Everybody knows in the back of their mind that their vehicles are really investments, but some drivers are unaware that a used car appraisal and careful valuation of their vehicles can save them money. Here are some prime reasons to get a used car appraisal to help understand what the vehicle is really worth.
Resale – A used car appraisal can come in handy to a seller. He or she can use this valuation to negotiate better terms for a sale and recoup more of an investment in the vehicle.
Taxes – Many municipalities place a personal property tax on cars, trucks and other vehicles. But sometimes, these tax assessments are based on misguided figures for the actual value of a vehicle. This is especially true if the values that the municipality is using are based on a different vehicle condition than what actually exists. A used car appraisal can easily dispel these misguided notions about the worth of personal property that may be sitting up on blocks, cosmetically damaged, or otherwise compromised.
Insurance – Auto insurers also base some of their information on a vehicle value estimate. Sometimes, providing your insurer with a document of valuation, (i.e. a used car appraisal,) can lower your premiums if they were based on overly optimistic valuations of the car or truck you’re driving.
Depreciation for business – In business, a used-car appraisal can also help if the business owner is depreciating the vehicle over time for a lower liability on income taxes. Used-car appraisals help provide documentation that verify some of the depreciations a business owner or sole proprietor may claim.
Think about these benefits when considering a used car appraisal for your vehicle.