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Ken Farley is a Certified Appraiser with I-VAN – International Vehicle Appraiser Network.  Our motto at I-VAN is ”Hobbyists Helping Hobbyists”.  Our nationwide association of appraisers is made up of very experienced automotive hobbyists who also are automobile appraisers.  As a group we specialize in appraising antique/classic/collectable vehicles.  Some of our Certified Appraisers (like myself) also do Diminished Value, Fraud, and Lemon Law appraisals.  All of I-VAN’s Certified Appraisers  guarantee no conflict of interest because we do not: restore, buy/sell, paint, fix, transport, export, or insure, etc any old cars for a living…we are hobbyists first and foremost - we own the types of cars we appraise.

Our motto is….

“Hobbyists Helping Hobbyists”

Now you can have your rod or custom appraised by a friend…not a stranger!

1)    Insurance:  Protect your investment of Time and Money.  There are a great many insurance companies that will cover your collector car with Comprehensive and Collision coverage.  However, many will tell you that your vehicle will be covered for “actual cash value” or “book value” (ie: they decide what your vehicle is “worth” at the time of a claim) unless you provide an appraisal.  The best way to be sure that your car is protected properly is to have a professional appraisal on file with your insurance company and have an endorsement to your policy indicating the type and/or amount of coverage your vehicle has.  Not all companies offer this coverage; however, my appraisals are accepted by all insurance companies that do offer this coverage.  My appraisal will also be of immense help if you’re hit by the driver of some other insurance company or if that driver is uninsured.  Without an appraisal an unqualified person who is unfamiliar with your vehicle may be determining how much you’re going to collect at the time of a loss.  Important: did you know that during restoration in your own garage your vehicle is NOT covered for fire/theft under your homeowners policy? (only your automobile policy protects your car) Protect your investment!

2)    Selling a Collector Vehicle:  An appraisal can be a tremendous help when selling a collector vehicle.  First, it eliminates a lot of haggling or “negotiating” because the vehicle’s market value has been established.  Secondly, offering the vehicle for sale at 5-10% below the appraised value makes a prospective buyer think he’s getting quite a bargain.  Third, a qualified buyer can use the appraisal to get a loan from his bank, and other lending institutions, to assist in buying your vehicle (many financial institutions in Virginia and the surrounding areas will loan up to 80% of my appraised value).

3)   Collateral:  The value of your collector vehicle helps to increase your “net worth”. 

4)   Donation/Gift:  The IRS requires an appraisal for any gift to a charity or eligible museum, etc.  Further, the appraiser must complete and sign the appropriate IRS forms before you can take a tax deduction for your donation.  I have helped many museums and charities receive vehicle donations and helped the donors receive their proper tax deduction with the correct paperwork.

5)    Estate:  Because your collector vehicle has value it is part of your estate.  My appraisal helps prevent your heirs from being “ripped off” when they try to sell your vehicles).  It will also help your heirs determine how to divide your estate fairly.  Larger estates facing estate taxes can protect against overpayment of taxes.

6)   Divorce:  Yes, the “D word”.  Don’t ever let a court or some attorney determine what your vehicle is worth.

7)   Buying a Collector Vehicle:  A pre-purchase appraisal could protect you against overpaying for a vehicle.  It can also make a seller more reasonable in the asking price.  My appraisal establishes the loan value if you’re going to finance part of this purchase.

8)   Claim Settlement:  If you’re arguing with an insurance company over the value of your vehicle after a loss then my appraisal NOW can be a big help.  It’s not as easy to appraise a vehicle after an accident, fire, etc but it can be done if not too much time has gone by.

9)   Fraud:  Did you buy a vehicle “sight unseen” or over the internet and, when you received it, believe that you have been cheated?  My appraisal can help build your case.  Did you buy a vehicle because the owner said “matching numbers” and find out later that it’s not?  Was the vehicle advertised as having never been in an accident and you’ve discovered otherwise.  Did you discover flood damage?

10)  Substandard Restoration:   Did you pay for a prize winning restoration only to find out that the only prize you will win is the “booby prize”?  Does the paint come off in the rain?  Is the chrome peeling three months later?

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Diminished Value and Fraud

Diminished Value can occur when a vehicle has been substantially damaged in an accident.  After repair, will this vehicle have the same market value as a vehicle that has never been in an accident?  Maybe not.

When we first began producing and importing unibody vehicles in the 1970’s it was inevitable that they would be involved in accidents.  The repair of substantially damaged unibody vehicles requires the right equipment, the right repair procedures, the right parts, and properly trained technicians.  Leave any of these ingredients out, leave out any of the proper repair procedures, or take unrecommended short cuts and you can easily have a poorly repaired vehicle; one that can even be unsafe.  Far too many vehicles have been and continue to be poorly repaired and this has caused the buying public to perceive that unibody cars can not be, or often are not, repaired properly.  This perception by the buying public is manifested in the marketplace when a prospective buyer is reluctant to even consider buying a previously damaged vehicle (often regardless of the quality of the repair) and a financial incentive becomes necessary to make this vehicle as appealing as a never damaged one in the marketplace.  This financial incentive is a reduction in the asking price and this becomes the definition of “Diminished Value”.

The amount of Diminished Value will be dependent on the nature and extent of the collision damage, the quality of the repair, any residual damage, and/or any existing visible evidence of the repair.  Even well repaired vehicles can have diminished value and, certainly, poorly repaired vehicles can suffer substantial Diminished Value.  There are no formulas for determining Diminished Value and every vehicle must be examined by a qualified appraiser to determine the extent and amount of Diminished Value; if any.  

Fraud at Purchase

Have you, or someone you know, ever purchased a used car having been assured by the seller that it had never been in an accident; only to find out later that it had been?  If the seller knew that the vehicle had prior accident damage and lied about this in order to sell the vehicle then this is FRAUD!  The courts frown on fraud and you could collect a substantial amount of money if fraud is proven or your claim is settled before a jury trial.  You need Ken Farley’s expert Diminished Value Appraisal to substantiate the prior damage and determine the amount that you overpaid for the vehicle: the amount that you were defrauded.  Without the appraisal you have no financial basis for your claim.

While more rare, there are even instances where new car dealers have sold vehicles as never having been damaged when, in reality, they had been damaged on a test ride, run into in the dealer’s lot, etc.  

Did you buy a new car lemon?  What is a lemon?  If a new car dealer ties a couple of times to fix a significant reoccurring problem and the problem continues to exist; you may have a lemon. 

You will need Ken Farley’s Lemon Law Appraisal to document this still-existing problem and documenting the negative effect of this condition on the vehicle’s market value.  Without documenting that the vehicle has suffered a loss of value in the marketplace there is really no basis for a lemon law claim. 

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