If I am looking to value something I start with http://cctol.com  This is a high end picture because this is what people are asking not necessarily what they are getting for the cars. As you said you will not get a direct comparison but it will get you a ballpark or price range to start with.  I try to find similar cars in body/restoration condition and or comparisons based on drive train improvements.  Form there I look the desirability of the car as a make/model.  An example of this would be the Mustang compared to the Galaxie.  There is a much bigger market for Mustangs in all forms from original to totally modified.  If you have a big market you can figure in a higher $$.  Galaxies have a good following but mostly with an older generation so the market is shrinking.  The last thing I would do in your case is look at other cars... probably Mustangs... that have a similar drive train, then compare them to stock restored cars of the same make/model.  If a modified Mustang with similar mods to your old gal is worth 10% more than a stock one (not to be confused with "all original") than a similar valuation can be drawn for the Galaxie.  Its all very subjective.

I totally agree with 70XL an appraisal is what you want to be doing so you know what its worth and so your insurance company knows what it is worth.

Well, now that you've told us that, I think we are all curious to know what the appraisal said. My experience with the appraisers here are that they are very conservative as the big Fords are not very common, or popular and do not command much in the market. I have mine insured through SGI and the package policy is not very much, but the appraisal was also not very much. What were you quoted for insurance costs?

dan_6776 wrote:

The appraisal came back much higher than I could have imagined. In fact, I believe it is an unrealistic number. A little disappointing actually considering I paid for a professional appraisal and get a value back that I feel is over inflated. The appraisal came back at $50000. I would never pay anywhere close to that amount for that car, nor would I expect anyone else would. I was thinking somewhere between 25,000 to 30,000(CAD) on a good day. The appraisal was a waste of time really, but at least I have some protection in the event the insurance company and I dispute replacement value. Maybe that's the real purpose for an appraisal?

It supposed to represent a fair market value for insurance purposes, if that is what you want it for, but some would say value is value, no matter what the purpose. If you take that appraisal to SGI for a stipulated value insurance coverage quote, they would review the appraisal and have to agree to it, or suggest another number you both can agree on. The last appraisal on my car, after my $6,000 + in engine and trans work was around $2,000, or 2,200. This does allow me to register it as an antique vehicle and the registration and insurance costs are about 1/3 of what it was as a regular vehicle with ACV coverage. I could reduce my costs even more if I cancel the registration in the winter, as antique registration permits you to maintain insurance coverage with no plates for off-season storage. I keep it plated year round just in case I feel the need to move it at anytime during the winter.

One thing with ACV (Actual Cash Value) coverage is that you would not have any of the use restrictions that go along with antique and special interest vehicles. If you do get in a collision, or suffer damage, you will have a more protracted battle to establish a fair value at the time of loss. I would suggest you have a discussion with your insurance broker, or directly with SGI, to see what might be best for you in regards to coverage, in light of your appraisal. I imagine setting a value on a restomod is probably about the toughest thing to do.

Last edited by 70XL (June 4, 2018 1:38 pm)