Diary of a classic car valuer
About values
Valuing a classic vehicle is a world away from valuing newer
machinery which is amply catered for by guides such as
Glass’s. Sure, there are one or two ‘classic’ price guides
around, but these are inevitably rather broad based. Of
course, the reason for this is that classic values are set not so
much by mileage or year, as condition and originality.
Then there’s the inside track knowledge. By that I mean
knowing why, for example, a series 1 E-Type is mainly worth more
than a series 11 in the same condition, when the average person in
the street could be forgiven for believing an E-Type is just an
E-Type. Or why a split screen VW camper is so much more
desirable (and expensive) than the bay window type... you get the
picture.
The fact you’re on the Towergate Classic Motor website
marks you out as more an enthusiast than the average person in the
street - and it’s a good bet you’ll have a fair idea of what your
classic is worth. This is probably forged from a combination
of seeing similar models in similar condition advertised for sale
and word of mouth at club meets and the like. But there is
still a large and ill-informed body of non-enthusiasts out there
that have a very distorted view of their vehicle’s worth.
Many seem to think that if their motor sports a three-point star
or a leaping cat, no matter what age or condition it’s, a) got to
be an appreciating classic, and b) it’s got to be worth mega
bucks. I’ve seen more shagged out old sheds of ‘86 XJS touted
at £10k than I’ve had hot dinners. And what is it with the
Merc S Class? Seems any old ’83 300SE with chrome arches and
intergalactic mileage is always worth £5k according to some
owners.
More worryingly, I’ve recently been asked to agree a value
of £100,000 on a 1974 Rolls-Royce Silver Shadow, £80,000 on a 1975
Jensen Interceptor 111, £25,000 on a 1965 VW Camper and £10,000 on
a 1984 Mercedes 200 Estate. See if you can guess which was the
only one we could actually agree? Yep, the VW camper. Top
condition examples do in fact change hands for that kind of money,
but the rest? Unfortunately not.
The problem is often that someone has shovelled untold riches
into a money-no-object restoration and merely adds this cost to the
price of the basic car, thereby arriving at their idea of its
value. Unfortunately, insurers will generally only allow you
to insure for what’s called ‘market value’, i.e. the fair price
between a committed seller and a willing buyer on the open
market. Agreed Value policies merely take this market value
and agree to pay you that if the vehicle is written
off. Effectively then, the value is agreed at the outset of
the cover rather than having to argue about it at the time of a
loss.
So how do you find out the market value of your vehicle? Often,
adverts can give a clue to these prices, but of course nobody pays
the full asking price anymore, so these have to be proportionately
discounted when seeking out like for like.
In the examples above, every one of these models can be found in
the same condition for much less on the open market. In the
case of the Rolls, we found a 17k miler (really!) for £21k. We
also found an Interceptor that had an £80k rebuild at the factory
and had only covered 9k miles since, at £17k. As for the Merc,
well these can be freely picked up for around £2k for a solid
example, so in each case the requested values were way out of line
with the reality of the market place.
In each case though, the owners came back with the argument that
if the higher value were to be agreed then there would be more
premium payable, so what’s the problem? The fact is, however,
with low classic insurance premiums the additional amounted to less
than £100, which wouldn’t go far in the event of a £100,000
claim.
Allowing cars to be insured for way over their true market value
encourages the less scrupulous among us to see a nice little
earner, and in the process spoil it for everyone. Back in the
early 90s when the classic bubble burst, many insurers had enormous
numbers of cars at equally enormous values.
Rarely in those days were these values verified before the
policy was issued and consequently as soon as values in the market
place crashed, claims for fire and theft soared in equal measure.
Something had to give otherwise now we’d all be paying for these
people in increased premiums. These days, classic car insurers like
Towergate keep a keen eye on what goes on the books and at what
value, thereby containing spurious claims and keeping premiums
sensible for everyone.
About modifications
Everyone loves to see a nice, shiny original or restored classic
that looks just how the maker intended. Such vehicles are a
delight to behold, but like many good things can be spoilt by
obsession. I’m talking top concours such as Pebble Beach,
where cars are routinely trailered to and from the show and rarely
turn a wheel under their own steam anywhere. There must be
pleasure to be had out of this, but I can’t share it, I’m
afraid.
I’d much rather be tooling about in a good, useable classic that
gets me from A to B with a sense of occasion no brand new Eurobox
could ever replicate. But even here the obsession thing can
take over; I’m talking modifications, and of course modified can
mean anything from a non-original exhaust, right up to a rebody and
more.
One thing that continues to amaze me is the sheer number of
modified classics out there. I don’t think its difficulty in
finding original parts, nor the cost, but just a plain old desire
to create something that no one else has. To underline this, in the
last couple of months I’ve been asked to decide whether to accept
and then to value four very diverse modified classics, which in
their own way are a fascinating take on an individual’s need to be
different rather than born out of necessity.
The first was a beautiful, but outwardly standard-looking
opalescent maroon Jaguar MKII. On closer inspection it was
fitted with an XJ6 4.0 AJ16 engine complete with fuel injection and
four speed automatic box together with all the accompanying engine
management gizmos. Then there was the XJ6 steering rack and
independent rear axle. Inside there was climate control, DVD
navigation and still more bits borrowed from the XJ6 - this
time the retrimmed leather seats. There was an engineer’s
report with it and when I had a word with him he swore the
workmanship was first class. In fact, he’s seen another by the
same firm who’d slung in nothing short of the supercharged V8 from
the XJR...in a MKII! I felt the owner was going to have some
top fun with this old ‘new’ Jag; I’d certainly have liked to have
been there the first time he was at the lights next to a lowered
Corsa full of Max boys.
Then there was the Rolls-Royce Silver Shadow II which was
anything but outwardly looking standard. I shook my head in
disbelief as I cast my eye over the silver go-faster stripes along
the side, the tinted Zephyr screen visor, the search lamps mounted
on each front wing and the chrome roof rack bolted on. Inside
was just as bad, with a full makeover in leopard skin. But the
worst was yet to come; at the rear, mounted firmly on the boot was
a Ford Sierra Cosworth Bi-plane spoiler. If this was parked
next to a brand new Phantom, it’s clear which one would garner the
most attention - if not for any of the right reasons.
Next up was a cheery little yellow MG Midget of 1972
vintage. This looked standard apart from being stripped of its
bumpers, but further investigation revealed a seriously good
adjustable suspension set up, a five speed short throw gearbox and
a modern Rover K Series twin cam 1.8VVC engine. This was
whacking out 160bhp in a car originally designed for
64bhp. Enquiries revealed a 0-60 time of just 6.5 seconds and
presumably a free pair of clean underpants for every passenger.
The award for excess though, predictably has to go to the
Americans. I was asked to look at a 1972 Chevrolet Chevelle
which, as many will know, is a good example of a plain
Middle-America car. Engine options from new started at a 4.1
litre six and went up to a 6.5 litre V8, but it was most often
fitted with a 5.0. This one was different, although the
proposal stated the only mods were a bonnet scoop and alloy
wheels. It did indeed have alloys, but the two at the back
were wider than most garden rollers. Under the bonnet,
however, all was not what it seemed; there lurked an Edelbrock
high-riser inlet manifold topped with two Holley for barrel
carbs - this was certainly way beyond standard, but nothing
prepared me for the revelation it had been bored out to 9.0 litres
and then fitted with nitrous injection. The thing would have been
more at home at Santa Pod than the B361 and it left me wondering
how it could have sailed through an MoT being so far removed from
its humble roots.
Unfortunately, from an insurance standpoint modified classics
such as this warrant an increased premium, although the Rolls did
get away with standard rates. Still, in a way you have to
admire the quest for individuality with these motors, even if they
are in questionable taste. So, no pampered heated garages here
then - all four are in regular use and travel up to 5,000 miles a
year and that’s what classic motoring is about in my book.