Expert: Brad Sears - 5/18/2010

Question
Hello: Not sure if you can help,but I am after a few tips on how to get the best auction price for a 53 Desoto Fire Dome 8 I inherited from my father.I was going to get it appraised,and use the appraised value for a reserve bid when I get it auctioned off locally.Can you add anything to what I am planning?
Thanks!

Answer
I do appraisals here in the northeast in the summer and in Florida in the winter. So what I am about to say is how I go about doing an appraisal. First I ask the customer if the appraisal is for insurance purposes or to put a value on something for an estate or a real market value. All three are different. If you set a reserve at the insurance replacement value that will be too high for most auctions. Most local auctions are attended by dealers that are looking to purchase wholesale so that they have room to resell at a profit. Next is the condition and the body style of the car. A 53 plain Jane four door sedan even with the Firedome 8 has about as much appeal as a peanut butter sandwich compared to lobster newburg. If it is a hard top or better yet a convertible in pristine condition then the car deserves one of the national auctions where the big spenders go to play. So there is no easy answer but to play the game. For a good guide for prices check the following web site: http://www.nadaguides.com/default.aspx?LI=7923-22-1-5005-0-0-0%26l=7923%26w=22%2...