Lotus Elan

Valuations

PostPost by: Robbie693 » Wed Dec 20, 2006 6:51 pm

Well I got my valuation from Paul Matty and he's valued it at £9000, which is £500 more than Club Lotus...

500 quid is 500 quid. Worth a tenner to find out.
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PostPost by: john.p.clegg » Thu Dec 21, 2006 6:58 am

Robbie

£9000

Is that for selling it down the pub to a mate,or lingering in a showroom for the next six months,or, best of all why don't you test it and put it on EBAY for 10 days (withdrawing at the last moment)???...

Go on I dare you....

John :wink:
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PostPost by: kenny » Thu Dec 21, 2006 9:04 am

I think insurance values on cars are a bit similar to values on the antique roadshow, i.e. they say "lovely ming vase" worth £3000 but for "insurance purposes" it needs to be £5000.

Most of the classics and more recentley Caterhams I've owned have had to have a club valuation to enable me to insure the vehicle with a limited mileage speciality firm, if I could have sold any of them for the valuation I would have.

With my last 7 I had it valued by Caterham themselves for them to buy it.
I was shocked at how low a price they offered, I looked at similar cars on their website and pitched my price in the middle of the 2.........it sold!!!!

I'd get a price from a specialist for them to buy it, then add a couple of thousand on and I think you'll be near the mark.

It can work the other way on occasions though, an insurance valuation done with photo's is a bit hit and miss..........they may value 2 plus 2s at £9000 and one will be the normal tired example worth £5000 but the other (maybe yours) will have incredible attention to detail and a real showroom example worth £11000.

At the end of the day as others have said there is no rhyme or reason when selling an oddball..............one day it may fetch £6000 the next £10000, you only need to look at classic auction prices,

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PostPost by: Robbie693 » Thu Dec 21, 2006 11:02 am

Think I'll pass on that John, my nerves are bad enough :wink:

I don't have any intention of selling it (it took long enough to find a good one) but the insurance value is for peace of mind really, especially as my last one was wrote off. Footman James gave me what it was valued at (7,500) without quibling, which helped a lot in enabling to buy the new one.

I was a bit miffed when Club Lotus valued it at what I bought it for, although I did pay over the odds for it. It is so much better than the last car, much more than a grands worth, so I guess that the old car was over valued but there is a difference between insurance value and what you'd get selling it - insurance is supposed to take some of the pain away isn't it?!
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PostPost by: bcmc33 » Sun Dec 24, 2006 4:13 pm

The insurance company accepted the value of my car at the price I paid for it.

It is my intention to increase the value each year by the value of new parts I add/change, but not the labour. I shall also keep a keen eye on advertised selling prices to assess of any inflationary affects.

I’m not sure if this is sensible or not, but I guess the most sensible action will be to get an annual valuation from Paul Matty just before the insurance due date.



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