Car Insurance question

[Carl Beck]

Hi deadflo (everyone):

Some terms... my definitions, to understand my statements, in this discussion.

"Value" - a personal judgment that usually trades price against quality and utility etc. The value I place on any of my Z's may or may not line up with the price for which it can be bought.

"Market Value" - the price "in general" that a larger number of buyers/sells would seem to place on cars given the same trade off of price vs quality...

"Worth" - the price point that at any given single point in time - a knowledgeable buyer and seller agree to a transaction.

You ask; "Have the values gone up that much in the last two years".

I would say that on a National basis - YES - the Market Values have gone up that much in the last two years. For example we just saw a very very nice, mostly original Z with 80K miles sell on e-bay for $20K.... two years ago I doubt anyone would have been willing to pay half that amount.

That same car, advertised locally - we few people responding to the ad - might have resulted in a sale at closer to $8K... There is a huge difference in supply/demand on a national basis vs different parts of the country.

We are seeing more and more serious buyers enter the 240-Z market at this year, than we did just a few years ago - this is normal for all Classic Collectible and Special Interest automobiles by the way.

Witin the last two years for example I have personally seen/ been involved in:

- the First 280Z that I've seen trade hands at $40K {two years ago this car couldn't be sold for $30K}

- the First purely original, very low mileage 240-Z trade hands at $30K {two years ago this car sold for $11,500}

- the First purely original higher mileage 240-Z trade hands above $25K {two years ago a car almost identical to this one sold for $16K}

The original owner 72 240-Z that I over-paid $4,500.00 for five years ago - will this year cost at least $8,500.00 to $10,000.00.

Keep in mind that any car on the West Coast - will cost the buyer an additional $2,000.00 just to have it shipped back East... You might be able to find a replacement for your Z in Washington for $6K, but it would most likely cost me $8K to $10K to find that car in the first place, then to have it shipped here.. So I would have to carry an Agreed Value of $8K to $10K to replace it here in Florida.

What I expect to see in the next two years is:

- the true #1 and #2 Collector Quality 240-Z's that were trading hands in the $18K to $23K range these past three or four years - will all be gone. The more average price for them will be in the $25K to $35K range when one comes on the market.. but for the most part the owner that have them now - will keep them for a long time if possible.

- the true #3 cars - that would win most local Z Car shows.. are very solid, rust free, beautiful to look at (if your are not a Concours Judge with a scoring sheet in hand).... that were trading in the $6,500.00 to $8,500.00 range two to four years ago - will all be in the $14K to $18K range - and if the buyer is hot enough and the car is RIGHT - he'll pay a premium over those numbers... aka that $20K 240-Z with 80K miles!!

- the #4 cars - that most of us would buy today - if they are cheap enough... and if they are solid enough.. for $3,500.00 to $6,500.00..... They will still be in the $5K to $7K range - because they would need complete refresh or restorations costing an addition $15K to $20K... plus year or so of work - to get them into the #2 or #3 condition...

All the above apply to normal production cars... Special Interest examples within the 240-Z class - such as the Vintage Z's, the 69 production year examples, the historic race/rally cars etc - - the sky is the limit...

The bottom line is this - if believe that you can replace your 240-Z for $6K... start today and go look at the cars advertised... look them over carefully... and look for the next six months like your life depended on it - if you find one that would actually replace your Z for $6K -BUY IT!! if you find 2 BUY THEM BOTH...

FWIW,

Carl

[EScanlon]

Carl

That last post is worthy of a "Tech" Article.

Very well put.

Enrique

[mlc240z]

agreed!

escellent info, Carl

you've got me drooling and patting myself on the back for buying when i did.

[Jeff G 78]

Thanks for the insight Carl. I agree that my car isn't show worthy yet and that what I have in it and what someone would be willing to pay for it are very different. Fortunately, it's not as bad as what I might have described. Other than the hood (for now), the car is one color and really doesn't look too bad from a distance. I will call Bob and see what he thinks. It will probably not see any track time for at least a year, so even that isn't too big of an issue for me. I just worry about getting plowed into by an SUV and being told that I my car is only worth one tenth of what I have into it.