Appraisal (oldtimer)

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Valuations for vintage cars serve not only to determine an insurance value , but alsoas a basis for securing the vehicles, especially for buying and selling. The classic car market has special requirements for valuation in both areas, which reflect the special framework conditions of this market segment .

Value definitions

In this context, different value definitions are used, namely:

Since realistic assessments can only be made individually for the vehicle in question in connection with classic cars, corresponding expert reports are an absolute prerequisite for the individual valuations .

Valuation for classic car insurance

In the context of protecting a motor vehicle , two different value standards are generally used - the current value and the new value . While the new value includes the financial expenditure that must be used to procure a new item of the same type or quality, the current value describes the costs that result from the new value minus a sum for use.

Both valuation approaches are out of the question for the value description of classic cars. On the one hand, the procurement of a new or equivalent item is generally impossible here. Furthermore, the fair value does not adequately reflect the actual development in value, as the value of a classic car can be subject to strong fluctuations over time. As valuation approach of recourse to the market or remain market value . This describes the value of a vehicle as a function of market development (e.g. through demand , etc.) not as a clearly measurable quantitative parameter, but as a forecast .

However, this valuation basis also shows weaknesses, since the market situation for classic cars - apart from general trends in value growth - shows considerable fluctuations for individual brands and models (see German Oldtimer Index). In addition, the state of preservation and the previous owner are of decisive importance for the value development of a classic car - which the market value does not reflect as the average price. If the pure market value is taken into account, the fact that the owner has to provide funds for the restoration, maintenance and care of a classic car also has no influence.

The costs incurred for this can significantly exceed an insurance value based on the market value. The restoration value is therefore particularly important for securing vehicles. This is the cost of rebuilding a classic car in the event of damage. These are composed on the one hand of the acquisition costs for the vehicle and on the other hand the restoration effort and are generally well above the market value.

Appraisal in buying and selling

The valuation in the course of securing a classic car aims to preserve the substance as comprehensively as possible in the event of damage. In the case of a sale, however, other objectives are important for those involved. From the seller's point of view, the highest possible market value is decisive, which is created, among other things, by the classification in one of the FIVA conservation classes or Classic Data status grades.

This classification takes place with the preparation of a valuation report by an expert. Unlike in the context of classic car insurance , for which, according to the general opinion, a brief appraisal (here only the technical data is recorded by the appraiser or only a superficial visual inspection takes place) with a superficial appraisal is sufficient, the appraisal of the vehicle condition must be comprehensive when buying and selling and document exactly. Therefore, a valuation based on long appraisals (full appraisals) is appropriate for this area. Here are on the part of the experts

  • the history of the vehicle
  • all available or existing documents
  • the external condition
  • as well as the technical condition

examined in detail and documented photographically for the expert opinion. In the context of the full report, the focus is on the technical condition, among other things:

  • the engine compartment
  • the running engine
  • all technical components
  • the condition of the paintwork

thoroughly examined for function and originality. The appraiser can then evaluate the vehicle at hand according to its state of preservation and derive a market or trade value from it.

Classification in a rating system with five condition classes is common.

  • Condition class 1 : Flawless condition with no defects, signs of use or damage. Corresponds to the condition at the time of delivery by the manufacturer
  • Condition class 2 : Good original condition or appropriately professional in the restoration. Does not show any defects, but with slight signs of wear.
  • Condition class 3 : used condition, the vehicle only shows minor defects, but is safe to drive and can be driven.
  • Condition class 4 : Significant wear and tear. The vehicle is not ready to drive without restrictions and must be repaired.
  • Condition class 5 : vehicle not ready to drive and in very poor condition. Work on the vehicle is urgently required.

Since the classification resulting from the appraisal has a value-creating character and can regularly flow into the purchase contract for the purchase / sale of a classic car in the form of a quality guarantee (according to Section 443 BGB ), the appraisal valuation is of particular importance. In connection with an inadequate assessment due to the more favorable brief report, the seller runs the risk of later facing claims for compensation if the condition grade and the actual condition do not match. In addition, appraisals for valuation should be repeated at regular intervals in order to document changes in the condition of the vehicle or the like.

Appraisal vs. Classic car indices

The appraisal of vintage cars has been gaining in importance for laypeople in recent years. One reason is the increasing demand, based on the view that the vehicles can add value. Especially well-known oldtimer indices such as the DOI (German Oldtimer Index; based on expert results for 90 vehicle types) or the HAGI (Historic Automobile Group International; based on real sales revenue) indices contribute to this view, as the index values ​​are constantly increasing. From the point of view of a technically inexperienced buyer who primarily pursues investment goals, the impression can arise that a high sales price can always be achieved with classic cars.

In particular, market valuations based on current auction revenues - such as the HAGI indices - underpin this one-sided perspective. High retail sales lead to a distortion of the actual market situation. Realistic evaluations for a classic car can therefore not be made using such index values. Meaningful determinations of the market value of a classic car that are relevant for purchase decisions can only be made on the basis of an appraisal by an expert.

Further reports

Regardless of the valuation, the above Classification for condition classes in the assessment for the issue of an H-license plate or an H-seasonal license plate according to § 23 StVZO , whereby the state authorities have issued different guidelines for this. Basically, condition classes from 1 to 3 are required by the licensing authorities to issue an H mark.

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