Help: Determining the value and replacement value of a built s13

[matzinm2]

Hello everyone,

So I need help, my s13 is being built from the ground up, I am putting about $18000 into it total and, first of all, I need to find someone who can determine its worth besides using KBB or the standard private market value... considering KBB states a perfect s13 is only worth like $2200; is there someone I can go to to determine a car's true worth by looking at a list of parts/expnses? Second, I need to insure it for its replacement value, however, AAA will only insure it to the private market value so I am stuck with a replacement value of 9 times less than the real worth. Some of you ladies and gentlemen have built a car and I'm sure insured it for its worth... any advice?

[OutToWinPAHC]

1/3 of what you have into it, you never get it back out if your selling it. If your insuring you can go with a custom / classic car insurer and set the value.... Value I dunno 20-30G's

[C3Sierra_S2000]

I just had my S14 insured for an agreed upon value of $50,000 through Grundy Worldwide. They were the only ones that would insure it but it can't be a daily driver. You have to have a primary vehicle and only put a few thousand miles on your car. It also needs to stay locked in a secure garage.

[Kalypso]

wouldnt it be based on the price of the parts you've added? excluding labor im assuming. Geico asked me if I watned to set a higher value... I dont think they care, you're paying the premiums.. but idk

... honestly Im not much help I just find this thread interesting

[C3Sierra_S2000]

You have to be careful to distinguish between agreed value and actual value. Agreed value is a price that you and the insurance company agrees to prior to the policy. If the car is totalled or stolen they pay you this amount.

Actual value is what the insurance company determines your car is worth at the time of the claim. You have no say so in this figure. So basically you will pay premiums on what ever value you say your car is worth but at the time of the claim you will not get this amount.

I had a really hard time finding a company that would give me an agreed value policy. Actual value policies are easy to come by.

The 50K for my car does not include my labor.

[Brandon1605]

The thing about modifying a car is that you wont get your money back out of it unless you find someone that is just nuts over your car. Thats not why we do this. I understand why you want a good policy to cover your investment, but its just not how this works.

[OutToWinPAHC]

No like Ci3Sierra says..... with a specialty insurance policy you can have a policy written to cover a total loss value that is agreed upon. You pick the insured value and pay the premium that corresponds, but those policies are for show, classic, specialty vehicles so they are strict on mileage, vehicles usage, and require appraisal sometimes before they insure the vehicle.

[Kalypso]

with respect to auto theft

removable steering hubs ftw.

and if your car gets smashed,

keep the wreckage even after teh settlement and part out everything you can. I did this and was able to keep a perfectly good sr20.

[hbpignosePA]

just get basic coverage.

only thing you will lose out on is bodywork (salvage everything and switch shells.

i know id be upset if something happened to mind after my rust repairs; but its not worth the premium.

as others said a car isn't a "investment"

so if thats what your after you should buy land or somethin.

also you talk about 18k right off the bat.

are you paying someone to do this work?

if i had 18k i sure as hell wouldnt be driving a 240.... just a thought

[Kalypso]

investing labor into a car is a waiste because you cant sell the labor back.

thats why I build all my cars myself... with a garage, a tig welder, and the tech pages here on nico it can all be done at home.

But no disrespect to you, im just ranting for fun

[mrgreeneyes]

if i had 18k i sure as hell wouldnt be driving a 240.... just a thought

ahahha... i just broke 21k... and you know my car... 130hp of fuuuury

[hbpignosePA]

yea but im sure you feel the same; if something would happen you would part it out.

extra coverage is stupid.

just my .02

no one outside of the nissan community cares about the car. yet alone knows what it is.

[C3Sierra_S2000]

If your car is stolen with no coverage though you are screwed. If a thief wants your car then it will get stolen. My premium for full coverage and 50K agreed value is only $1400 / yr. That is well worth it to not lose the 50K I have in my car to theft. Also parting it out doesn't cover the 10K I have in paint, body work, and body kit. If you drive around with no coverage then be prepared to lose anything you have put into your car.

[gumby74]

I recently tallied up my receipts for a total investment of just over $14K. Keep in mind that includes multiple suspension setups, wheels (currently have 3 sets) exhaust systems and a couple of engine rebuilds.

I keep only liability insurance simply because a custom policy would be more than the car is worth. I drive her daily, and though I worry sometimes about the car, I do not own it in fear. A friend of mine has a late model Civic Si, and even with a rediculous note, he is in constant fear of someone messing with his car. I refuse to put myself in that position.

However, as far as personal value to me? I took a late model Volkswagen GTI for a test drive a few weeks ago. If I do not trade in my current GTI, I will most assuredly sell my S13 and match the proceeds out of pocket for a down payment. I WANT that car.

[Broadfield]

APPRAISAL...... done deal! Take that to your insurance agent and get the proper coverage. If they won't do it then go to a different insurance company. I have State Farm and I made sure that my car will be returned to it's current state if its ever in an accident etc. I have to have a receipt for proof of anything that needs replaced.... whether it's the SR, front end or wheels. So make sure you always save ALL of your receipts! You can get an appraisal from classic car dealers and regular automotive dealers.

[matzinm2]

Thanks everyone I think I have devised a plan through all of your help and... otherwise. BW I do not have 18k to spend on it, that's why I'm getting a loan. Thanks for the appraisal suggestion, I think AAA just has no idea what it is or what its worth.

[numbnuts240]

I am getting a loan to build the car from the ground up. Not to modify it.

what's the difference? if you're going to bring it back to 100% factory specs, then you are restoring it. anything not stock will be modifying it. in which case, taking out a loan for the purpose of "building" a car is financially retarded.

[hbpignosePA]

loan for parts?

great investment

[jeb1517]

I am getting a loan to build the car from the ground up. Not to modify it.

Tell that to the loan officer. Let me know what he says.

Seriously though, I don't know you and you don't know me, but as others have already stated, getting a loan for what you're doing is a BAD IDEA. $18k can get you a pretty nice car these days. Might I suggest used 350Z?

[OutToWinPAHC]

Its a good subject, started off string, moved onto to flaming and now suggestions. Fire damaged cleaned.

[Broadfield]

taking out a loan for the purpose of "building" a car is financially retarded.

So by your logic you should never get a loan for anything that doesn't appreciate? So car loans in general are retarded? Even a house for example: Sure, the house you sell has gone up in value from the day you bought it. However, the house you are buying to replace the one you are selling has also gone up in value. So you are only making a lateral movement.

[matzinm2]

Damn its like I need a flame retardant suit on up in this B$TCh,

There is a reason why I am putting a huge amount of money into this car, because it is one of my favorite cars and I believe it has potential. As far as my finances, that would be my business, wouldn't it?

Moving on.

Broadfield, thanks for your constructive input, its a brilliant idea and I am currently working on the appraisal.

And thanks for everyone else who put in a truly positive effort to try to solve this puzzle. I am thinking about trying different agencies and seeing what they'll offer with an appraisal. I believe a 2500 dollar policy would be worthless with a car like this.

[skydragoness]

I think your mistake was asking this in the 240 forum, generally speaking most people in here can only afford liability insurance. So they're just going to scoff and moan. If you have the money, are going to build a show-car/restoration/etc then by all means get your car protected.

If you flip through Classic Motorsports or Hemmings Sports & Exotic car mags, there are a few specialty 'car enthusiast' car insurance companies out there.

In my current issue I found:http://www.heacockclassic.com (not just classic cars) and http://www.jctaylor.com

[hbpignosePA]

no sky, i just think that its a freaking 240sx

its not a classic.

it wont ever gain the same level of prestige/ value as muscle cars, vintage imports, or exotics.

its a economy car, always was always will be.

i love mine to death, and i try and make it into my vision of it, but to anyone outside the community its not worth anything.

[skydragoness]

no sky, i just think that its a freaking 240sx

its not a classic.

it wont ever gain the same level of prestige/ value as muscle cars, vintage imports, or exotics.

its a economy car, always was always will be.

i love mine to death, and i try and make it into my vision of it, but to anyone outside the community its not worth anything.

Technically speaking, no it's not a classic yet. 1989 S13 has five more years before classic car status.

Anyhow, that's just how you feel but any car (doesn't have to be an exotic) can be registered and insured as a classic so long as it meets the age requirement. There are mileage restrictions (a caveat) to having it done, but it can be done. Keep in mind, Datsuns are classics now (all models, not just the 'cool ones') and can be registered and insured as such. I'm sure people back then felt the same way about them as people feel about 240s and other Nissans now. It's just because they're not old enough yet.

Just wait, enough dumb kids will trash them and drift them into trees that a clean, pristine, S13/S14 from "back in the 90's" will be worth something to someone ..10-30yrs from now. If there's any gas left that is.

[OutToWinPAHC]

In pa cars are "classic" after 10 years, the are "antique" after 25

[numbnuts240]

So by your logic you should never get a loan for anything that doesn't appreciate?

by my logic, i would never take out a loan for something that won't appreciate. i have no problems buying used cars all my life and paying for them outright. i would never invest in a car. i sell my house, it will be at a much higher price than when i bought it. i would only buy and sell houses for the purpose of profiting, not to simply move around.

[matzinm2]

C3sierra,

If your car is stolen with no coverage though you are screwed. If a thief wants your car then it will get stolen. My premium for full coverage and 50K agreed value is only $1400 / yr. That is well worth it to not lose the 50K I have in my car to theft. Also parting it out doesn't cover the 10K I have in paint, body work, and body kit. If you drive around with no coverage then be prepared to lose anything you have put into your car.

What company did you go with to get that 50k policy?

[C3Sierra_S2000]

C3sierra,

What company did you go with to get that 50k policy?

Grundy Worldwide. They did not require an appraisal but you do go through something like an interview to determine if your car qualifies. They also want good pictures of the car. Overall it was fairly easy and they have a great policy.

[matzinm2]

Gee thanks, help f$cking rocks. Is your car garaged?