CAA Classic and Collector Vehicle Appraisal 2 — Questions and Answers
Question 1: A restorer claims a full 'rotisserie restoration' was performed on a 1965 Mustang fastback. Which documentation would BEST support this claim during appraisal?
- A signed statement from the current owner
- Dated invoices from qualified shops, before/after photographs, and parts receipts (Correct answer)
- A letter from a local car club certifying the restoration
- The vehicle's original build sheet
Correct answer: Dated invoices from qualified shops, before/after photographs, and parts receipts
Dated invoices, shop records, and photographic evidence provide verifiable third-party documentation of the restoration scope, which is far more defensible in an appraisal than owner statements or club letters.
Question 2: Which body style designation typically commands the highest premium in the muscle car collector market when all other factors are equal?
- 4-door sedan
- Station wagon
- 2-door hardtop convertible (Correct answer)
- 2-door coupe
Correct answer: 2-door hardtop convertible
Convertibles consistently command the highest premiums in the muscle car market due to their lower original production numbers, greater perceived desirability, and stronger collector demand.
Question 3: When appraising a classic vehicle for insurance purposes, 'agreed value' coverage differs from 'stated value' coverage in that agreed value:
- Pays the lowest of the stated amount or ACV at the time of loss
- Guarantees payment of the full insured amount in the event of a total loss (Correct answer)
- Requires annual reappraisal to remain valid
- Covers only partial losses up to the policy limit
Correct answer: Guarantees payment of the full insured amount in the event of a total loss
Agreed value policies guarantee the full insured amount is paid upon total loss without depreciation deductions, unlike stated value policies that may pay only ACV if it is lower than the stated amount.
Question 4: A CAA appraiser is asked to value a 1970 Plymouth Hemi 'Cuda convertible. The primary challenge that makes this appraisal especially complex is:
- Plymouth parts are no longer available for replacement cost calculations
- Extremely low production numbers mean very few true comparable sales exist (Correct answer)
- Convertible body structures cannot be accurately measured
- Hemi engines have no standardized identification codes
Correct answer: Extremely low production numbers mean very few true comparable sales exist
With only a handful of Hemi 'Cuda convertibles ever produced, genuine comparable sales are exceedingly rare, requiring appraisers to use adjustments, related comparables, and market trend analysis rather than direct comps.
Question 5: The 'Bloomington Gold' certification for a Corvette primarily affects appraised value by:
- Providing legal proof of title free of liens
- Confirming factory-correct components and finish quality through a recognized judging standard (Correct answer)
- Certifying the vehicle passed a state safety inspection
- Verifying the odometer reading is accurate
Correct answer: Confirming factory-correct components and finish quality through a recognized judging standard
Bloomington Gold is a prestigious judging program that certifies Corvette authenticity and correctness, and certification from recognized concours events significantly supports and enhances appraised value in the collector market.
Question 6: When appraising a pre-war (pre-1942) collector automobile, which factor most significantly distinguishes the appraisal methodology from post-war vehicles?
- Pre-war vehicles use only the income approach for valuation
- Coachbuilt bodies require evaluating craftsman quality and original coachbuilder reputation separately from the chassis (Correct answer)
- Pre-war VINs are standardized under NHTSA regulations
- Pre-war vehicles are always appraised at replacement cost only
Correct answer: Coachbuilt bodies require evaluating craftsman quality and original coachbuilder reputation separately from the chassis
Many pre-war automobiles featured custom coachbuilt bodies by renowned firms, requiring appraisers to separately evaluate the prestige and quality of the coachbuilder in addition to the chassis marque and mechanical condition.
Question 7: A collector vehicle appraiser identifies that a classic car has been repainted in a non-original color. How should this finding most appropriately affect the appraisal?
- It should have no effect because paint is considered a wear item
- A downward adjustment should be applied to reflect the reduced originality and potential buyer resistance (Correct answer)
- The vehicle must be disqualified from a collector classification
- An upward adjustment is warranted if the repaint quality is high
Correct answer: A downward adjustment should be applied to reflect the reduced originality and potential buyer resistance
Non-original paint reduces a collector vehicle's authenticity and typically results in a downward value adjustment, as the collector market places significant premium on originality, including factory-correct color.
CAA Classic and Collector Vehicle Appraisal 2
A restorer claims a full 'rotisserie restoration' was performed on a 1965 Mustang fastback.
Which documentation would BEST support this claim during appraisal?