What's it worth?

[mickeyduck]

Thanks Joel that's great.

I wonder where Paul's AW got to now as he passed away a wee while ago...? Looks like it was a nice one.

[flyingllama]

Thanks for posting this topic Mickey. I've recently noticed that AA will now insure an 87 G-Limited for 6.7k(ish) without any fuss if you've purchased in the last 30 days, which I realise is no help to most of us. AA insurance also told me that I can get that increased if I get an evaluation from a dealer, or from a car club, which is why I original brought this question up, as I'm not sure how that format works.

The details on my AW11. Currently insured at AA for $5,000.



1987 MR2 G-Limited. Manual. Supercharged.
Bought for $5,300 around 4 months ago.

Condition at time of purchase:
230,000km - engine rebuilt at 150,000km.
Full service history.
Very straight body.
Good mechanical condition, aside from the obvious stuff from a 230k car.
Minor damage on the front bumper (pictured above is after someone reversed into me, so the damage shown is much worse than at the time of purchase).
Very worn/damaged front lip/splitter.
Passenger side fender unpainted after rust removal.
Worn paint around the engine bay.
Exterior trim in average condition.
Interior trim in average condition.
Non functioning electric windows.
Tom's C3-R mags in less than average condition.
Missing rear mud flaps.

Changes since purchase:
New clutch plate/kit.
New front lip.
Front bumper and eyelids repaired.
Passenger side fender painted.
Majority of exterior trim replaced.
Some of the interior trim replaced.
Electric windows repairs (kinda).
Mud flaps currently in transit.

I'm hoping to get her insured for around $7k.

[mickeyduck]

AA insurance also told me that I can get that (agreed value) increased if I get an evaluation from a dealer, or from a car club...

Your question is what prompted this thread Chris. I quote your email:

"This may be a question that is better suited for the forums, but I was wondering if anyone in the club is in a position to give car valuations (for insurance purposes). I am in the processes of restoring my 1987 SC MR2 AW11, and my insurance company (AA) requires I provide something official to get it's agreed value increased."

Plus as I said the knowledge that AMI will pay me about $1,500 if my rust free '88 AW SC gets totalled (bollox eh). I'm not sure what we need do to be qualified as valuers "as a car club" but that's why I figured if we all post up details and value of our cars maybe we can collect some evidence that backs our assertions to insurers? Can someone please look into the legal angles or whatever it is that insurers need from a car club regards valuations and report back here? Could be very helpful to all of us. If the club can help us all obtain better agreed value insurance then I'm all for the idea. I just have way too much to do already so please help us all out if you can folks. I need some specifics please regards what exactly insurers would want from the club. Then we can formulate a plan from there, regards written club assessments or something perhaps? Worth pursuing, no question.

Chris I might try to merge your earlier thread (wasn't aware of it until tonight) into this one or something cos it has good thoughts too... Hope it doesn't confuse this one but I might give it a go. Keep it coming people!

[mickeyduck]

AW11 Supercharger Auto
116,000km $3,000 (2011)
Spent more than that on it since with maintenance and wheels / suspension / bushes etc.

Good man.

In my view it's a worthwhile investment. And as we are seeing well maintained examples are going up in value not down.

Hence this thread folks cos we need to show insurers that they aren't merely worth the purchase price, depreciated... but the purchase price plus what we have spent restoring them.

I'm watching AW's sell for the kind of money you'd expect to pay for a $4,000 car plus another $4,000 parts thrown at it. Labour costs are probably not in there eh. Good condition cars, priced (as I see it) fairly on the basis of purchase price plus refreshment parts may take a while to shift as these are a niche car, being 2 seat and such. But it's good to see buyers are there and do in fact recognise the value of these unique wee gems. And I'm not only talking AW's eh... MR2's rock and this thread applies to all of them.

Keep it coming folks.

[Benckj]

Not sure if this is helpful but I got a valuation from a liscened MTA dealer for insurance purposes and set my policy around that. The difficulty is finding a dealer who is familiar enough with the cars to set a realastic value especially if you have something that is unique and cannot be directly compared to recent sales figures.

With the AW's you are entering the 'classic car' catagory and some agentcies have rules around pricing those. SW's are old but not far off the mark.

[flyingllama]

The difficulty is finding a dealer who is familiar enough with the cars to set a realastic value especially if you have something that is unique and cannot be directly compared to recent sales figures.

That was my fear with going to a dealer. All of the dealers I talked to charge for their valuations (which is fair enough), but I have no way of knowing ahead of time if he's the kind of person who is ultimately just going to refer to his "red book" of car values and come back and tell me $1,500 and then ask for his $100 valuation fee.

I'll probably be talking to AA in the next week, so I will query them as to what they would require from a car club for valuations, and whether they have some documentation up anywhere for us to refer to.

[simonaszakra]

Tom's C3-R mags in less than average condition.

keep them they are rare as these days. all of may mates with Toyota's want mine

[princessSW20]

I got an sw20 G-Limited a 1992. And my car is AA Insurance, i BUY FOR $6,000.OO
2 Years ago and the cover is for $6,000.00. I have allways had AA for Insurance on
all my car's that I had, I have found they are good.

[flyingllama]

Tom's C3-R mags in less than average condition.

keep them they are rare as these days. all of may mates with Toyota's want mine

Cool, thanks for that heads up. I had considered getting them refurbished, but the condition they're in was going to make it quite a costly venture. In the meantime I'm thinking I'll just spray them black with PlastiDip ^.^

[simonaszakra]

Tom's C3-R mags in less than average condition.

keep them they are rare as these days. all of may mates with Toyota's want mine

Cool, thanks for that heads up. I had considered getting them refurbished, but the condition they're in was going to make it quite a costly venture. In the meantime I'm thinking I'll just spray them black with PlastiDip ^.^

yea mine are showing thier age. keep them silver otheriwse your probably destroying thier value

[flying_wedge]

But plastidip just pulls away when you are done with it. Its not paint.

[mickeyduck]

The difficulty is finding a dealer who is familiar enough with the cars to set a realastic value especially if you have something that is unique and cannot be directly compared to recent sales figures.

That was my fear with going to a dealer. All of the dealers I talked to charge for their valuations (which is fair enough), but I have no way of knowing ahead of time if he's the kind of person who is ultimately just going to refer to his "red book" of car values and come back and tell me $1,500 and then ask for his $100 valuation fee.

I'll probably be talking to AA in the next week, so I will query them as to what they would require from a car club for valuations, and whether they have some documentation up anywhere for us to refer to.

YES PLEASE.

And I'm guessing you guys can see why we need to develop a resource regards "hey this is what these things are REALLY worth - and we (the club) are the definitive authority on the subject, and can show it by way of this collected evidence." Then we can value our cars for what they are actually worth and throw that at an insurer as an authoritative valuation. I mean hey, I'd rather be able to tell an insurer what my classic car is worth than have him tell me what it's not. Especially if push comes to crunch...

[simonaszakra]

But plastidip just pulls away when you are done with it. Its not paint.

was not aware

[flyingllama]

Unfortunately my Panel work has been delayed a week, so I haven't contacted AA yet to discuss increasing my valuation. In the meantime I thought I'd add to your post of images of TradeMe auctions. A few others have popped up.

[mickeyduck]

Nice. I think the NA owner might be a bit ambitious but the other two will get their money if they have a little patience. The last listing could do with rims that allow a bit more air through to cool the rotors though...