Appraisals...??

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Michigan2
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Appraisals...??

Post by Michigan2 » Sun Aug 25, 2019 12:27 pm

It's been quite some time since I have been logged in so forgive me if this is not the appropriate venue for my inquiry. I would like to get a new appraisal on my Callaway(s) and wondered if anyone has any recommendations...?? Thank you!

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SurfnSun
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Re: Appraisals...??

Post by SurfnSun » Sun Aug 25, 2019 9:45 pm

Are you selling? If so, I find most appraisals overstate the market value of cars. Great for value replacement insurance but little else...usually gets a sellers expectations set too high. Most of us can tell you what has been selling at what price point if you want market comps. :beer

As far as an appraisal service I’d probably reach out to Hagerty or NCM insurance or a like carrier to see who they use.

Peaven
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Re: Appraisals...??

Post by Peaven » Mon Aug 26, 2019 12:07 am

Good advice by Surf here. My experience has been that most local "classic car" dealers or appraisers are all over the place with valuations, and for insuring or financing purposes, will pretty much appraise it at whatever you suggest to them. Of course, they'll also never give you that amount if you ask them if they want to buy it. :jsmile

Michigan2
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Re: Appraisals...??

Post by Michigan2 » Mon Aug 26, 2019 4:38 pm

SurfnSun and Peaven:

I am not selling... just really want to get an updated appraisal by someone more familiar with the Callaway updates and the value of such. I've had a couple people indicate the value is currently under stated and I really just want to be sure I have the APPROPRIATE amount of insurance coverage. Mine is a special situation and finding market "comps" is, unfortunately, not going to be easy. Thank you.

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SurfnSun
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Re: Appraisals...??

Post by SurfnSun » Mon Aug 26, 2019 8:00 pm

Your two cars are pretty special. While they show some enjoyment there is definitely a pedigree there. The interiors of those cars is roughly $25k/each to replicate if I recall. A mint condition low mile 96 supernatural 450 with Aero traded in the mid $30s last year. If I was looking for replacement value and factoring in the interiors on them it would be roughly $60k each...I say that without know much more than history and pictures. Chris might have a better idea. Honestly Callaway would be a better source than a traditional appraiser due to the special-ness of your cars. :beer

Michigan2
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Re: Appraisals...??

Post by Michigan2 » Wed Aug 28, 2019 9:43 am

SurfnSun:

Thank you for the information! A brief history: Bridgestone purchased them in 1992 and had Callaway customize them to showcase their 1st ever run Flat tires. They were taken on a "1 Lap of America" (race tracks, tv shows, etc.) tour and then given back to Callaway. Larry Grindel and Les Jones purchased them in 1994.

I married Larry in 1998. Les' wife passed away in 2014 and Larry passed in 2016. After Larry's passing Les and I decided the cars should be together. So, even though Larry is gone, the cars are still, basically, with the original private owner....

I contacted Callaway to get a recommendation for a mechanic so both cars have been detailed at Cauley Ferrari here in Michigan. The only "issue" that remains outstanding is the seats as they are both cracked and worn (more so on the purple seats). Matching the teal and purple leather for replacement will be a challenge....

Both cars have approximately 40,000 miles.

Which "Chris" are you referring to and do you know if the insurance company would take a value statement from Callaway over a licensed Appraiser?

Thank you so much for all of your input - it is truly appreciated!

Sharon

Peaven
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Re: Appraisals...??

Post by Peaven » Wed Aug 28, 2019 1:37 pm

Wow, great history of your cars Michigan2! They are indeed special, thanks for sharing that...Chris would be "Callaway Chris" here on the COG board, and both he and Surf (Josh) are about as knowledgeable and helpful guys as you'll ever meet. :beer

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SurfnSun
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Re: Appraisals...??

Post by SurfnSun » Thu Aug 29, 2019 12:26 am

Sharon,

Here is the guy that can do the seats. He has done several Callaway interiors for high profile projects like the C4 Speedsters... and likely did the interiors in your cars.

http://www.advancedleatherworkshop.com/ ... index.html

Which insurance company are you were using? I might suggest contacting the national Corvette Museum and speaking with Adam Boca. He sells the NCM insurance, and is quite familiar with Callaway Cars and Chris from Callaway. They also do agreed value insurance. If you choose to stay with your current carrier perhaps a conversation about the rarity of the cars and a general lack of market comps would be appropriate.

Best of luck!
Josh

Michigan2
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Re: Appraisals...??

Post by Michigan2 » Thu Aug 29, 2019 10:02 am

Josh:

The Twins (and my '66) are insured with AMIG and have been for years however I am open to change if it means getting the value stated correctly! You have provided wonderful information and I have some paths forward now on the appraisal and seats. I truly appreciate all the information!

Regards,

Sharon

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