal cost?There are a variety of reasons why a vehicle owner might need to have a car appraised. You may need to establish an accurate value for a vehicle you wish to sell, or perhaps you need to know the value of a car for insurance purposes. Other owners may require an assessment of value as part of an inherited estate, or as part of a divorce settlement. Why you need to have your car assessed can be an important factor in determining what type of appraisal you need and how much that appraisal will cost.

In general, a vehicle appraisal will cost somewhere between $275 and $550, although the cost can be higher for custom and modified automobiles. In such cases, higher prices reflect the time and attention to detail required to properly research and document a custom-built vehicle. Antique and vintage automobile appraisals require extensive knowledge and involve careful documentation and evaluation. The value of a classic or antique car is important for insurance and estate purposes, and is crucial in the sale process – most collectors will tell you that the higher price associated with a skilled and experienced classic auto appraiser is well worth it in the long run.

The value of your car and the reason you choose to have it appraised are key factors in determining the cost of an auto appraisal, but you will also need to consider travel. If you bring the car to the agent, your appraisal will usually cost less than if the agent must travel to the car to complete the inspection. Dealerships will often claim that they are cheaper than a professional appraiser simply because you can bring your car to them, but it’s important to remember that a dealership appraisal is usually offered as part of a trade-in for a new sale, and such an appraisal may not reflect the fair market value of your car.

It’s not surprising to find that the more research needed to appraise a car, the more likely the appraisal will be more costly. Likewise the more documentation you need to include in the appraisal, the higher the fee will be. Classic cars, luxury vehicles, and custom automobiles will usually cost more to appraise, while a simple market value range on a late model vehicle may not require the same in-depth research and paperwork.

How much does it cost to have my car appraised?If you are objectively honest about your car and have some knowledge of vehicles, you could opt for an online estimate. Such an appraisal is a ballpark value range based on your description and will not provide documentation or certification. Furthermore, if you are selling or trading a vehicle, the other party may well require a more in-depth inspection before purchase.

While it may be tempting to choose a cheaper appraisal or opt for the online option, you may end up needing the services of a professional in order to get the appraisal you need. A professional appraiser will provide documentation that can be used in a variety of situations and is usually accepted as a valid establishment of value. A certified auto appraisal can be used in insurance claims, divorce settlements, classic auto sales, bank loans, estate valuations, and many other situations, while cheap or online appraisals may not be recognized or accepted, and may end up costing you more money in the end.

An improperly appraised vehicle can cost you hundreds or even thousands of dollars in potential value. Appraisals that overvalue your vehicle can cause you to be accused of fraud when you make an insurance claim, and undervalued vehicles can prevent you from receiving the compensation you deserve. Inaccurate appraisals in estate and divorce settlements can leave you with less than you should receive or leave relatives with tax payments they aren’t prepared to make.

If you are in need of a car appraisal, contact Auto Appraisal Group! We can help you determine what kind of appraisal you need and save you money, both at the time of the appraisal and in the future!

Avoiding Common Used Car Scams

Avoiding Common Used Car ScamsBuying a used car can be a great way to purchase a quality vehicle at an affordable price, but it is important to keep an eye out for used car scams when shopping. Most scams revolve around concealing important facts about the car – mileage, title history, major repairs, or the lack of necessary maintenance. You can avoid many used car scams by using common sense, but it never hurts to be familiar with some of the most common scams.

Common Car Scams“It just needs a little Freon…”
When a seller says the car “just needs…”, what they mean is that some part of the car is broken. For instance, if an air conditioning system is not cooling properly, it could be due to a lack of refrigerant (Freon). Unless the car is very old, the Freon level is probably low due to a leak somewhere in the system. Sure, you can recharge the system with a kit from an auto parts store, but without addressing a possible leak, you will simply have to recharge it again, over and over. In other words, if the seller tells you the A/C system just needs more Freon, they mean “The A/C is broken.” The same can be said for any other part of the vehicle that “Just needs…”

Pre-purchase Inspections from Auto Appraisal Group“It ran last week…”
Clearly, if the seller is saying “ran” in the past tense, the car is not currently running. The seller may say something like “It just needs an alternator belt” and tell you that you can get one cheaply at an auto parts store. Which leads you to the question: If the alternator belt is so inexpensive and easy to install, why wouldn’t the seller replace the belt himself and ask for a higher price for the vehicle? It’s more probable that the seller has no idea why the car won’t run and would rather let you figure that out – after buying the vehicle, of course.

Prepurchase Used Car Inspection by Auto Appraisal Group“I almost never drive it…”
Most cars are driven an average of 12,000 miles a year (except in the case of collector or vintage vehicles). If the odometer of a 5-year-old used car reads 6,000 miles, it should make you suspicious of odometer fraud. Modern digital odometers can be “hacked”, and while this is not a simple process, it is done by unscrupulous sellers. Odometer fraud can be hard to spot – you can use your judgment to assess the wear on the brake pedal, steering wheel, and seats. Or you can ask for a prepurchase inspection to document the condition of the vehicle and to help determine the validity of the odometer reading.

Prepurchase Car Inspection with Auto Appraisal Group“I inherited the car from my uncle in Texas…”
This type of phrase may not be obvious to many buyers as a scam but is usually a sign of “title washing”. When a vehicle has been destroyed by flooding, fire, or collision, it can be rebuilt to drivable condition and given a “salvage title”. The salvage title informs a buyer that the car has been destroyed and rebuilt and that there is a unique risk involved in purchasing that vehicle. Scammers will try to hide this by registering the vehicle at a DMV in a different state, where it might pass through the system as a regular title by a clerk who is not familiar with out-of-state salvage title markings. You can avoid being a victim of this used car scam by engaging in a pre-purchase inspection. A pre-purchase inspection will not only document the vehicle’s current condition but will also use the VIN to obtain the car’s history and can help identify past damage.

If you are concerned about used car scams, you can find peace of mind by having a pre-purchase inspection done for the vehicle you hope to purchase. Our certified agents often identify suspicious or false claims, and the documentation they provide not only arms you against nefarious sellers but also prepares you should you choose to sell the car in the future.

Protect yourself from used-car scams! Call us today for a Certified Pre-Purchase Inspection!

The Top 5 Reasons Classic Car Buyers Walk Away

Tips for Selling a Classic CarIf you are preparing to sell your classic or antique car, you should prepare yourself and your car for the process! Whether you are selling the vehicle yourself or selling it at auction, there are some common mistakes that you will want to avoid that can prevent classic car buyers from walking away.

The advertising misrepresents the car. Be honest about your classic car when you advertise. It can be tempting to create an ad that makes your car look even better than it does in person, but this can be frustrating for an antique car buyer. Make sure the ad includes all information about the make and model of the vehicle, and don’t boast about its condition unless you are sure that your classic car is worthy of the praise. Having an appraisal performed before selling an antique car can help you to accurately describe the vehicle for buyers so that they are not disappointed when they see the car in person.

Selling your Classic CarThe car is overpriced. Do your research and make sure you know what price similar classic cars are demanding. This is another reason that having a fully documented appraisal can be extremely useful when selling your classic car. A certified appraisal agent can not only provide insight into what constitutes a reasonable price for both buyer and seller, but your fully documented classic car appraisal is a concrete way to justify the price you are asking.

The origin of the vehicle is unclear. Classic and antique vehicles are collected for a wide variety of reasons, and buyers of classic cars are most often very interested in the origin of the car. Be sure to have all documentation ready so that you can inform a buyer about where you obtained the vehicle, how it was maintained, any repairs that may have been done, and whether or not it has been restored. If you don’t have the title, make sure you have clear and accurate documentation to prove that the vehicle belongs to you and can be transferred legally. Registration or a sales receipt is usually sufficient.

The car displays mechanical issues. If your classic car is a hobby car, you may not drive it much and may not be aware of mechanical issues or may not have repaired them. Nothing is more disappointing to a potential buyer than the realization that the classic car they came to purchase isn’t in good working condition and requires costly repairs to be road-worthy. As mentioned previously, be sure to advertise the vehicle properly if it is not currently road-ready and requires repairs. If you choose to have the car repaired before the sale, be sure to keep records of what repairs were done, by whom, and what parts were used in the repairs.

Buying a Classic CarThe restoration of the vehicle was done improperly. Classic car restoration is an art, and classic car collectors will want to know if the car was restored when the work was done and by whom, and what parts, paint, or other materials were used as part of the restoration. Good records and documentation are a must for anyone selling a classic car – without them, it can be difficult if not impossible to prove that the car was restored properly. If you are not sure whether your antique car has been restored or if the restoration was done correctly, a certified auto appraisal can help.

If you are preparing to sell a vehicle, a vehicle appraisal from AAG can help make the process easier and more successful! We can provide a range for the vehicle’s worth and can give you a solid idea of what constitutes a fair price. Our comprehensive documentation offers you the confidence that your vehicle is priced properly and that all details are accurate and well-represented.

Call us today to have your classic car appraised and sell your antique vehicle with confidence!

Do You Need a Prepurchase Inspection For Late Model Vehicles?

Prepurchase Inspection for Late Model VehiclesYou can save a lot of money by buying a pre-owned late model vehicle, right? It depends on what you know about late model cars, and how savvy you are about the value of the pre-owned vehicle.

Many people know very little about the cars they drive, and most of us lack the knowledge or expertise to properly assess a pre-owned vehicle. The result is that buyers feel forced to buy expensive new vehicles or purchase an overpriced used car from a dealership. Those who do try to avoid years of payments on a car from a dealership by buying independently may face even greater horrors when their lack of knowledge leaves them paying for repairs to address undisclosed issues.

Prepurchase Inspection for pre-owned vehicleHow do you avoid these problems without suffering the depreciation loss associated with new cars? A pre-purchase inspection can provide the expertise and insight needed to help you avoid dishonest sellers who might not tell the full story about their pre-owned vehicle. A prepurchase inspection not only protects you from unscrupulous sellers, it also allows you to fully reap the rewards of buying a pre-owned vehicle and avoid the value loss from depreciation that occurs as soon as you drive a new car off the lot.

Prepurchase inspection agents test the vehicle, look for signs of an accident, and ask all the right questions about the care and maintenance of the car. A prepurchase inspection for a late model vehicle can provide you with documentation so that you know the condition of the car you are buying and what the fair market value should be.

AAG offers prepurchase inspections for late model vehicles in over 30 states. Don’t risk buying another used car without an expert opinion! Call us today to schedule a pre-purchase inspection for any used vehicle you are considering buying.

 

Acquiring Car Loans for Antique Vehicles

Car Loans for Antique VehiclesMany classic car collectors face the challenge of obtaining a loan for an antique vehicle. Because antique vehicles typically do not qualify for traditional car loans, collectors turn to alternative lenders to get a loan for their dream car. It’s important to be aware of the hurdles and pitfalls involved in securing financing for an antique car just as it would be with any other type of loan.

Establish the Value of the Vehicle

A lender will want to know the value of the vehicle before approving a loan. Lenders need proof that the value of the property matches the value of the proposed loan. In the same way that a home appraisal is essential to the mortgage process to establish equivalent value between the loan and the home, lenders want to ensure that there is property collateral to back up the loan in the case of non-payment.

Antique Vehicle LoanBank loan appraisals can be an effective way to convince a lender of the viability of a loan. Not only will a well-documented appraisal reassure your lender, but it can also protect you should a vehicle show issues including improper restoration, hidden damage, or other problems that would not be obvious without an appraisal. The last thing you or your lender want is for the car to be worth significantly less than the loan, making it difficult or even impossible for you to recoup the loan amount should you need to sell.

Lenders also require that the vehicle be insured to protect against accidental loss. Look for an agreed value policy that will guarantee the loan will be paid-in-full should an unfortunate situation deem it a total loss.

Beware of Predatory Loans

Because classic car buyers face certain challenges in the loan process, there is a robust industry based on predatory practices that target those looking to finance a vehicle. Extremely high-interest rates, inflated down payments, and complicated contracts can be a sign that the loan is not on the level. Read contracts carefully and ask questions – if there is anything you don’t understand be sure to get the answers you need before signing anything.

Establish Antique Vehicle ValuesIn general, a good loan should include no more than a 10-20% down payment, and loan payments should be consistent and regular so that you always know what you’ll owe and when. Variable payment rates, particularly those that start high and decrease over time, can be a sign that your loan is intended to get as much money as possible in the shortest amount of time as part of a larger ploy. You should never sign any loan contract until you are completely clear about your payment schedule and your intended date of payment completion.

No matter where you secure a loan, you want to borrow as little money as you need at the lowest interest rate. A pre-purchase vehicle inspection allows you to make the best decision about the loan you’ll need. If the vehicle requires repairs or restoration, you will want to take into account these extra “after-purchase” expenses. It is often in your best interest to only borrow on the existing value of the vehicle. If you purchase a classic car without an inspection and discover that more work is needed than you had planned, you may have difficulty selling the vehicle or paying for the loan and find yourself stuck paying monthly for a vehicle that is essentially useless.

Knowing the accurate value of the car you are hoping to buy will make it much easier to obtain the right loan for an antique vehicle. Let AAG perform a pre-purchase inspection on the vehicle before you apply for a loan to make the most informed decision about how to finance your “dream car”. Call today to schedule your pre-purchase inspection or certified appraisal!