I love auctions. The crowds, the chant, the bright lights, the bids. We all know it’s easy to get caught up in the excitment and emotions. So what do we really need to focus on? Here are a few tips when buying a classic car or any vehicle at auction.
1. Buy the one you want with the equipment, engine, color, options and history that you want. If you settle for something else, chances are you’ll find the one you want next month. Then you’ll find it may be harder to sell your initial purchase than it was to buy.
2. Buy the one with documentation. When was it restored, who restored it, what was done at that time, what was it originally before it was restored?
3. Look at the title before you buy it. This may tell you the motivation of the seller and can help you price your purchase.
4. Have someone look at it for you or with you. Love is blind. We all know that. Let someone look at the car from a more objective point of view. A pre purchase inspection could save you from making a big mistake or help you buy with more confidence.
I originally joined AAG over 20 years ago when I was looking for some part-time work that would provide extra income. I’ve been involved in the collector car hobby most of my life (as owner, restorer and judge), and being involved in appraising collectible vehicles sounded like interesting and fun work, and so it has been. Not only have I seen some great cars, but you meet some fantastic people along the way.
Far and away the most fascinating assignment was being involved in the auto appraisal of the Harold and Nancy LeMay collection of over 3,000 vehicles. I took a week off from my full-time job to fly to Tacoma, Washington to work with a half dozen other agents. What an amazing collection, and a task that only a company with the reputation and the size of the AAG could handle.
Another interesting assignment took me to a remote corner of Utah to do a pre-purchase inspection of not one, but two 1963 Z-11 Impala’s, plus one of the eleven ’62 prototypes. It was a once-in-a-lifetime opportunity to examine these rare pieces of drag racing history up close, and I learned a lot about them through my pre-inspection research and the inspection itself.
One recent assignment of note came last year in 2012, when I went to inspect two Shelbys, a 1966 GT350 and a 1967 GT500. Not only were those two cars great, but the owner, president of a large trucking company, had a 50-60 car collection of Cobras, Shelbys, Boss 429 and Cobra Jet Mustangs, and was a personal friend of Carroll Shelby himself! You just never know what or who you’ll encounter on an AAG appraisal!
Submitted by: Owen Griesemer, Maryland Agent
Be part of the auction excitement on Friday and Saturday, November 15 & 16 at Festival Park for the ever-popular collector car auction. This auction sees nearly 300 cars cross the block and cars are frequently run in the following categories: Muscle Car, Street Rod, Classic Car, Antique, Luxury, Exotic, Race Car, Sports Car, Specialty Truck and Motorcycle. If you are interested in machines that fall in these groups, this could be a real buying opportunity. Stop by AAG’s booth to learn about our auto appraisal and prepurchase inspection services. Sellers, come talk to us about documenting your car. Documented cars sell for more than those with no documented history. AAG can help.
- Fall Carlisle—October 2-6
Beautiful weather, good crowds and enthusiastic hobbyists. Looking forward to the Carlisle Events sponsored Zephyrhills Show in Florida Nov. 14-17 Expect easier registration with no up-front fees at the collector car auction.
- AACA Fall Meet—Hershey, October 9-12
Very wet start but finished strong. After rain all week it cleared up in time for the judging on Saturday.
AACA’s National Director, Mike Jones has considered moving into the field for some time. After the class he told us, “I was impressed with the thoroughness, volume and breadth of information included in the class binder. The fact that there were six class members of varying ages and backgrounds-all coming from a diverse geographical locale- speaks volumes. It is undeniably clear to me that the Auto Appraisal Group is the industry leader and that they far exceed what other agencies are capable of offering.”
The four day class includes a review of AAG principals and standards, appraisal techniques, photographing and grading automobiles, prepurchase inspections and some ideas about how to successfully build your local agency.
Are you Interested in attending an AAG Certification Class in Fort Lauderdale FL in November 2013? Submit this agency application to our office and we will be in touch to answer all your questions.
- Is now the time to buy?
- Where are values headed?
- What to expect when selling
- How to find that special Corvette
- What makes it a good investment?
Come to AAG’s Value Trends Seminar at Corvettes at Carlisle .
August 24th -1:30—”R” Building
As with all types of insurance, there can be some confusion about what you’re actually getting.
Actual Cash Value
The most popular type of policy written for daily drivers will only pay out the value determined by the insurance company at the time of your total loss accident. Usually based on used car prices rather than the value in the collector car market.
Very popular with collector car owners. You determine the amount that your car is insured for. If you have a total loss claim, that amount is the starting point for depreciation or other adjustments made by the insurer before settlement. You receive the lower of the stated value or actual cash value amounts.
You and the insurer agree to the amount of coverage and the premium is adjusted accordingly. If you have a total loss claim you receive the full amount of the agreed value for your vehicle.
Insurance for your Insurance
How do you know if you are insured for the correct amount? An AAG auto appraisal can help you establish proof of your car’s condition and document its current value for insurance purposes.
1960-61 Dodge Dart CVT—up 8%
1961-64 Dodge Polara CVT—up 7%
1962-64 Custom 880 CVT—up 9%
1965-69 Dodge Monaco—up 9%
1978 Lil’ Red Express PU—up 5%
1953-54 Chrysler T&C Wgn—up 7%
1960-63 Imperial Crwn CVT—up 10%
1969-71 Chrysler 300 CVT—up 10%
1969-71 New Yorker—up 10%
1955-56 Plymouth Plaza—up 7%
1965-66 Plymouth Fury—up 8%
1967 Plymouth Fury—up 7%
1970 Plymouth Fury CVT—up 8%
1971 Barracuda CVT—up 7%
After 7 years of marriage, Joe & Cheri Williams (names have been changed)decided to call it quits. They both admitted that they were miserable and it was time to part ways and move on. During those 7 years they had acquired a couple of collector cars that they drove to local cruise-ins and car shows. Now it was time to divide the assets. They agreed that Joe would keep the Chevelle and Cheri would keep the Camaro. But now they couldn’t agree on how much each one was worth. Cheri contacted AAG for independent appraisals on the two vehicles. After on-site inspections and market research, she received an unbiased appraisal for each vehicle. Once Joe and his attorney saw the detailed appraisal report, they were able to negotiate an amicable settlement of personal property which included the vehicles. “We are very grateful to find a professional and independent appraisal company to help this couple determine the fair market value of their collector cars. The local agent was very prompt and the report gave us everything we needed to finalize the property settlement,” said Joe’s attorney.
AAG can assist you with independent auto appraisals on any type of automobile, motorcycle, RV or other vehicle. AAG also has value expertise in automobilia items like gas pumps, vintage signs or other types of collectibles. While Joe & Cheri were able to settle their property without going before a judge, AAG also has experience with expert witness testimony should the need arise.
Appraisal services assist in property settlements for estates and divorces or for claims involving diminution of value or totaled vehicles.
Congratulations to AAG Agents:
- Doug Phillips, Charlotte, NC
- Owen Griesemer, Rockville, MD
- Peter Seaholm, Milford, CT
It’s a pleasure working with you guys every day. We’re looking forward to 22 more years together.