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

When no comparable sales exist, the cost approach values a custom vehicle based on the documented cost of materials, labor, and the builder's market reputation.

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

Documented provenance—including the original title chain, factory build sheet, and ownership history—is the single most value-enhancing factor for classic vehicles.

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

Numbers matching means the vehicle's major components carry their original factory-stamped identification numbers that correspond to the VIN, proving authenticity.

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 policies pay a pre-established amount without depreciation, making a CVA's formal appraisal critical to setting an accurate agreed value.

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

NADA Classic Car Guide and Hagerty are the most widely referenced valuation tools for collector, antique, and specialty vehicles in the U.S. market.

CVA - Certified Vehicle Appraiser Practice Test

CVA - Certified Vehicle Appraiser Practice Test

CVA Specialty & Collector Vehicle Appraisal