1964 PONTIAC LEMANS GTO

1964 PONTIAC LEMANS
GTO
1964
EXPERT AUTO APPRAISALS
Vehicle Inspection
Report
1964 Pontiac LeMans GTO
VIN 824P133783
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
824P133783
Expert Auto Appraisals
P.O. Box 303 Jensen Beach, FL 34958
Fair Market Value Conclusion
1964 Pontiac LeMans GTO
VIN 824P133783
Mileage 50,051 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: $53,310
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]
824P133783
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.
824P133783
1964 Pontiac LeMans GTO
VIN 824P133783
Mileage 50,051 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. Every component is correct by type, part number, and production /
assembly date. The stampings are original from the manufacture.
Trim Tag
02A
64-2237 PO 5427
214
V-2
1W-2Y-2P-3K-5N-5M
10-2
Block Casting 9773155
Block Casting Date G104
Head Casting Right 9770716
Head Casting Left 9770716
Transmission Casting 3851325
Transmission Stamping P0204
Options:
Tinted Windshield
Padded Dash
Rear End Assembly BU0407G1
Intake Manifold Casting 9770275
Front Carburetor Tag 7024175
Center Carburetor Tag 7024178
Rear Carburetor Tag 7024179
Radio
Dome Reading Lamp
GTO Package
Seat Belts
This decodes as a 1964 Pontiac LeMans GTO that was built at Pontiac, MI during the
1st week of February 1964. The car was finished in Grenadier Red (V-2), with a Black
Vinyl Top. The interior is finished in Black Vinyl (214). The car was built with a Muncie 4
Speed Transmission that was assembled February 4 1964. The engine block was cast
on July 10, 1964. It is a 1964 389 Engine that is not the original unit to the car. The
intake manifold is from a 1963 Tri Power Application. The heads are correct to the
vehicle. The Hurst Wheels that on the car are original examples.
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Expert Auto Appraisals
P.O. Box 303 Jensen Beach, FL 34958
Certificate of Authenticity
1964 Pontiac LeMans GTO
VIN 824P133783
Mileage 50,051 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 1964 Pontiac LeMans GTO with
the original driveline components, but a vintage correct engine from 1964. 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 1964 Pontiac LeMans GTO.
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]
824P133783
Vehicle Condition
Overall Condition
This is a restored 1964 Pontiac LeMans GTO. This is an older restoration that is now in
need of light freshening. The restoration when it was performed was very complete, and
was done to a high standard. The restoration was performed on a very good example
that has been finished in correct colors. The trim tag on the car is original and correct to
the vehicle. The body on the car is very good condition. The floors are excellent. The
body panels are excellent. The paint is very good. The paint will need some very good
detail work to bring it up a level. All of the bright work is correct and original. The
downfall to the car is that the restoration is older and it appears to have been poorly
stored. It’s not bad, however if you look at the hardware, shocks, clamps, bolts, etc.,
evidence of corrosion exists. The car can be easily freshened, and this example is
certainly worthy of the efforts. The engine compartment is very correct in appearance.
The engine block has been replaced at some point. The engine in the vehicle is a 389
from 1964 that was cast in July, 5 months after this cars assembly. The intake manifold
is a 1963 part number. The engine compartment needs some detail work, mainly
exhaust manifolds and cylinder heads to be refinished. The interior on the car is very
correct and is in very good condition. The components all appear to be original and
complete. The car was ran and moved in close quarters during the inspection.
Everything appeared to work as designed. The car was inspected on a lift and all
mechanical items were inspected. Everything appeared to be in good operating
condition. This is an example that was at least a very strong #2 condition car when
completed and now has just aged. This car can be taken back to let level with well
focused efforts targeted to details that have fallen in condition due to time and exposure.
The car has a great set of original Hurst wheels that have not been restored. They are
very good originals and add value to this car.
824P133783
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 Mecum Auctions Monterey August 2013
$49,000
824P133783
Currently Available Comparable Vehicles
Sold at Mecum Auctions Dallas Setember 2013
$49,000
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Currently Available Comparable Vehicles
Sold at Barrett Jackson Auctions September 2013
$45,100
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Currently Available Comparable Vehicles
Sold at Barrett Jackson Auctions August 2013
$64,350
824P133783
Currently Available Market Guide Data from Hagerty Price
Guides
Condition 2 value $73,100, Condition 3 value $45,100
Average of #2 and #3 $59,100
824P133783
Market Appraisal Summary
This particular vehicle, a 1964 Pontiac LeMans GTO is considered to be the first
American Muscle Car ever built. This vehicle has been restored to and maintains
original type mechanical components. The market on these cars is very established. 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
1964 Pontiac LeMans GTO
1964 Pontiac LeMans GTO
1964 Pontiac LeMans GTO
1964 Pontiac LeMans GTO
1964 Pontiac LeMans GTO
Averages
Condition / Market Adjustment
Condition / Market Adjustment
Adjusted Fair Market Value
Source
Mecum Auctions
Mecum Auctions
Barrett Jackson Auctions
Barrett Jackson Auctions
Hagerty Price Guides Average of
#2 and #3 Conditions
Non Original, but vintage correct
Engine - Deduct 10%
Original Hurst Wheels - Add 10%
Selling Price
$49,000
$49,000
$45,100
$64,350
$59,100
$53,310
-$5,331
$5,331
$53,310
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 $53,310
824P133783
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.
824P133783
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:
Fifty Three Thousand Three Hundred and Ten Dollars
$53,310
Respectfully submitted,
Chip Davis
Expert Auto Appraisals
824P133783
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.
824P133783
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 Very Good example of a;
1964 Pontiac LeMans GTO
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:
Fifty Three Thousand Three Hundred and Ten Dollars
$53,310
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.
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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
824P133783