Lotus Europa Community
Lotus Europa Forums => Garage => Topic started by: EuropaJPS on Friday,May 29, 2015, 12:03:16 PM
-
Hi guys,
Just a quick one if anyone has any ideas?
How much would my Europa be worth? Not thinking of selling, just for insurance purposes etc.
It is a 1973 europa, genuine JPS, #83 (with badge), with 30,000 miles on the clock. Had a new genuine lotus replacement chassis, full engine rebuild, new brakes lines etc etc all done by Banks Europa. Original paint and body. There are photos on the forum in one of my previous posts.
Thanks in advance chaps!
-
The prices have been getting better over the last decade or so. Lotus69F2 sold his very nice '72 Twin Cam recently. He asked $34,000, but I don't know what he got for it. IMHO, that would be a VERY good price - maybe the highest I've seen.
Grumblebuns is selling his beautiful JPS for $25,000. He's in California, which should be a good market, so I would expect he could get more if he was so motivated.
Your car looks beautiful! Having Banks do the work will certainly help support any price you might ask. I'm not sure what the market is like in the UK, but if it's like the US, I would guess you could ask between the equivalent of $25,000 to $30,000. If Lotus69F2 got his asking price, you could add at least $5,000 to both sides of that range.
-
Good Evening EuropaJPS
Club Lotus provide a valuation service. You will need to provide photographs and documentation to prove that it is yours, I believe this is the Pink ? The insurance company have accept both the valuations they have provided. They have valued mine at £27,500 this year
Hope this is of some help
all the best
Stuart
Just realised you're in Blighty. They need a copy of your MOT and log book details
-
Hagerty Valuation Guide
-
IMHO £20,000 - £22,000 depending on paint and interior trim condition, which are the expensive bits it the engine is faultless.
Values in the UK are different from mainland Europe and the USA.
-
Kyle, First of all I'm sorry to see her gone, hope it's going to a fine home and be taken care of. I was wondering now that you have another space in the barn what will you fill it with? Hope to see you soon.ld
-
Hmm, I think valuations for insurance purposes aren't necessarily the same as what you would sell for. I know logic says it should be, but over the years I've changed my valuations to what it would cost to replace the car with another of equal quality. Even if you are brutally honest about the condition of your car and pessimistic towards it's value, the figure I've come back with is usually towards the top end of the market.
It's not the same as insuring a modern, mainstream car where you can go out tomorrow and buy a replacement 2yr old car with similar mileage & condition to your old one at any one of a dozen garages around the country and at less than you paid for yours originally. With cars such as ours it's unlikely to be an easy job, there will be travel expenses and any replacement could well need restoration to achieve the same standard if you try to buy cheaply.
So my advice would be to look at the top prices at dealers, for example Paul Matty has a new restoration car up for £37,950 which I guess is probably the highest I've seen. The market seems to be £25k to £35k with the higher end cars being on sale for a while, so maybe ahead of the real world market. I don't know the condition of your car but from what you've said £30k sounds a starting point and increase that according to how much you've spent recently.
I'm with Heritage for my cars and they've always accepted my personal valuation without question. I email a dozen clear photos with a list of what's been done since the last valuation and current sale references, that usually works for them.
Brian
-
:I-agree:
Very well put, insurance company's deal with statistics, i.e. 2012 Jeep Wrangler - how many made - safety record of reported crashes - installed safety features - recalls - blah blah blah.
They pool all that information in a database & their computer spits out an insurance rate.
But when it comes to a rare car, (the last of which was made 40 years ago) they are pretty much clueless. It becomes a matter of what you say it's worth & you pay accordingly.
Just my 2 cents....
Top end... $35,000 (pristine)
Low end... $1-2,000 (bring a trailer & boxes)
The one in my garage... Priceless! ;)
:lotus:
-
Brilliant, thanks guys! i take it the market isn't as good for them in the US as it is in the UK then!
-
It bears repeating that condition 1 cars are absolutely immaculate and that factory brand-new vehicles require many thousands of dollars of work to get to be considered condition 1 vehicles. 99% of all "restored vehicles" are condition 3 or worse.
-
Here she is after a quick wash!
-
She's a beauty!
Top shelf for sure. :trophy:
-
She's a beauty!
Top shelf for sure. :trophy:
Thanks mate!