How to calculate classic car value?
Discussion
As part of finally getting my 67 Mustang through an MOT, and getting her changed to an "on road" policy, I have had the fn of trying to work out her new value.
However, what I think she is worth is neither here, nor there.
The Insurance Co did say they would be happy to agree a value if I send over pics, MOT etc, but before I do this I would rather be armed with a little knowledge.
How do insurance companies value a classic car?
Are there specific sites they look at for past sales, or current adverts?
However, what I think she is worth is neither here, nor there.
The Insurance Co did say they would be happy to agree a value if I send over pics, MOT etc, but before I do this I would rather be armed with a little knowledge.
How do insurance companies value a classic car?
Are there specific sites they look at for past sales, or current adverts?
I just hit them with a number I think its worth.
If anything happens they will always low ball you with the crappest settlement figure regardless of the 'value' you originally stated.
You then have to argue, send them photos, adverts with similar cars to yours stating the amount they are worth.
I had 800 quids damage to an integrale back in '98, the assessor told me it was like a Volvo and written off. oh how I laughed, and the Elise after a sideways bint, same problem. 'It's only worth $xxxe Mr. Collins...." errr... I dont think so.
If anything happens they will always low ball you with the crappest settlement figure regardless of the 'value' you originally stated.
You then have to argue, send them photos, adverts with similar cars to yours stating the amount they are worth.
I had 800 quids damage to an integrale back in '98, the assessor told me it was like a Volvo and written off. oh how I laughed, and the Elise after a sideways bint, same problem. 'It's only worth $xxxe Mr. Collins...." errr... I dont think so.
I work for Hagerty, the classic vehicle specialist insurance company. We spend a huge amount of time and money tracking the market, through auctions, private sales and dealers (plus our own insured values)which we publish online.
That gives us the base figures, but these are obviously generic and don't feature such things as extensive history or originality, unusual provenance, race history or similar. That's why we have a valuation specialist on the staff whose job it is to individually agree a value with the owner. Because we do all this, we can give an agreed value over the phone at no cost to the client, and without going to your club, dealer, etc.
The guy in the office who can help is called Charlie- if you ask for him by name he should be able to help.
John
That gives us the base figures, but these are obviously generic and don't feature such things as extensive history or originality, unusual provenance, race history or similar. That's why we have a valuation specialist on the staff whose job it is to individually agree a value with the owner. Because we do all this, we can give an agreed value over the phone at no cost to the client, and without going to your club, dealer, etc.
The guy in the office who can help is called Charlie- if you ask for him by name he should be able to help.
John
Thanks All.
I have used the heggarty website, which gives me:
1967 Ford Mustang Standard
Coupe
Fair £6400
Good £11100
Excellent £15300
Concours £19600
It's a very useful website, however I find it very hard to believe you could find a mustang of any condition with an MOT for £6400. Even project wrecks still being imported go for more than this!
I have used the heggarty website, which gives me:
1967 Ford Mustang Standard
Coupe
Fair £6400
Good £11100
Excellent £15300
Concours £19600
It's a very useful website, however I find it very hard to believe you could find a mustang of any condition with an MOT for £6400. Even project wrecks still being imported go for more than this!
Just looked at the Hegarty web site values for the Talbot Sunbeam Lotus - prices are way out.
Fair - £5900???? In this last few months, 5 cars (no MOT / not run for years) requiring full restoration have sold at £8000 & even more. There is a car on the market right now that has had the back end cut off (to get it into a horse trailer many years ago ..... yes ..... really!) & will sell for at least £5000.
Good - £8300. Add around £4k to that.
Excellent - £12,400. As above.
Concours - £18,200. Add at least £5k to that.
An "Excellent" car sold last weekend for £20k (private sale - original asking price was £25k)
How do they know about cars that only get listed & sold within Club web sites / forums / facebook pages etc?
Also, don't forget that your valuation needs to cover the possibility that the only source of a replacement might be from a trader - add circa 20% to private sales figures. Also ..... your valuation needs to last for a year, so you need to build in a guestimate for price inflation over that time period.
Fair - £5900???? In this last few months, 5 cars (no MOT / not run for years) requiring full restoration have sold at £8000 & even more. There is a car on the market right now that has had the back end cut off (to get it into a horse trailer many years ago ..... yes ..... really!) & will sell for at least £5000.
Good - £8300. Add around £4k to that.
Excellent - £12,400. As above.
Concours - £18,200. Add at least £5k to that.
An "Excellent" car sold last weekend for £20k (private sale - original asking price was £25k)
How do they know about cars that only get listed & sold within Club web sites / forums / facebook pages etc?
Also, don't forget that your valuation needs to cover the possibility that the only source of a replacement might be from a trader - add circa 20% to private sales figures. Also ..... your valuation needs to last for a year, so you need to build in a guestimate for price inflation over that time period.
TJS10 said:
I have a 1984 Peugeot 205GT - it appeared at Event City (Manchester) last September (as well as both Tatton Park shows last year) - which is possibly the best example in the UK. I bought it for £2,500 in August 2014, and Adrian Flux allowed the same as an agreed value at that time without question (or sight of a receipt). Last June I had all 5 wheels powder coated, which cost me £250 (and they really set the car off now); last August, AF only agreed to up the agreed value to £2,600...Club Peugeot UK say the GT is worth significantly more than £2,600 (but they don't give valuations for members' cars any more
); Hagerty's website starts its valuations at the "base level" of the 205GTi 1.6 
- fanboy-tastic on their part! 
But valuations for a "good" and "excellent" 205GT would be helpful, as mine falls somewhere inbetween the two
. Admittedly, any good 205GT is as rare as [insert metaphor here], so they are harder to value - but they are the original top of the range 205, of which survivors are in single figures for the first year models...My 205GT is the best car I have ever owned - as well as my best driving experience - in my 25 years of driving
.Maulden7 said:
Just looked at the Hegarty web site values for the Talbot Sunbeam Lotus - prices are way out.
Fair - £5900???? In this last few months, 5 cars (no MOT / not run for years) requiring full restoration have sold at £8000 & even more. There is a car on the market right now that has had the back end cut off (to get it into a horse trailer many years ago ..... yes ..... really!) & will sell for at least £5000.
Good - £8300. Add around £4k to that.
Excellent - £12,400. As above.
Concours - £18,200. Add at least £5k to that.
An "Excellent" car sold last weekend for £20k (private sale - original asking price was £25k)
Stop depressing me Dave.....Fair - £5900???? In this last few months, 5 cars (no MOT / not run for years) requiring full restoration have sold at £8000 & even more. There is a car on the market right now that has had the back end cut off (to get it into a horse trailer many years ago ..... yes ..... really!) & will sell for at least £5000.
Good - £8300. Add around £4k to that.
Excellent - £12,400. As above.
Concours - £18,200. Add at least £5k to that.
An "Excellent" car sold last weekend for £20k (private sale - original asking price was £25k)
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