What is Fair Market Value?

Black's Law Dictionary defines Fair Market Value as "The price a willing and knowledgeable buyer would pay a willing and knowledgeable seller, neither party being under duress and both having a reasonable knowledge of relevant facts . . ."

Make sure you know all the relevant facts!

Why have an appraisal?

• Before buying or selling a vehicle
• When securing collateral for a loan
• Diminished value after an accident
• Collision and repair estimates
• Estate planning and resolution
• When shopping for insurance
• When dividing assets for a divorce
• When determining import or export duties
• Donations
• During restoration of a vehicle
• To know the true "Market Value" of a vehicle

There are six grading descriptions . . .

Excellent: Restored to current maximum professional standards of quality in every area.

Fine: Well-restored, or a combination of superior restoration and excellent original.

Very Good: Completely operable original or "older" restoration: showing wear.

Good: A drivable vehicle needing no, or only minor work to be functional.

Restorable: Needs complete restoration of body, chassis and interior.

Parts Car: May or may not be running, but is weathered, wrecked and/or stripped to the point of being useful primarily for parts.