Premium Offered For My GT4

Premium Offered For My GT4

Author
Discussion

oo7ml

Original Poster:

191 posts

53 months

Thursday 14th November
quotequote all
Hi,

A friend of a friend called me today and offered me a significant premium for my GT4, which arrives in a few weeks. I have politely declined.

I have no interest in selling the car now or ever. It’s one that I would like to hopefully keep with a few current classics, and pass onto family one day.

That aside, I was surprised to see that there wasn’t any 718 GT4s / Spyders advertised on Pistonheads.

Out of interest, what is the true value of such a car now... 10-20% over list?

Edited by oo7ml on Thursday 14th November 13:48

Twinfan

4,211 posts

52 months

Thursday 14th November
quotequote all
Very few have actually arrived in the UK yet, only 2-3 of each were distributed to dealers in the first round of allocations.

No-one knows what the premium is, if there is one, until someone sells one. They're only worth what someone will pay.

NickUSA

615 posts

115 months

Thursday 14th November
quotequote all
This is an interesting question, not that I am interested in selling as I am not.

But, I am interested in insuring the true value of the car. Currently the only real value is the invoice price.

I have asked my insurer for guidance they've been vague. I can insure above list but if the car was deemed a total loss I'd only get the invoice value, not it's potential replacement value unless I can get an agreed value that shows otherwise.

Difficult until a car pops up for sale.

tedblog

665 posts

28 months

Thursday 14th November
quotequote all
From what i understand insurers will only pay max invoice price as it stops fraudulent claims

NickUSA

615 posts

115 months

Thursday 14th November
quotequote all
tedblog said:
From what i understand insurers will only pay max invoice price as it stops fraudulent claims
Not wholly true, some policies do have an exclusion for 'betterment' but some do not.


Edited by NickUSA on Thursday 14th November 15:10

Porsche911R

17,900 posts

213 months

Thursday 14th November
quotequote all
oo7ml said:
Hi,

A friend of a friend called me today and offered me a significant premium for my GT4, which arrives in a few weeks. I have politely declined.

I have no interest in selling the car now or ever. It’s one that I would like to hopefully keep with a few current classics, and pass onto family one day.

That aside, I was surprised to see that there wasn’t any 718 GT4s / Spyders advertised on Pistonheads.

Out of interest, what is the true value of such a car now... 10-20% over list?

Edited by oo7ml on Thursday 14th November 13:48
does it matter, seems odd to post...

boxsey

3,428 posts

158 months

Thursday 14th November
quotequote all
Porsche911R said:
oo7ml said:
Hi,

A friend of a friend called me today and offered me a significant premium for my GT4, which arrives in a few weeks. I have politely declined.

I have no interest in selling the car now or ever. It’s one that I would like to hopefully keep with a few current classics, and pass onto family one day.

That aside, I was surprised to see that there wasn’t any 718 GT4s / Spyders advertised on Pistonheads.

Out of interest, what is the true value of such a car now... 10-20% over list?

Edited by oo7ml on Thursday 14th November 13:48
does it matter, seems odd to post...
My thoughts too...I'll bet if the premium offered was more than 20% there wouldn't have been a post and the car would be on owner number 2 very soon. whistle

Essential

1,022 posts

158 months

Thursday 14th November
quotequote all
Have been offered a big spec car. £98k list for £8k over so yes looks like circa 10% over for one at the moment.



Cheib

17,249 posts

123 months

Thursday 14th November
quotequote all
NickUSA said:
tedblog said:
From what i understand insurers will only pay max invoice price as it stops fraudulent claims
Not wholly true, some policies do have an exclusion for 'betterment' but some do not.


Edited by NickUSA on Thursday 14th November 15:10
Definitely not true. The policy I had for my GT3 was that they would pay out up to 50% over invoice price...it was a standard term on that particular insurers policy.

Twinfan

4,211 posts

52 months

Thursday 14th November
quotequote all
Essential said:
Have been offered a big spec car. £98k list for £8k over so yes looks like circa 10% over for one at the moment.
That's really sad - the cars are still going to the wrong people frown

Mad Scientist

230 posts

27 months

Thursday 14th November
quotequote all
Worst “how much should I flip my car for” thread ever.

smile

rkwm1

644 posts

50 months

Thursday 14th November
quotequote all
Mad Scientist said:
Worst “how much should I flip my car for” thread ever.

smile
rofl

Cheib

17,249 posts

123 months

Thursday 14th November
quotequote all
Twinfan said:
Essential said:
Have been offered a big spec car. £98k list for £8k over so yes looks like circa 10% over for one at the moment.
That's really sad - the cars are still going to the wrong people frown
Yup but if there’s less than a £10k premium for a very early car it’s good news in the long term.....nothing in it for those that don’t actually want to own and enjoy these cars.

oo7ml

Original Poster:

191 posts

53 months

Thursday 14th November
quotequote all
Haha, it’s genuinely not. I’ve no interest in flipping my car or any other cars. I’ve been waiting over 12 months for Porsche to reveal this car, and there are far easier ways to make money.

Thanks to those who were annoyed by the post... but still chimed in... very strange, but thank you.

Anyway... the main reason I asked was actually from an insurance perspective, as I recently insured a classic 911 and there was some debate with the insurance company in terms of the ‘true value’ of the car... and after this mornings conversation I’m curious to know what value the car needs to be insured at... I would have presumed it was the price that I paid the OPC for it?

blackmamba

571 posts

184 months

Thursday 14th November
quotequote all
My OPC wrote a valuation letter for my GT3 when I took delivery and I had an agreed value policy for it at that value which was over list.

GT4P

3,757 posts

133 months

Friday 15th November
quotequote all
I am sure Insurances I have had in the past say "market value" so when making a total loss claim it's the market value at that time. So if they only want to pay out £70k for but the average of similar cars for sale is ££85k then that is what they should pay out!

GT4P

3,757 posts

133 months

Friday 15th November
quotequote all
To add we bought our runabout new at a discount and on renewal the value that automatically pops up when doing the application on confused came up more than we paid a year previous

Gameface

10,672 posts

25 months

Friday 15th November
quotequote all
I'd take this posters posts with a pinch of salt.


MDL111

3,970 posts

125 months

Friday 15th November
quotequote all
my policy just stated market value and they paid out more than what I paid for the car 4 months earlier due to the market having moved and no comparable cars being available below c. a 30% premium (that was a used car). I would have much rather had my car back, but repair was uneconomical
That was in Germany though

oo7ml

Original Poster:

191 posts

53 months

Friday 15th November
quotequote all
Thanks, I've seen similar things happen in the watch industry too. I renewed my house insurance in the summer, and had to list the value of 2 watches, both which have significantly risen in value over the last number of years... and I had the exact same conversation with the insurer.

I will be insuring the GT4 with the same insurance broker, so will let you know how it turns out, thanks.