Real book value

[svx_commuter]

Book value is……..What?

I would really like to find a way to establish a book value for the SVX independently of what the insurance companies do.

From what I know the insurance companies base the Book Value on sales in the area. This is not an accurate way to get a book value. The condition of the SVX has to be taken into account. There is no way for the insurance companies to know the condition of the SVX at the time of sale.

The second part of this problem is how many have sold in the local area. There just aren’t enough SVX’s sold in my area to get real base for a book value.

I think the insurance company is scamming me. My SVX is worth at least six grand more than book valve.

Isn’t there a car appraisal service somewhere, some way to document the condition of the SVX and establish the real value?

[dcarrb]

A thread veered-off near this topic awhile back. My insurance agent told me I could opt for some sort of specialty policy with the car's value based on an appraisal by a qualified professional, and I wondered here just who might fit that bill. Got zero feedback. (The agent had no ideas.)

It would be great if the SVX Network could establish and publish general SVX value guidelines taking into account documented service history, desirable modifications and such, but I'm not sure insurance companies would consider the evaluation of an enthusiast group as a basis for paying claims.

I'd say my car is worth more than average (or "book") because it's clean, pretty much original, has no rust nor collision repair, and the like. Someone else may deem their car worth more because it has a new five-speed manual, which in my screwy view of things would actually lower its worth. I can see it being tough to settle on realistic values.

dcb

[Mr. Pockets]

Originally posted by svx_commuter
I think the insurance company is scamming me. My SVX is worth at least six grand more than book valve.

Without even knowing what they valued your car at (because you didn't tell us), I think you're overestimating its value. Honestly, a 1992 SVX is just not going to fetch that much. These cars are continuing to depreciate and we all need to face that fact. If I totaled mine today (quite easy given the cost of reparing the car) I wouldn't expect to be compensated very much for it.

I bought my '93 five years ago. At the time it was worth $9k retail. These days I'd be thrilled to get $5k for it if I was selling. And mine's a garage queen.

[svxfiles]

I can get N.A.D.A., and Kelley Blue Book, but if you want to insure it for more, explain it to your agent and see if he will accept written estimates, and from whom?

[mikecg]

Kelley's has a web site.

WWW.KBB.COM

It can give you a good value to go by.

Also try www.edmunds.com

[dcarrb]

"Book" value of an SVX from any conventional source isn't really indicative of the car's value in the SVX marketplace. Pockets, your '93 would indeed rate a paltry assessment from an insurance adjuster, but to me and dozens -- perhaps hundreds -- of folks who know something about and appreciate the car, it would be worth considerably more. And the thing is, WE comprise the SVX marketplace, generally speaking. Nobody else knows what they are, so they aren't looking for one and certainly won't pony-up a premium price.

In 1994, at 206,000 miles and change, something broke in the engine of my '68 Mustang, which was totally stock (except for the exhaust), original color, original interior, with a couple of rare options; clean, but world-weary and certainly no showpiece. The engine problem was terminal. A mechanic at the shop to which I had it towed took one look and offered me nearly three-quarters what I'd paid for the car sixteen years earlier. Had I been involved in a fender-bender, Nationwide's settlement offer on the twenty-six year old car would barely have covered the towing bill. But the mechanic knew the car's true worth, and paid me accordingly.

The question is, is there any way to overcome the disparity between the car's value on the general automotive marketplace, and the true value of a good example among those most likely to buy. (Edit: In other words, TRUE replacement value.) Further, is there any way to establish an appraisal system, say, some sort of value rating over or under book, that would carry any weight with the insurance industry?

dcb

[svxfiles]

I understand what you are saying, dcarrb.
After the local flood of 1996, a friend of mine totally rebuilt his 1980 3/4 ton chevy, brand new 500hp/499tg crate motor, new custom made flat bed, all new brakes, rotors, drums, brake lines, gas tanks, fuel lines, fuel pumps, seats, carpets, windshield, paint, plow,new white spoke wheels, new 35" tires, the works.
He had over $10,000.00 in his restore.
A year later when he had to sell it, divorce, (without the plow, and with a new 350 crate motor) he only got $3500.00 for it.
Does that suck, yes, was it worth more, sure.
He's just lucky hedidn't total it, his ins probably would have offered him $1500.00