Financing older and rebuilt title cars in Florida
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Daily driver (Stated Value) insurance is well suited for your daily driver car that is depreciating in value, but your custom or restored collector car that is going up in value, needs different (Agreed Value) insurance coverage. Do NOT lump your daily drivers and collector cars on the same policy! In the event of a claim for your collector car, you could be greatly disappointed!
For cars, trucks, motorcycles, motorhomes, RVs, boats and light aircraft appraisals, from Key West to Port Canaveral, South Florida Car Appraisers has you covered.
As a follow-up to this post: https://southfloridacarappraisers.com/classic-car-news-and-tips/how-do-you-get-financing-on-your-branded-or-rebuilt-title-1657747143488.html? several have asked what effect a rebuilt title has on the value of a vehicle. As attorneys are known to respond – “it depends!” Comparing two identical vehicles, same year, make, model, options, mileage, and condition, the one with the rebuilt title can be worth anywhere from 20% to 40% less than the one with a clean, no accident history.
OK, the first question to address is what is the difference between a branded, salvage and rebuilt, or reconstructed title? A ‘branded’ title is any title that is not a ‘clean’ title. Both salvage and rebuilt/reconstructed titles are branded, but there is a difference between salvage and rebuilt. Can you get a loan on a vehicle with a salvage/rebuilt/branded title?
If you are looking for a car appraisal near you, and you are in South East Florida, you've found us! Getting a car appraisal before you buy, sell, or trade a car helps you get a good idea of the vehicle’s value and puts you in a better-informed position to negotiate. Several factors can affect a car’s value, such as your location and what kind of buyer you’re selling to (if you’re selling). Where you go to get your car appraisal could also affect the estimate you receive. Online guides, lenders, car dealers and professional appraisers can all offer car appraisals.
If your Jaguar has been in an auto accident, there are two possible outcomes: declared a Total Loss, or repaired and back on the road. Either way, you should be aware of the auto insurance industry's two biggest kept secrets: Appraisal Clause and Diminished Value. Do an internet search of both terms, and learn how you can receive a greater settlement than the insurance company is willing to pay. Call/text: 786-853-0711
Can you make a Diminished Value claim on an older collector car? As attorneys are known to say "it depends!" Generally, when a car is fully depreciated, the likelihood of a Diminished Value Claim is slim. Collectors cars may be fully depreciated, and then their value starts to rise. Think 1970's air-cooled Porsches! Is this 1960 Jaguar XK150S DHC a candidate?
Remember the old line - "If something sounds too good to be true, it usually is!" Twice this month we've done pre-purchase inspections on 'deals' for out of state buyers. Upon arrival at the '07 Mercedes, we took one look, called the customer and said "you really don't want an appraisal! Walk away!" The second, a '14 Jaguar XKR was actually pretty good, but had been in an accident and thus suffered Diminished Value somewhere in the $3,000-7,000 range. Nice car, yes! Deal, no! Protect your investment! Get it appraised!
Through no fault of the owner, this 2015 Jaguar F-Type was involved in a serious collision requiring over $11,000 in repairs. As a result, it has now suffered 'Diminished Value.' An appraisal determined that the amount of Diminished Value is $4,750, which the owner may now claim against the insurance of the at-fault driver. Whether your accident vehicle has been 'totaled' or repaired, an auto appraisal will help you settle for more $$$$
The upside of buying a vehicle with a rebuilt or branded title is that you can own and drive one for significantly less that the identical car with a clean title. The downside is that nagging question of whether it truly was repaired properly, and of course its subsequent resale value. Also, if you plan to finance the purchase the lending institute will almost certainly require a Fair Market Value appraisal. We can help! Call/text 786-853-0711