How much is my car worth? (Insurance related)

[MR2Mania]

Hi all,

Just wondered what you peeps thought my car would be worth. Don't worry, I'm not selling it, I just need to get an idea on what someone would pay for it if it was on the market.

I've been messed around by my current insurer (Liverpool Victoria - more on that later!) and so I'm calling around to renew. Since no one does agreed value, they'd based the value on what I could get for it, selling it on the market.

So, what's my monster worth?

It's a 1994 Rev3, full rebuilt and everything done properly, with in excess of £20k spent on it just for parts, on top of the basic price!!

[shafster]

market value for buying a 400bhp mr2 is around 10-12k i would say. i can currently get a 450bhp rev3 hardtop tubby for about 9k all in from japan

[ENSMR2]

Dino, My Mrs works in insurance. She knows of a company that does agrred value insurance. All you really need is proof/reciepts for the parts etc.

Will get it from her tonight and get back to ya.

Now reply to my pm will ya

N

[MR2Mania]

market value for buying a 400bhp mr2 is around 10-12k i would say. i can currently get a 450bhp rev3 hardtop tubby for about 9k all in from japan

Mate, thanks for your feedback. One thing I would say though is that, in my case in particular, price is not proportional to power!

For example, I could get a smaller Garrett GT setup that would give me 400-450bhp on my current spec, or I could get a larger one that could give me 600-650bhp also on the same spec. And those 2 turbos would cost the SAME!

IMHO, you've got to take into account the components used in the spec, and whether it's what YOU as a customer would like if you were to buy the car. At the end of the day, the car is worth what a customer is prepared to pay for it, regardless of how much it cost to put together! I therefore expect people to say lower numbers than what it cost me, and if I was ever in the position that I needed to sell, I'd probably break the car and get more money back that way.

Anyway, back to the topic...

[MR2Mania]

Dino, My Mrs works in insurance. She knows of a company that does agrred value insurance. All you really need is proof/reciepts for the parts etc.

Will get it from her tonight and get back to ya.

Now reply to my pm will ya

N

Nice one, N!

I *will* reply to your PM, but give me time mate, I've got a LOT on at the mo (as you can see!). BTW, would also be nice to know your NAME after all the PMs we've exchanged!

[shafster]

very true mate, i was only going on market value. i understand where you are coming from for sure and you would deffo make more money out of it by breaking it up.

[ENSMR2]

Dino, My Mrs works in insurance. She knows of a company that does agrred value insurance. All you really need is proof/reciepts for the parts etc.

Will get it from her tonight and get back to ya.

Now reply to my pm will ya

N

Nice one, N!

I *will* reply to your PM, but give me time mate, I've got a LOT on at the mo (as you can see!). BTW, would also be nice to know your NAME after all the PMs we've exchanged!

Dino mate,

No probs by the way. I know how busy you probably are. I know it's a lot of info I am after too.

The name is Enis (said like tennis but without the T ).

Will get back to you after I speak to the Mrs.

So you can get big turbos for the same price as smaller ones? hmm

[MR2Mania]

No probs by the way. I know how busy you probably are. I know it's a lot of info I am after too.

Yeah, busy putting final touches to the CC prototype so that we can have this by next week!

The name is Enis (said like tennis but without the T ).

Not another North London "bubble" by any chance?

Will get back to you after I speak to the Mrs.

Nice one! Only probs with the agreed value is that some of the parts were bought for cash, although I could probably get a certain TTE engineer to give me a full model report on it, stating what he thinks it'd cost to replace (as some bits are no longer available).

So you can get big turbos for the same price as smaller ones? hmm

Yeah, basically. The examples I gave were for say a GT2871 or GT3071 (good for 400-450bhp), or a GT35R (good for 600-650bhp). Both turbos cost about the same (they share many parts) and require the same bits to fit, eg manifold-to-turbo adapter, external wastegate, custom downpipe, etc. So they'd cost you exactly the same to buy and fit, yet one kicks out a lot more power than the other. That's why power output is not proportional to cost. I use a MoTeC M800 ECU with all the "trimmings" (probably cost you about £2.5-3k!) but you could get similar performance from a PowerFC costing nearly a third!). Obviously, you get what you pay for, and that's what I was trying to get across, but both will do the job.

[Bender Unit]

So do you think I could get 10 ish k for my car? New built engine, not even run in and ready for sale?

[MR2Mania]

So do you think I could get 10 ish k for my car? New built engine, not even run in and ready for sale?

Don't tell me you want to sell, James!! Not after all this effort!

Personally speaking, if the car is done to a good standard, and looks the part, well looked after and maintained, etc, then why not? IMHO, a good motor stands out. As long as you can find the buyer that likes what you've done, then I don't see why not.

[Bender Unit]

Don't tell me you want to sell, James!! Not after all this effort!

Yup, time to move onb to pastures new. Trading in and stepping down in value as I need the money as I am looking for a second property. I am going to find a cheap AE86 Corolla for daily use and track day / drifting fun. See a few nice ones in Japan and just need to shift mine to then make the next move and get one shipped over.

Personally speaking, if the car is done to a good standard, and looks the part, well looked after and maintained, etc, then why not? IMHO, a good motor stands out. As long as you can find the buyer that likes what you've done, then I don't see why not.

Well hopefully somone will see something in it. Its got a lot done to it (suspension etc) and with a new built engine the building bloacks are in place for good power levels.

I don’t want to sell but If it means I can get 10k its means I can buy a nice Ae86 for 4k for use on a track, and then have 6k to be used on doing up the second property.

Cheers

James

[MR2Mania]

Yup, time to move onb to pastures new. Trading in and stepping down in value as I need the money as I am looking for a second property. I am going to find a cheap AE86 Corolla for daily use and track day / drifting fun. See a few nice ones in Japan and just need to shift mine to then make the next move and get one shipped over.

Well, that's a shame, mate. I for one will be sad to see you go. It's people like you that push the envelope of development of the cars, and it'd be a loss not to have you in that process. But I understand, there comes a time when people need to move on.

I don’t want to sell but If it means I can get 10k its means I can buy a nice Ae86 for 4k for use on a track, and then have 6k to be used on doing up the second property.

Are you planning on doing "buy-to-let", if you don't mind me asking?

[Bender Unit]

Well, that's a shame, mate. I for one will be sad to see you go. It's people like you that push the envelope of development of the cars, and it'd be a loss not to have you in that process. But I understand, there comes a time when people need to move on.

Well to be honest if the engine hadn’t gone then it may have happened sooner. With all the money spent now I would be worried about using it like it should just because if anything goes its going to cost. In the past few months I have been using a Golf 8v GTI which is cool in its simplicity and cheapness and I want to get back to that sort of motoring. Factor in the MR2 would cost £100 a month to insure and that’s a lot of money towards the mortgage or property that I can’t afford to waste. TOTB3 opened my eyes to circuit driving which also coincided with my lack of interest in the 1/4 mile, and its circuit driving that I want to pursue. The 1/4 mile comes down to how much has been spent and the circuit comes down to driver ability, so to some degree I can compete at a level without the need for huge sums of money to be invested. I also want to try my hand at drifting. I will probably hang around much to everyone’s disappointment as the club has a good scene. I still love the MR2 but for my current situation it does fit into the picture.

Are you planning on doing "buy-to-let", if you don't mind me asking?

I don’t mind you asking. It’s the other way around, we are going to rent our current flat so that’s paid for by someone else and buy a property that we really want - we are looking to do a conversion or something along those lines. I am fed up of living in a flat with no drive, no garage, no garden, moron neighbours who honk their horns at 5am, slam the main doors to the flat, leave rubbish in the hall, reverse into the building, play music at stupid volumes drive up the road at 100mph in their mates stupid feckin Evo. You get the idea…. The flat will only go up in value as its prime commuter belt, and even more development is set to happen in the area. Me and Jo want a garden, space and no neighbours - things are looking promising on the home front so I need to get on and shift the car as I may need the funds shortly.

Cheers

James

[Mark Edwards]

I've been messed around by my current insurer (Liverpool Victoria - more on that later!)

So what problems have you had Dino, just got my renewal through the post today from them and it's dropped £120 so i'm happy.

[MR2Mania]

I've been messed around by my current insurer (Liverpool Victoria - more on that later!)

So what problems have you had Dino, just got my renewal through the post today from them and it's dropped £120 so i'm happy.

I told them I swapped out the Spearco for an ST205CC. Guess what! That's the excuse they needed to terminate my policy!

How the hell can someone consider swapping a Spearco with an ST205CC (which, let's face it, is a standard Toyota part, albeit in a different Toyota model but with the same engine!)?

Mark, they were happy enough to renew, but as soon as I was to do another mod, I'd be back to square one!

[Mark Edwards]

They've never asked me to list my mods? They know it's modified but have only ever said it matters if i change to a different engine.

[MR2Mania]

They've never asked me to list my mods? They know it's modified but have only ever said it matters if i change to a different engine.

Mate, they never asked me this time, but I ALWAYS tell the truth when it comes to insurance. Wouldn't want the worms to squirm out of it in the unfortunate event that I ever did some serious damage to someone (either physically or to their property) and needed to rely on the insurance.

It started with me checking that my mods were still listed since the renewal, and they weren't, although they did say it was listed as "modified". That's when they told me about their change in policy with regards to mods, but were prepared "to put up with me" since I was an existing customer. To test the water (as I plan on doing more mods), I asked about the CC, thinking it shouldn't be an issue. But I was wrong! Glad I checked, to be honest.

[Mark Edwards]

Haven't spoken to them, they just sent out the reminder saying that i don't need to do anything, the new policy will just start when the old one finishes. Do you reckon i should contact them and check?

[MR2Mania]

Haven't spoken to them, they just sent out the reminder saying that i don't need to do anything, the new policy will just start when the old one finishes. Do you reckon i should contact them and check?

Mate, it depends how fussy you are about being properly insured, and whether you've done further mods since when you started a policy with them!

[Mark Edwards]

Mate, it depends how fussy you are about being properly insured

Not worth having it if if's not legit.

and whether you've done further mods since when you started a policy with them!

They wouldn't know, as they haven't got a list of whats been done anyway.