Lotus Elan

How do you quantify the value of a Lotus?

PostPost by: jeff jackson » Tue Feb 03, 2015 9:23 pm

Hi all,
Just noticed this ad on fleabay:
http://www.ebay.co.uk/itm/LOTUS-ELAN-PL ... 46336bb913
Now, I don't want to totally dismiss the owners valuation, but looking at the state of the car, is 6K realistic?
I ask this because Paul Matty has just valued my 72 Plus 2 S130/5 at 11K for insurance purposes. My elan whilst not perfect, has had the engine, suspension, brakes all rebuilt, the interior is original and immaculate, so how come my car is only worth 5K more? Are sellers thinking that all elan's are fetching 30k when rebuilt? because mine certainly won't make that sort of money, even if I did want to sell it (But I never will).
Kind regards
Jeff
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PostPost by: Elanintheforest » Tue Feb 03, 2015 9:39 pm

It's worth ?6k because the components are worth at least that...and probably a bit more.

Logic and common sense have little to do with the current classic car market!

Mark
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PostPost by: cal44 » Tue Feb 03, 2015 10:32 pm

What Mark wrote. The parts are worth that. The buyer just got a free body.

As to the valuation of your car.............if that dealer owned your car, would he ask 11K?...........or would he ask more. What are his +2's selling for in the same condition as yours?
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PostPost by: EPC 394J » Tue Feb 03, 2015 11:09 pm

No.

It doesn't look to me like a ?6k car...... IF you want a CAR, not just a box of saleable components!

I don't think it sold, did it? If you're looking for an Elan, I'm not at all sure ebay is where you'll find a good proposition??

I paid ?3,750 for this, less than a year ago.
image.jpg and

Ok, it hasn't been on the road for 27 years, but it is original, and complete, with provenance and matching numbers! The engine is free, and with a bit of work it'll be a 'rolling restoration'!

I won't be breaking it! (Any diffecerence in body colour is just where I experimented with a bit of T-cut!)
Where, then, lies the answer? In choice. Which shall it be: bankruptcy of purse or bankruptcy of life?

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PostPost by: theelanman » Wed Feb 04, 2015 8:45 am

EPC 394J wrote:No.

It doesn't look to me like a ?6k car...... IF you want a CAR, not just a box of saleable components!

I don't think it sold, did it? If you're looking for an Elan, I'm not at all sure ebay is where you'll find a good proposition??

I paid ?3,750 for this, less than a year ago.
image.jpg

Ok, it hasn't been on the road for 27 years, but it is original, and complete, with provenance and matching numbers! The engine is free, and with a bit of work it'll be a 'rolling restoration'!

I won't be breaking it! (Any diffecerence in body colour is just where I experimented with a bit of T-cut!)


wow....now that looks......no...that was a bargain......
good skills........ :mrgreen:
I don't know your cars current condition but say if most of the stuff works then its a ?10k car....
the big thing now seems to be the engine.....they seem to be getting more and more expensive....
couple of years ago say ?2500.....now ?3500 for an untested unit......?5000 for a built one....

the thing with classics is that its all trends and very speculative.....

I mean just look at Fords.......Mk1 escorts....?30k........wow.....3 or 4 years ago they were hundreds of pounds not thousands.........

over value yours on the insurance.......or at least give them every detail to back up your estimate...

I did mine last year......I have pics and receipts for a full rebuild to the tune of ?25k (not mine...the previous owner).....I asked them for an agreed value of ?20k sent pics and copies of all the bills......
they sent me an agreed value back at ?30k.......

and mines a +2 by the way

if you were selling........the car is worth what a person is willing to pay I guess....
and what you deem it worth..........hence haggling I guess.....

oh I don't know........its all very....how longs a piece of stringish......
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PostPost by: EPC 394J » Wed Feb 04, 2015 10:05 am

Thanks

The only point I'm really making is that ebay seems to be the place where SOME sellers go to take a punt on achieving an optimistic sale price. Put the same vehicle on Autotrader etc, and if the price isn't realistic, you're just throwing money away paying for the advert! No such problem on ebay.

I found my car here, on this very site. Many thanks to all concerned! Check my posting history, and you'll see it was advertised here. I can't believe I was uncertain about the price at the time, but I managed to speak to Paul Matty who certainly put my mind at rest.

For anyone patient, I'm sure mine won't be the last Elan to be purchased at a decent price?
Where, then, lies the answer? In choice. Which shall it be: bankruptcy of purse or bankruptcy of life?

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PostPost by: jeff jackson » Wed Feb 04, 2015 5:07 pm

agree that the car would be worth something in parts, but looking at the pictures, everything looks shot, including that head. Rust in the valve seat area, and what look like two valves missing. Why was the engine taken to bits and then not re-assembled? Maybe it was a blown up unit. So I agree that sometimes a car my be worth more in parts than as a whole, I have seen much better examples sadly broken for parts. This auction should have had a 99p start with no reserve, it may have sold then.
Noticed that a 2.5K offer was rejected.
Here is a picture of my +2.
Regards
Jeff
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PostPost by: Robbie693 » Wed Feb 11, 2015 10:46 am

Whenever I take my car to Paul for a valuation, the first thing he asks is "has it had a chassis?" indicating that he considers a chassis replacement essential by now.

I think I am correct in thinking yours hasn't Jeff? If so this may be why your valuation is a bit on the low side
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PostPost by: jeff jackson » Wed Feb 11, 2015 9:59 pm

Hi Robbie,
Just to re-iterate Paul gave me the valuation for insurance purposes, I will never sell my Elan.
However, he did ask about the Chassis, like he asked you. I did say that it was an original, and I have a new one ready to go on when the time comes. He said as it stands, the car is Valued at 11K, with a new chassis then it would be 12K.
Even though he put 11K on the valuation form, my insurance company has sent me a document that has an agreed valuation of 12K! Who am I to argue!
Kind regards
Jeff 72 +2
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PostPost by: Robbie693 » Thu Feb 12, 2015 11:18 am

I'm surprised it's only considered to be worth a ?1000 more for a new chassis. These things do seem to vary a bit - I started using Paul for valuations as Club Lotus at the time gave me a one that I considered too low.

Mike - Most insurance companies will ask for a valuation from an industry expert, I assume this is to prevent fraudulent over-valuations. I suppose the '3rd party valuer' can value his own cars!

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PostPost by: vincereynard » Thu Feb 12, 2015 5:44 pm

Out of interest concerning values.

Does the "series" of +2 have much say on the valuation? I.E. - +2 / S / 130 / 130/5

I cannot say I have noticed much difference in the way that a DHC Sprint is, by some margin, the most "valuable" of the road 2 seaters. Even including an early S1, which I would have thought would have had a scarcity premium.

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