1969-Ford-Mustang-Mach-1-9R02R156772

1969 FORD MUSTANG
MACH 1 428 COBRA JET
1969
EXPERT AUTO APPRAISALS
Vehicle Inspection
Report
1969 Ford Mustang Mach 1 428 Cobra Jet
VIN 9R02R156772
Prepared for:
Classic Rewind Motor Company
LaMotte, Iowa
Appraised by:
Expert Auto Appraisals
Chip Davis
P.O. Box 303
Jensen Beach, FL 34958
772.621.2622
561.307.2232
9R02R156772
Expert Auto Appraisals
P.O. Box 303 Jensen Beach, FL 34958
Fair Market Value Conclusion
1969 Ford Mustang Mach 1 428
VIN 9R02R156772
Mileage 48,073 Indicated
To whom it may concern,
In compliance with the recent request, we have appraised the above referenced vehicle.
The above conclusion is the opinion of the appraiser after very carefully physically
inspecting the vehicle and the market it is to be traded in. The appraisal inspection was
performed on September 15, 2013 and the conclusion submitted on September 29,
2013. This purpose of this appraisal is to determine the vehicle’s Fair Market Value.
The Fair Market Value of this vehicle on the dated was: $75,850
Thank you very much for your business, and if you should have any further questions,
please do not hesitate to call.
Regards,
Chip Davis
Expert Auto Appraisals
P.O. Box 303
Jensen Beach, FL 34958
772.621.2622
561.307.2232 cell
[email protected]
9R02R156772
Purpose and Scope of Report
Purpose
The purpose of this document is to report to the customer the inspector’s opinion of the
overall physical condition of the inspected vehicle as well as provide an accurate list of
options and equipment featured on it.
Diminished Value
The diminished value of the vehicle is described as the estimated total amount of money
that an automobile is estimated to have depreciated in value, due to a particular
accident, mishap, event or circumstance.
Fair Market Value
The Fair Market Value of the vehicle is the highest price on the date of the evaluation
that would be agreed to by a seller, being willing to sell. And a buyer, being willing to
buy, and under no particular necessity for so doing, each dealing with others full
knowledge of all the uses and purposes for which the property is reasonable, adaptable
and available.
Replacement Value
The replacement value of a vehicle is defined as the actual total cost of exactly
duplicating the vehicle if it were subject to a total loss. In the case of a customized or
modified vehicle this must also include the cost of obtaining an identical type of “donor”
or “base” vehicle, the cost of obtaining all of the additional aftermarket and specialty
components along with all labor costs incurred to replicate the loss vehicle.
Fair Market Value Prior to Loss
The Fair Market Value of the vehicle prior to loss is the highest price on that prior noted
dated of valuation that would have been agreed to by a seller, being willing to sell, and a
buyer, being willing to buy, and under no particular necessity for so doing, each dealing
with others full knowledge of all the uses and purposes for which the property is
reasonable, adaptable and available immediately prior to the known loss date of that
vehicle.
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Method of Valuation
The value is estimated by current market data comparison, supplemented by cost
information. The vehicle is compared when possible, with others for sale and that have
sold in the general time period. Adjustments are made for differences in equipment,
mileage, cosmetics, conversions, originality, condition as well as sale terms and current
economic conditions at time of sale.
Assumptions and Limiting Conditions
Information including, vehicle identification numbers, serial numbers, engine numbers,
engine size, component serial numbers, color codes, paint codes, trim codes,
component stampings, door tags, fender tags, cowl tags, date codes, badges, emblems,
owner history and mileage information provided by the owners or parties to sell or
others, or displayed on the appraised vehicle or components are assumed to be
reliable, correct and truthful, as accuracy is not checked or guaranteed for originality or
authenticity.
Although Expert Auto Appraisals has an extensive library, we do not have direct access
to specific manufactures records, log books, files, computer data bases, or other nonpublished information.
Unless the client particularly asks for this in writing, and agrees to absorb any additional
cost in obtaining, no such effort will be made in contacting manufactures, automotive
groups historians, etc. in order to acquire such information.
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1969 Ford Mustang Mach 1 428 Cobra Jet
VIN 9R02R156772
Mileage 48,073 Indicated
Inspection and Appraisal Purpose
The purpose of this appraisal is to determine the Fair Market Value and the authenticity
of the vehicle noted in its current condition at time of inspection. The following
components have been visually inspected and photographed.
The Vehicle’s Details and Equipment
The following driveline component castings and stampings have been inspected and
photographed.
Trim Tag
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Body 63C Color Y5 Trim 3AA Date 18C DSO 72 Axle S Transmission 6
Block VIN Stamping 9F126634
Block Casting Date 8K22
Transmission Casting C8AR 7006 D
Transmission Tag RUG-AE2
Rear End Casting Date 9A29
Rear End Assembly Date 9BB
Rear End Application WFD-F
This decodes as a 1969 Ford Mustang Mach 1 428 CJ with Ram Air that was built in
San Jose, CA on March 18, 1969. The car was finished in Indian Fire Metallic with a Flat
Black Hood (Y5). The interior is finished in Black and Black Knitted Vinyl (3AA). The car
was built with a Close Ratio 4 Speed Transmission mated to 3.50:1 Traction-Loc Rear
Axle. The transmission VIN was not able to seen with it in the vehicle. The rear end is
correct by type and date. The engine block was cast on October 22, 1968. It is a 428
Engine that is not the original unit to the car. A VIN stamping was found on the block
and is an earlier VIN than this example.
9R02R156772
Expert Auto Appraisals
P.O. Box 303 Jensen Beach, FL 34958
Certificate of Authenticity
1969 Ford Mustang Mach 1 428 Cobra Jet
VIN 9R02R156772
Mileage 48,073 Indicated
To whom it may concern,
In compliance with the recent request, we have appraised the above referenced vehicle.
The above conclusion is the opinion of the appraiser after very carefully physically
inspecting the vehicle, the vehicles identification number, trim tag, body panels, and
mechanical components, that this is a true and correct 1969 Ford Mustang Mach 1 428
with the original driveline components, but a vintage correct engine from 1969. The
appraisal inspection was performed on September 15, 2013 and the conclusion
submitted on September 29, 2013. This purpose of this appraisal is to determine the
vehicle’s authenticity and correctness as a restored 1969 Ford Mustang Mach 1 428.
Thank you very much for your business, and if you should have any further questions,
please do not hesitate to call.
Regards,
Chip Davis
Expert Auto Appraisals
P.O. Box 303
Jensen Beach, FL 34958
772.621.2622
561.307.2232 cell
[email protected]
9R02R156772
Vehicle Condition
Overall Condition
This is a highly restored 1969 Ford Mustang Mach 1 428 Cobra Jet. The restoration of
the vehicle has now aged slightly and some light detail and freshening can be done,
however extremely good car overall. This car was restored to its original specification.
The car restoration was a rotisserie restoration and everything was done. This was a
condition 1 car when it was completed and has the ability to be taken back to that level.
The body is in excellent condition and the body panels are mostly original. I found a
patch in the lower left quarter panel, which was well done but does exist. The quarters
are original to the car. All of the body panels are excellent. The floors have been
included in the restoration and are excellent. They are finished in red oxide primer as
original. A few hardware pieces on the undercarriage need possible refinish. The paint
on the car is excellent and shows very well. The engine compartment was excellent. All
original markings have been done at time of restoration. The finished are correct. The
level of detail is very high. This example has been shown at a national level when it’s
restoration was completed and scored very high. The engine in the car is a non-original
replacement block that was assigned to an earlier VIN. This block is about 3 to 4
months early to the car. The transmission and rear end are correct to the car. All of the
supporting components are correct by type and vintage. All bright work on the car is
correct, original, and in excellent condition. All of the lighting and lenses are excellent.
The interior is excellent throughout. The car retains original components. In summary,
this is a top quality example that needs some light housekeeping to be detailed back to
a number one condition example. The car is very correct in finish and components with
the exception of the engine block as noted. In my valuation, all of the comparable
examples used had vintage correct engine replacements. This car is finished in an
excellent color combination, has a close ratio 4 speed, a 3.50 rear end, and has been
restored to a very high level and now showing a touch of age. This a very solid condition
2 example as inspected, with condition 1 being reachable.
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Exterior Summary
Component
Poor
Fair
Average
Good
Very Good
Excellent
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Body
Paint
Trim
Emblems
Front Bumper
Rear Bumper
Frame / Chassis
Wheels
Tires
Glass
Weather Stripping
Interior Summary
Component
Poor
Fair
Average
Good
Very Good Excellent
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Engine Compartment
Dash
Instrument Panel
Gauges
Front Seats
Rear Seats
Door Panels
Interior Trim
Top / Headliner
Carpets
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Currently Available Comparable Vehicles
Sold at Barrett Jackson Auctions Las Vegas
September 2013 $75,900
9R02R156772
Currently Available Comparable Vehicles
Sold at Barrett Jackson Auctions Palm Beach April 2013
$77,550
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Currently Available Comparable Vehicles
Sold at Barrett Jackson Auctions January 2012
$79,200
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Currently Available Comparable Vehicles
Sold at Barrett Jackson Auctions November 2012
$77,000
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Currently Available Market Guide Data from
Hagerty Price Guides
Condition 2 $68,500
9R02R156772
Market Appraisal Summary
This particular vehicle, a 1969 Ford Mustang Mach 1 428 is a very desirable Mustang.
This vehicle has been highly restored to and maintains original type mechanical
components. The market on these cars is very established. This report indicates that
this example does not have its original engine. All of the comparable sales included in
this reports also have correct replacement engines. I have adjusted the values
accordingly to properly reflect the vehicles current true market value with options
original to the car, and condition as inspected.
Make / Model
1969 Ford Mustang Mach 1 428
1969 Ford Mustang Mach 1 428
1969 Ford Mustang Mach 1 428
1969 Ford Mustang Mach 1 428
1969 Ford Mustang Mach 1 428
Averages
Condition / Market Adjustment
Source
Barrett Jackson Auctions
Barrett Jackson Auctions
Barrett Jackson Auctions
Barrett Jackson Auctions
Hagerty Price Guides #2 Condition
Non Original but vintage correct
Engine - Deduct 0% against
comparable sales
Adjusted Fair Market Value
Selling Price
$77,000
$77,550
$79,200
$77,000
$68,500
$75,850
$0
$75,850
Based on information within the market at this time, I place the following fair market
value, considering the exact vehicle, condition, equipment, color etc.
Fair Market Value $75,850
9R02R156772
Statement of Appraisal and other Limiting Conditions
The undersigned hereby declares that:
• A physical inspection of the stated vehicle was actually performed.
• There is no undisclosed personal interest, presently or contemplated in the future, in
the vehicle or the proceeds to be derived there from.
• Neither the employment nor the compensation for this report is contingent upon the
value estimated herein.
• To the best of my knowledge, as noted under “Assumptions and Limiting Conditions”
the statements in this report are correct and the opinions stated are based on a full
and fair consideration of all the available facts.
• The findings reported herein will not be revealed to anyone other than the named
recipient without permission or until required to do so by process of law.
• A copy of this report will be kept in our files for a period of five years, together with the
original notes from which it was prepared.
• The fee for this report is not contingent upon value or condition of the vehicle.
• No investigation of legal title to the vehicle has been made and owner’s or tenants
claim to the property has been assumed to be valid. No consideration has been given
to liens or encumbrances that may be against the property except as specifically
stated in the report.
• In the event that our expertise is needed in any action, such as but not limited to court
action, contact with a public agency, or involvement in any arbitration process
(appraisal clause hearing), it will first require the consent of the appraiser. Should our
appraiser / inspector be required to appear in connection with this report document, an
additional minimum fee of $650 (Six Hundred fifty dollars) will be charged and is due
prior to service.
• Any required umpire fee is also due prior to any arbitration hearing. Due to the
complex nature of this service and the number of parties involved, our appraiser does
not accept responsibility for any delays incurred. For any travel greater than 25 miles
from the appraisal location, separate and additional fees will be charged for and rental
car, airfare, lodging, and additional travel expenses.
• Additionally consultants, negotiations or other time related activities incurred in lieu of
an appearance will be billed by our office at the $250 (Two hundred fifty dollars) per
hour fee. Court time will be billed at this rate with a four hour minimum.
9R02R156772
Appraisal Provisions and Stipulations
• Unless noted or acknowledged elsewhere, the vehicle valuation and / or the physical
condition report describes the condition of the vehicle as it was at the time of the
inspection by the appraiser or inspector thereof, or, as described by the owner of
record or the agent thereof as it appeared immediately prior to the noted loss.
• This report only represents the areas of the vehicle that could be physically viewed at
the time that the inspection actually took place including the and equipment described
herein.
• No disassembly or removal of any areas, bodywork, upholstery, trim, mechanical,
electrical, or hydraulic components or computers and / or any other systems of the
vehicle is performed during the inspection.
• All specialized considerations that are deemed correct and relevant in the reporting for
the noted appraised vehicle were taken.
• This information reflects the reported and obtained information, pursuant to
professional Appraisal industry standards and guidelines.
• This report was prepared exclusively for the client of Expert Auto Appraisals and
should only be used and / or referred to when completed in its entirety, and spiral
bound by the appraiser / inspector.
• The physical conditions as well as the options listed in this report area as noted at this
time of the inspection. This report is accurate as of the inspection date only and does
not reflect the condition or alterations to the equipment that may occur after the
inspection or damage that may occur as a result of shipping and or abuse.
• Every effort is made at the time of the inspection to determine the extent of any rust or
body filler materials that may be present in the body, sheet metal or frame of the
vehicle, it must be understood by the client / customer that without the total stripping of
paint, under seal or undercoating as well as the physical cutting of sheet metal and
frame materials it is impossible to completely know the total extent of any rust or body
filler issues.
After having considered all the relevant factors, it is the opinion of Expert Auto
Appraisals that the Fair Market Value of the subject, as of the inspection date was:
Seventy Five Thousand Eight Hundred and Fifty Dollars
$75,850
Respectfully submitted,
Chip Davis
Expert Auto Appraisals
9R02R156772
Summation of Value
Our opinion of the Fair Market Value is based on a combination of any of the following:
• The overall cosmetic and mechanical condition of the vehicle.
• The demand and available supply of comparable vehicle when available.
• The adjusted value of somewhat similar vehicle advertised or recently sold.
• Dollar amounts indicated by the published value guides.
• Dollar amount indicated by on-line value guides.
• The expertise of the inspector / appraiser.
• The expertise of other appraiser and inspectors within our national network that might
have been consulted for this assignment.
• The expertise of other appraisers and inspectors that are fellow members of various
credible automobile appraisal associations.
• The expertise of a recognized expert of the particular type of vehicle appraised that
might have been consulted for this assignment.
• Expert Auto Appraisal’s extensive database of previous completed reports of similar
vehicles.
• Opinions of others who have handled similar models in the past, and market similar
vehicles currently.
• Physical auction results listing actual vehicles sold or the highest dollar amount bid
against sellers reserve.
• Online auction results such as EBay, listing actual vehicles sold or the highest bid
amount against sellers reserve.
• Extensive online research of that particular type of vehicle.
• The consideration of receipts provided, as well as other expenses incurred in
completing the appraised / inspected automobile or motorcycle.
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Additional Notes Regarding the Summation of Value
Mechanically, the appraised vehicle, as noted under “Additional Notes”, is assumed to
perform with no operational malfunctions and or driving problems were on the inspection
date, therefore, unless operational malfunctions and or driving problems were disclosed
by owner / seller at the time of the inspection, no dollar amount was debited from the
Fait Market or Replacement Value in order to compensate for the repair of such
mechanical defects.
Additionally contained in this report may be comparable vehicles available and or for
sale in the market place. Asking prices and actual sale prices will fluctuate depending
upon the overall cosmetic appearance and condition, originality, the mechanical history
and performance, recorded mileage, configuration of power train, custom conversions,
options and accessories. This report, when possible will adjust to compensate for those
differences.
The subject vehicle, at the time of this report, represented an Excellent example of a;
1969 Ford Mustang Mach 1 428 Cobra Jet
Based upon the onsite inspection of this vehicle and with consideration for all the
information and dollar amounts determined as relevant to this report, Expert Auto
Appraisals has determined a Fair Market Value of this vehicle, at the time of the noted
inspection date was:
Seventy Five Thousand Eight Hundred and Fifty Dollars
$75,850
The fair market value is the opinion of Expert Auto Appraisals and is derived after
careful study of information observed or supplied to us that we assume to be both
accurate and reliable. As described under both the prior written “Assumptions and Other
Limiting Conditions” and the “Appraisals Provisions and Stipulations”, we assume no
responsibility for inaccuracies or errors.
9R02R156772
About Expert Auto Appraisals
Expert Auto Appraisals is owned and operated by Chip Davis in Jensen Beach, FL.
Chip Davis has been in the business of valuation, inspection, and the trading of special
interest vehicles since 1985. Working under the guidance of the great automotive
historian, Eddie Phillips, Chip Davis was introduced to some of the rarest and most
significant collector cars known to exist, while servicing clients throughout North
America, Europe, South America, and Asia. Eddie taught Chip about these cars, but
more importantly, the importance of having the resources to research vehicle specifics
and market values. To this day, our alliances with dealers, clients, collectors, and
enthusiasts of the vehicles we appraise and inspect are our most valued resource.
Chip Davis went on to start the Expert Auto Group and Investment Motor Sports in 1989
which represented both buyers and sellers of special interest vehicles in the open
market and large collector car auctions such as Barrett-Jackson, Mecum, and RM
Auctions. Our services involve the inspection, valuation, and verification of some of the
significant vehicles ever made. Our specialty has always been the verification of
authenticity of high end collector vehicles, prior to sale. Sellers of these types of
vehicles use our services as frequently as buyers. In recent years, our services have
expanded to placing valuation on collections for legal matters, total loss claims due to
accidents for insurance, custom motorcycles, and corporate fleet assessments.
Our client list includes some of the largest names in the auto world. We have performed
work for Insurance Companies including Farmers, State Farm, Geico Intact, and
Allstate, Porsche Cars NA, Nascar Team Owners, Franchise Auto Dealers, Auction
Houses, Attorney’s and countless private collectors throughout North America and
Europe.
Thank you for giving this opportunity to Expert Auto Appraisals for your vehicle appraisal
or inspection needs.
Regards,
Chip Davis
Expert Auto Appraisals
P.O. Box 303
Jensen Beach, FL 34958
772.621.2622
561.307.2232 cell
9R02R156772