CAA Classic and Collector Vehicle Appraisal 3

Question 1

Which publication is widely accepted by courts and insurance companies as a benchmark price guide for classic and collector vehicle fair market values in the United States?

Accepted Answer

Hagerty Valuation Tools

Answer

Black Book

Answer

Kelley Blue Book

Answer

AutoTrader Market Report

Question 2

A CAA appraiser must determine the value of a 1963 Corvette Split-Window coupe. The 'split-window' body style was produced only in 1963. How does this production uniqueness affect the appraisal?

Accepted Answer

It supports a significant premium due to the one-year-only design creating scarcity and collector demand

Answer

It is irrelevant because all Corvettes of the same year have the same base value

Answer

It warrants a downward adjustment because single-year parts are harder to source

Answer

It requires the appraiser to use only the cost approach

Question 3

During an appraisal inspection of a 1969 Camaro Z/28, the appraiser discovers the date-code on the engine block predates the vehicle's assembly date by 14 months. This finding most likely indicates:

Accepted Answer

The engine is not the original unit and may be a replacement, requiring further investigation

Answer

Normal factory stockpiling of engines, which has no value impact

Answer

The vehicle qualifies for a survivor designation

Answer

A factory error that should be noted but does not affect value

Question 4

When using the sales comparison approach for a collector vehicle, which adjustment hierarchy is most appropriate?

Accepted Answer

Adjust comparables for condition first, then equipment/options, then provenance/documentation

Answer

Adjust comparables for mileage first, then color, then condition

Answer

Adjust comparables for geographic location first, then body style, then engine

Answer

Adjust comparables for color first, then production numbers, then mileage

Question 5

A well-documented ownership history tracing a collector car back to its original purchaser is referred to as:

Accepted Answer

Provenance

Answer

Title chain

Answer

Pedigree certification

Answer

Historical registry

Question 6

An appraiser is valuing a classic vehicle that has won 'Best in Show' at Pebble Beach Concours d'Elegance. How should this achievement be treated in the appraisal?

Accepted Answer

It should be documented and may support a significant premium as the award is recognized worldwide

Answer

It should be disregarded as concours results do not affect private-party market value

Answer

It applies only to insurance replacement value, not fair market value

Answer

It warrants a downward adjustment due to the cost of maintaining concours condition

Question 7

Which of the following statements BEST describes the relationship between a classic car's 'fair market value' and its 'insurance replacement value'?

Accepted Answer

Insurance replacement value typically exceeds fair market value because it reflects retail dealer cost to replace the vehicle

Answer

They are always identical because both represent what a willing buyer would pay

Answer

Fair market value is always higher because it accounts for emotional value

Answer

Insurance replacement value is always lower because it reflects depreciated ACV