Passenger rail

Passenger Rail Equipment Appraisal

RLBA is one of the most trusted names in the rail industry in evaluating and valuing passenger rail equipment, including both cars and locomotives. RLBA’s capabilities are scalable, performing on-site and desktop appraisals from single cars or locomotives to entire fleets of equipment.

 Select Project Descriptions:


RLBA appraised a fleet of 49 former ATSF hi-level passenger cars consisting of coaches, dining cars, transition cars and a lounge car. RLBA sent inspectors to two locations to inspect the equipment and to evaluate overall mechanical and aesthetic condition. The firm then performed both Fair Market Valuation and Replacement Cost New Less Depreciation appraisals of the railcars, resulting in two detailed written reports containing a Fair Market Valuation as well as a Reproduction Cost New Less Depreciation value of the railcars.


RLBA was retained to perform an appraisal of 120 intercity passenger diesel locomotives. RLBA performed a desktop appraisal, using the Orderly Liquidation Valuation (OLV) approach. Using its extensive knowledge of the passenger equipment secondary market, RLBA identified and classified the locomotives into three separate groups:

  1. sale “as-is;”
  2. sale for modification; and
  3. sale into scrap

By making these distinctions between alternative, realistic uses on the secondary market, RLBA was able to provide the client with a much more realistic appraisal values than simply the scrap value of all the locomotives, the simplistic approach most other appraisers suggested when approached by the client.


RLBA was engaged by Miller Etzler, P.L. (MEPL) to provide an appraisal of private railcar “Erie 400.” RLBA’s Senior Mechanical Associate traveled to Huntington, West Virginia to perform a detailed physical inspection of the interior and exterior of the railcar. Upon completion of the on-site inspection, RLBA drafted a written report outlining its findings, which included a “Fair Market Valuation” (FMV) of the railcar. The FMV was arrived at by considering the information provided by MEPL’s client as well as RLBA’s knowledge of current and past sale prices of similar or the same equipment in the U.S. private railcar market. The written report provided by RLBA to MEPL consisted of the methodology used in determining the appraised FMV of the Erie 400 as well as documentation regarding the overall condition of the railcar gathered through an on-site inspection.