CVA Specialty & Collector Vehicle Appraisal

Question 1

Which appraisal method is most appropriate for a one-of-a-kind custom-built vehicle with no market comparables?

Accepted Answer

Cost approach based on components, labor, and builder reputation

Answer

Sales comparison approach using similar production vehicles

Answer

Income approach based on rental revenue potential

Answer

Automated Valuation Model (AVM) from a database

Question 2

When appraising a classic car, which document most significantly increases the vehicle's appraised value?

Accepted Answer

Documented provenance including original title chain and factory build sheet

Answer

A current smog certificate

Answer

An extended service contract

Answer

A current AAA membership card

Question 3

What does 'numbers matching' mean in the context of classic car appraisal?

Accepted Answer

The engine, transmission, and major components bear their original factory-stamped numbers matching the VIN

Answer

The VIN matches the registration in the state database

Answer

The mileage on the odometer matches the service records

Answer

The paint code matches the original window sticker

Question 4

A CVA is appraising a vehicle for agreed value insurance coverage. How does this differ from actual cash value coverage?

Accepted Answer

Agreed value pays a pre-agreed fixed amount in the event of a total loss, with no depreciation deduction

Answer

Agreed value pays ACV minus depreciation at time of loss

Answer

Agreed value only covers theft, not collision damage

Answer

Agreed value policies do not require a formal appraisal

Question 5

Which organization provides the most widely accepted valuation guides for collector and antique vehicles in the U.S.?

Accepted Answer

NADA Classic Car Guide and Hagerty Valuation Tools

Answer

Kelley Blue Book and Edmunds

Answer

J.D. Power and Consumer Reports

Answer

Black Book and ALG

Question 6

A vehicle is described as 'frame-off restored.' What does this mean for its appraised value?

Accepted Answer

The vehicle was completely disassembled to the bare frame and rebuilt, typically commanding a premium

Answer

The frame was replaced with a modern aftermarket unit, reducing value

Answer

The frame rails were cut and shortened for custom use, reducing value

Answer

The vehicle was restored using digital factory records only, no physical work