PART 2 of 3
Creating a cash value car appraisal
If you rely just on the asking price or sale price of a couple vehicle listings you printed off the Internet, you could be making a big mistake and miss out on several thousand dollars of extra cash for your total loss vehicle.
Remember the auto insurance company has a full appraisal report backing their cash offer. How convincing will a couple Craigslist ads be by comparison? For this reason having your own vehicle appraisal supporting a higher payout is critical.
Selecting Comparison Vehicles
The easiest place to find and select comparable vehicles to appraise your car is from online sites such as Autotrader, Craigslist and other sites that list ads for vehicles. You are looking for vehicles that would be considered "replacement" vehicles. Now this does not mean they are identical vehicles, they are vehicles that are similar in age, make and model. If you are finding it a challenge to find similar vehicles online, don't forget to check the classified section on local papers. Once you have at least three similar vehicles, you will have to make price adjustments to each comparable to account for differences between the comparable vehicle and subject vehicle.
Car price adjustments
The asking price or sale price of a comparable vehicle is not (more…)
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