CAA Classic and Collector Vehicle Appraisal 2

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?

Accepted Answer

Dated invoices from qualified shops, before/after photographs, and parts receipts

Answer

A signed statement from the current owner

Answer

A letter from a local car club certifying the restoration

Answer

The vehicle's original build sheet

Question 2

Which body style designation typically commands the highest premium in the muscle car collector market when all other factors are equal?

Accepted Answer

2-door hardtop convertible

Answer

4-door sedan

Answer

Station wagon

Answer

2-door coupe

Question 3

When appraising a classic vehicle for insurance purposes, 'agreed value' coverage differs from 'stated value' coverage in that agreed value:

Accepted Answer

Guarantees payment of the full insured amount in the event of a total loss

Answer

Pays the lowest of the stated amount or ACV at the time of loss

Answer

Requires annual reappraisal to remain valid

Answer

Covers only partial losses up to the policy limit

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:

Accepted Answer

Extremely low production numbers mean very few true comparable sales exist

Answer

Plymouth parts are no longer available for replacement cost calculations

Answer

Convertible body structures cannot be accurately measured

Answer

Hemi engines have no standardized identification codes

Question 5

The 'Bloomington Gold' certification for a Corvette primarily affects appraised value by:

Accepted Answer

Confirming factory-correct components and finish quality through a recognized judging standard

Answer

Providing legal proof of title free of liens

Answer

Certifying the vehicle passed a state safety inspection

Answer

Verifying the odometer reading is accurate

Question 6

When appraising a pre-war (pre-1942) collector automobile, which factor most significantly distinguishes the appraisal methodology from post-war vehicles?

Accepted Answer

Coachbuilt bodies require evaluating craftsman quality and original coachbuilder reputation separately from the chassis

Answer

Pre-war vehicles use only the income approach for valuation

Answer

Pre-war VINs are standardized under NHTSA regulations

Answer

Pre-war vehicles are always appraised at replacement cost only

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?

Accepted Answer

A downward adjustment should be applied to reflect the reduced originality and potential buyer resistance

Answer

It should have no effect because paint is considered a wear item

Answer

The vehicle must be disqualified from a collector classification

Answer

An upward adjustment is warranted if the repaint quality is high