Loading…
We use privacy-friendly analytics to improve this site. Analytics load only if you accept.
Vehicle appraisals
The question an appraisal answers, how comparables are used, and what USPAP requires of the appraiser.
General educational information, not legal or tax advice. Laws, deadlines and policy terms vary by state and by policy. Claimly Appraisals is not a law firm, an insurer or a public adjuster.
Every appraisal starts by defining the assignment: the vehicle, the type of value, the date the value applies to and the intended use. The same vehicle can have a different value for a different date or purpose, so the report states these up front.
Most vehicle appraisals rely on comparable vehicles: the same year, make, model and trim, with similar mileage, offered or sold in a relevant market. Where a comparable differs from the subject vehicle, the appraiser adjusts for the difference and explains the adjustment.
Two vehicles with the same badge can be worth very different amounts. Factory options, overall condition, maintenance, title status and accident history all move the number, which is why the appraiser asks for photos and records.
Vehicle markets move. An appraisal states the date its value applies to, and the evidence must be relevant to that date. For a past date, the appraiser researches what the market showed then.
USPAP, the Uniform Standards of Professional Appraisal Practice, is the set of ethical and performance standards for appraisers published by The Appraisal Foundation. Among other things it requires the appraiser to define the scope of work, support the conclusion with evidence, report it clearly and keep a workfile.
A price guide gives a general figure for a typical vehicle. A dealer offer is what one buyer will pay today. An appraisal is an independent, signed opinion for a specific vehicle, date and purpose, with the reasoning shown. The first two can be evidence inside the third.
No. A price guide is a general reference. An appraisal applies to one specific vehicle, date and purpose and shows the evidence and reasoning behind the conclusion.
The same year, make, model and trim, similar mileage and condition, and a location and date that reflect the same market as the vehicle being appraised.
A professional appraiser reviews the evidence, forms the opinion of value and signs the report. Software can help organize data, but the opinion is the appraiser's.
Because it determines the type of value and the date that apply. An estate may need a past date; a sale needs a current one.
General educational information, not legal or tax advice. Laws, deadlines and policy terms vary by state and by policy. Claimly Appraisals is not a law firm, an insurer or a public adjuster.
A Certified Vehicle Appraisal, prepared in accordance with USPAP, for court, estate, divorce, donation and other formal uses.