What valuation method compares the vehicle to recently sold similar vehicles?
Correct!
Wrong!
The market comparison approach values vehicles by comparing similar, recently sold vehicles.
Which valuation technique uses the replacement cost minus depreciation?
Correct!
Wrong!
The cost approach calculates the vehicle value based on replacement cost minus depreciation.
What significantly influences a vehicle's appraisal value?
Correct!
Wrong!
The condition and maintenance history significantly affect the appraisal value.
What does depreciation represent in vehicle valuation?
Correct!
Wrong!
Depreciation refers to the decrease in a vehicle's value over time due to wear and tear.
Which publication is commonly used by automotive appraisers to estimate vehicle values?
Correct!
Wrong!
Kelley Blue Book is widely used by appraisers for accurate vehicle valuation.
What valuation method determines vehicle value based on potential future earnings?
Correct!
Wrong!
The income approach calculates vehicle value based on potential earnings or revenue generation.