Classic Motorhome Appraisal

[Vycan]

Ladies and Gentlemen,

Based on a side conversation in the Classic Motorhomes for sale thread we identified a need for this. Recommend posting the Model, year, and options of your motorhome. Purchase price if recent, or appraisal price and date. Appraisals are required to be within two years for most insurance companies.

1994 Classic 360 Diesel Pusher (Cummins 5.9L 12V and 6 speed Allison MD3060 transmission on a Spartan EC2000 chassis) original sticker price in 1994 $154k.

Appraisal value: $55k as of FEB 2016.

Options added since appraised:
1. Magnum 3012 Inverter/charger (pure sine wave)
2. Magnum battery monitor
3. Magnum ARC 50 Remote control
4. Solar charge controller with remote
5. 5x 100w panels roof mounted

Appraiser discussed this would add $10k to the coach, but he would have to inspect it to verify.

As I people respond I will update a spreadsheet for valuation.

[mayco]

Great job Vycan, get er done....must be that military background! So I'm in the process. I'm using Polk services, getting pictures and information together to send. He happens to be a member here on the forums also. Couldn't find anyone local. Ill update as I go.

Mike

[Isuzusweet]

Originally Posted by Vycan

Appraisal value: $55k as of FEB 2016.

Nick; I've seen a 360 turbo diesel coach for sale three years ago for $125,000 USD in Michigan. Yes, it was beautifully polished and in fantastic shape, but that was three years ago before all this crazyness. Yes, we have seen 94-95 360 turbo diesels for sale for less, but they were in in terrible shape or a having a totalled motor (people were still asking high 20's, low 30's for them). How many of the original 27? are left in usable shape?

I believe in this market, with the rarity of your coach, that appraisal is the bottom end of the market. You could replace it for that kind of money, but how or when? I think you'd see many of them for sale for a lot more.......

I guess it comes down to affordable insurance costs versus actual replacement costs.

Utimately lets NOT get into an accident.

Cheers
Tony

[PeterH-350LE]

I have dealt with 2 claims over the years, both hail damage.
The first was without a stated value and they went immediately by the blue book value. (which was 7000.- for a 1979 in the year 2002) I only succeeded to get almost twice as a settlement, because i had very detailed documentation. No personal labor was accounted for only hard copy receipts. But the MH got a rebuilt title.
On the second claim I had a stated value in place. The adjuster offered a very small amount, which I declined. After submitting a detailed repair estimate from an Airstream dealer, they agreed to pay the estimate in full and did not issue a rebuilt title, because the claim was under 80% of the stated value in the policy.
To sum it up:
A stated value policy does not guarantee you will get that amount, but it will put you in a much better negotiating position and may save you from getting a rebuilt title.
Some of you may be in for a shock, if you pay the 300-500 for an appraisal and you may wish, you would not have gone that route.
I believe in keeping excellent record and gathering market value sales ads at the time of need.

[tevake]

I would be leery of an appraisal done without an in person expert inspection.
The actual condition of these coaches can be all over the place, and going by the opinion of the owners is sketchy at best. And pictures can be selectively shot not giving a clear picture of the condition. That's why we don't buy sight unseen.

Am I missreading this, you send the info to someone and they come up with an evaluation?

Cheers Richard

[mayco]

http://www.polkassociates-llc.com/

This is who I am using Richard. He and his wife run the company and from my research they are very knowledgeable with vintage Airstreams. In fact, they are owners and belong to the forums here. (I didn't realize that until after selecting them). Maybe they will chime in on this thread. Situated here in central Illinois I don't have any resources locally that I would trust to do an accurate appraisal. I use accurate loosely here. I'm not really interested in what my rig is worth from a fair market value stand point....kinda. My objective is to have a certified appraiser provide documented evidence of comparable units should an accident happen. If that makes any sense. Its basically a document from a certified appraiser for backup should I need it.
As Peter said, I too have a comprehensive log of just about everything that has been done to the rig along with receipts. The appraisal will add a "professional" opinion to the mix.
I'm really uncomfortable right now with my current "agreed value" and will raise it it and pay the piper in premiums. I want as much documentation as possible to back that number up. Some may think it's a waste of money, personally if it gives me more peace of mind its worth it. Well knowing that it may not mean a hill of beans should a major accident accur. Its $275 for the appraisal. I can live with that. Once again, I'm not looking to determine a "what would I ask for it" price, just something closer to what I have in it and what it may be worth on the open market.
Bllllllllllech!!!!!! I hate insurance, I always feel on the defense in dealing with these issues. Hate that feeling.

Mike

[Vycan]

Gents, to clarify.

Initial appraisal was in-person. We planned a stop during one of our road trips while we were in TX anyway. The appraiser was initially unwilling because of the low density/rarity of the coach. He stated he would value it at anywhere between 40k and 110k depending on the day because of the market's scrutiny. I am aware I could receive a lot more if I were to sell it, but it would have to be to the right buyer. If I bring it up that high, the premiums are reminiscent of my teenage years. This provides peace of mind. I too keep detailed maintenance records and receipts.

Regarding how many diesel pushers are road worthy of the 27 I cannot say. I know of four from the forums. I would conservatively speculate 20% suffered loss in accidents/neglect over the years. Which would put my SWAG (Scientific Wild-Ass Guess) at 22.

As a side note, appraisals for items should not exceed $100. Jewelry is around $20. Collectibles are free-$20. Vehicles are $50-100 including yachts. The only appraisals that reach that price are real estate appraisals. However that is due to the significant liability of the appraiser. I have noticed a significant disparity when doing business in California. I have multiple family members in appraisal business, and considered doing it for myself.

If I were to sell her, based on condition and upgrades I would fix the wrinkle on her driver side butt cheek, and price her around $110k to see who bites, but at this time, plan to keep her a very long while.

I will tell you despite the rarity, we are still talking a 23year old coach. The coach referenced that sold for $120k three years ago was the dealer sale in California. It was polished (which is not value enhancing, but maintenance increasing) had 500w of solar, a 2000watt pure sine wave inverter, and upgraded to four deep cycle batteries for the coach batteries for a total Ahrs of 240. The dealer sold it for $109,000.00 as the final sale price, not the list of $120.000.00. However it is in California.

At the same time there was one that was polished, clear coated with wood grain beltline panel, a custom tile compass rose in the bathroom, and upgraded interior was listed for $70,000.00 in Georgia. I believe it sold for $55.000.

So while the perception is that they are $100,000.00 baseline, I would counter that is only for a collector or dedicated buyer, but that the fair market value is closer to $55-70k. I would only price mine at $110k, because I have zero desire to sell it, and would only appeal to the collector.

Look forward to others posting so we can begin an detailed valuation to provide investment protection for current owners, and expectation management for future sales.

[tevake]

Thanks to Mayco, and Vycan, for the clarification about the appraisal as it relates to insurance valuation. I too proceed warily in my dealing with Insurance Companies.
So good on ya for finding a way to try to make it more comfortable for you.

Cheers Richard

[Vycan]

Richard,

That's a good point. It's just about individual comfort level.

[Kota]

Originally Posted by Vycan

Gents, to clarify.



At the same time there was one that was polished, clear coated with wood grain beltline panel, a custom tile compass rose in the bathroom, and upgraded interior was listed for $70,000.00 in Georgia. I believe it sold for $55.000.

That one was for sale in Houston Tx about 7 years ago when I started looking at Airstream mohos. I didn't even know Airstream made a diesel pusher at the time. It had just been refinished and photographed inside and out. Looked real sharp.

He was having problems with engine cooling in the Texas heat.

I really wanted it but the guy threw out a price in the high 90s. I told him it was too far above my budget to even counter. My 95 popped up on Craig's list in Seattle a few days later. I hopped on a plane, looked it over, test drove it, and offered $34. They accepted and I drove it 1500 miles home with nothing but checking the tire pressure and fluid levels.

About 3 years ago I was searching Craig's list for salvage parts for a Spartan chassis looking for a donor for the Reyco Granning air ride suspension that was optional on the Airstream DPs. The key words that popped up were "Spartan EC2000 Reyco Air ride" it was in Florissant CO about 120 miles south. I called the day after the add went up and they said it was sold. Two days later the guy called back and said the guy backed out. I wend down and looked. The guy started it and said let's take it for a ride. I asked him for his best cash price. His sister owned it and told him not to take anything less that $18k. Drove it home the next day after throwing a set of tires on it. It was a problem child and they were done throwing dollars at it.

It's still sitting in covered storage in dry Colorado. Got to move it to Michigan this spring.

[mayco]

I received my appraisal back from Polk Associates LLC. I have to say that Mr Polk was very easy to work with and responded to all my questions and emails very quickly. Now like I stated before, I wanted to get this done for documentation for an "agreed value" statement with my insurance carrier, Progressive. I sent Mr Polk around 35-40 photographs of the rig along with a brief list of major improvements.....defining "major" was a bit challenging. The appraisal came back at $74,300. Here is a good article on Airstream insurance and the "agreed value".

http://outsideinterests.info/article...ge-valuations/

So Ive spoken with my Progressive agent and am adjusting the agreed value statement on my policy. The premiums are going to reflect the change, like double. I think it's worth it but who knows.

[Vycan]

Tony... Wow! I will have to contact him and see what he thinks.

[mayco]

http://rvlife.com/vintage-rv-insuran...youre-covered/

Decent article on the subject