Lotus Elan

What is it worth?

PostPost by: steveww » Fri May 19, 2006 10:52 am

I have just had a valuation performed on my S4 by Club Lotus. They valued the car at ?2000 less than when they valued it 3 years ago despite many items being restored and replaced. Just goes to confirm my suspicions that they are just like estate agents.

My guess is that the person doing the valuation was of the park and polish type and did not like the non-standard improvements I have made. IMHO they are out of touch with the current trend of driving the cars as seen by the increase in track days, tours, rallies etc. The MGOC, normally a bastion of the park and polish concours, has cancelled their traditional show this year, see the June edition of Classic Cars.

I am having second thoughts about investing in a respray now as it might wipe off what little value is left in the car :wink:
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PostPost by: GrUmPyBoDgEr » Fri May 19, 2006 11:16 am

The person has changed.
Graham Arnold used to do it but these days he spends his time reminiscing together with Colin.
I suspect that Alan Morgan now does the job.
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Editor: On Sunday morning, February 8th 2015, Derek "John" Pelly AKA GrumpyBodger passed away genuinely peacefully at Weston Hospicecare, Weston Super Mare. He will be missed.
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PostPost by: types26/36 » Fri May 19, 2006 11:24 am

[quote="steveww"] What is it worth? quote]

Thats an open ended question, its worth how much someone will pay for it (although whats its worth to you is a totally different question)
Some people do not want (what you consider improvements) and would prefer the car compleat with "inherent faults" your idea of how a car should be and their's is totally different, its the same with a house, most people buy a house and improve it (to their ideas)
Is someone wants a car to use on a Sunday drive in summer why would they want engine mods/rollbars/suspension mods/wheel/tyre changes etc?
The people who value the car are probably working on what a standard unmolested car is worth, of course when and if you sell your car there will be a market for it and you may get more for it if the person wants those modifications.
Take the Zetec plus 2 as an example, its worth a lot of money to some people but not to others, it would be interesting to know what Club Lotus values those at.......anybody?
Brian
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PostPost by: GrUmPyBoDgEr » Fri May 19, 2006 12:47 pm

Graham Arnold valued my S4 with Zetec & a hell of a lot more (see my recent photos) at 15000 GBP, (cost me a little bit more than that!)
Plan to put a winter garden on the back of it next year!
Question is, does it matter. The more it's valued at the higher the premium. I recall a recent thread where the owner of a written off Elan had one hell of a problem getting the agreed value out of the insurance company. With regards to resale value, well, as has been previously mentioned, "Beauty lies in the eye of the beholder".
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Editor: On Sunday morning, February 8th 2015, Derek "John" Pelly AKA GrumpyBodger passed away genuinely peacefully at Weston Hospicecare, Weston Super Mare. He will be missed.
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PostPost by: types26/36 » Fri May 19, 2006 1:37 pm

D.J.Pelly wrote:.
Graham Arnold used to do it but these days he spends his time reminiscing together with Colin.
I suspect that Alan Morgan now does the job.


Thought I read somewhere that Pat Thomas at Kelvedon Motors helped with the valuations, could be wrong though as I thought I read it on this forum. :roll: :?
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PostPost by: cliveyboy » Fri May 19, 2006 2:58 pm

Steve
I do not know how much yours is worth but my sprint is currently valued at ?11K and I would be pretty annoyed about a 20% discrepancy.
The classic car market as far as I know is pretty stable and the only thing that has changed recently in the Elan world is the Zetec Elan but that would not have any bearing on things.
I would be interested to know who did the valuation.
(The price of your car might be down but the cost of a Club valuation has increased 100%)
It seems silly that Club Lotus have this inconsistancy as it just means we will use different insurance companies who let you self declare values instead of Footman James who are the Clubs insurance specialists.
Everyone seems to lose out
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PostPost by: hethelfan » Fri May 19, 2006 3:04 pm

I went to a talk by Alan just after he took over Club Lotus.
It seemed strange and I might be wrong but I can not remember him mentioning ever owning a Lotus.
I am not sure if he owns or drives one now.
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PostPost by: Emma-Knight » Fri May 19, 2006 3:54 pm

...if someone really wants to loose some money - buy some shares!
The loss is almost guaranteed - and the good thing - You can't drive
them nor do they make Your hart smile.
(Postbank offered a 6% share first year (3% contract knock off!),
about max 3% next 5 years and as inflation rate on the continent is about a real 3%...)
Lets show some red lights to BMWs!

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PostPost by: chrishewett » Fri May 19, 2006 5:07 pm

I was just about to request a club valuation but maybe I will change my mind. I am not going to insure this year with Footman James (after 7 years) Because they are quoting just about twice Towergate hall & clarke. They also don't appear to be very efficient ( or even very intelligent).
As for club lotus, what are they actually for? The magazine is poor and there is never anyone in the office to answer any enquiries, even if they answer the phone!
Rant over.
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PostPost by: steveww » Fri May 19, 2006 5:57 pm

I have used www.heritage-quote.co.uk for the past 3 years and I have been happy with the service. They do keep trying to sell me their breakdown cover but are happy to remove the fee when I tell them I have the full AA.

I might get a quote from the LDC scheme and see how it compares.
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PostPost by: nebogipfel » Fri May 19, 2006 6:21 pm

Classic car valuations are always difficult.

I always wonder why clubs are deemed competent to value classics anyway?

With any collectable/antique the insurance value should hopefully be realistic but should be a figure which would enable you to replace with one of similar condition if yours is totally lost.

Really you need to decide that figure for yourself and then find a company who is prepared to offer you cover at that agreed valuation.

Not all, (my insurer included) rely on third party valuations but are happy to value based on a description and photographs of your car.

In case it's of interest my S4 is insured on that basis with Firebond.
John

No longer active on here, I value my privacy.
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PostPost by: miked » Fri May 19, 2006 9:43 pm

I found that even when Graham used to do it he knocked you down for Stromberg head and Spyder chassis and painting an S4 in sprint colours etc. I even recall him telling me about how he upset the Bank Europa boys which I thought was a bit naughty as they are serious cars.

Yep down to what you want and peolpe do like the performance mods to get out and drive!

I use Carol Nash who are used to the Harley boys and the shiny bits which they add to the cost of the bike. So they do not know all the Stromberg head stuff. Good restoration and clean looked after cars seem to have no problems with agreed valuation.

Mike :P
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PostPost by: alaric » Fri May 19, 2006 10:35 pm

I just got an insurance quote from Backford Bloor. I told them exactly what state the car is in now; QED race engine rebuild; SMS body restoration; T9 gearbox; CV driveshafts etc etc; many other new and powder coated parts. I've told them the total of the receipts that I have over the course of the restoration, and that I need cover until completion of the restoration, transport to and from the body restorers, cover for while I'm working on it etc etc, and then finally cover for when I actually get the car on the road. Their quote is for my request for an agreed value, which is representative of how much I think I'd have to spend to get back to where I am now with the restoration. They are treating the car as a kit car build. The premium is about the same as what I'm paying for my Mondeo ST24 - with that in mind I'm considering going for it; I want a contract that pays what I have valued it at, on the understanding that I will present proof in the event that a pay out is required. Otherwise I'd expect the insurance adjusters to de-rate the payout according to the difference between the agreed value and the receipts that I present, under the argument that it was more likely to be stolen. They seem willing to enter into the sort of contract that I want.

I have about a week left on a Footman James policy. According to the terms and conditions of the quote for the new policy, the car's not covered while I'm maintaining it (it's being restored!), if it's not locked (the doors are being resprayed at the moment), if the windows are open (they're in the loft) etc etc. It's worthless for someone like me that's restoring. When I took out the existing policy i explained that I was restoring the car. When I started assembling the car about 6 months ago i.e. taking the bits out of the loft and putting them into one lump in the garage, I phoned them to let them know that the agreed value didn't really cover the cost of the engine rebuild, and that I'd like to increase it to a more representative value since the risk of a total loss was increasing. I was told that in the event of something happening all I would need was proof of expenditure in receipt form and it would be ok. I decided there and then that I'd be looking elsewhere before the final assembly, as they obviously don't cater for the sort of car that I have.

It's not that I would expect to be re-imbursed for all the money and time that I've spent on the car, it's that I'd like a fair deal - I've not had to claim from FJ so this is no reflection of that, it's just a result of the ts & cs in the renewal.

Sean.
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PostPost by: elansprint71 » Fri May 19, 2006 10:58 pm

"Club" Lotus is a commercial company run, for profit, by a single owner.

Allegedly.
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PostPost by: thor » Sat May 20, 2006 8:51 am

When we have lotuselan.net, including the new "APPLAUSE APPLAUSE APPLAUSE" features and forums included last week, for me Club Lotus is now completely redundant.
This web based community is one of the reasons I felt safe buying my +2S unseen from the UK, and the reason for my happiness now...

:D
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