Dear Listers,
After we've picked apart the insurance companies, and Mr. Leon's wrecked
Midget, and now seem to be venturing off into rate-the-value-guide-industry
territory, remember:
These are only guides to be used by experts to justify their valuations and
are really so general that it is hard to use one to determine the value of
any car that you want to buy or even sell. As a pro, I use a number of
different sources to get a desired result. This is not being dishonest. It
is a bit time consuming and can be creative. If someone is donating a car
to a museum, he wants as much as we can write it for since the actual tax
savings is about 35% of the appraisal. While I will not stretch the truth
about the condition or the value, I can use the VERY optimistic Old Cars Cars
and Prices book or go overseas for "International" values to come up with
higher figures as long as they are not ridiculous.
Conversly, if I am appraising a car for probate, we want to keep the price
low to lessen the tax liability. The CPI book (Cars of Particular Interest)
is a small publication that is primarily used by dealers to value
unusual/classic trade-ins that they might not do on a regular basis. This
book is far
less optimistic and is great when low values are the goal.
While the CPI book does undervalue the crem de la crem
of any particular marque, it will give a used car salesman
a reasonable starting point for negotiations on a number
of off-the-wall & not-quite-yet-collectable classics.
I have set a number of the CPI values for some rather
arcane British cars.
A few months ago I wrote a value guide for British Car Magazine on Morris
Minors and was accosted from all sides. Some accused me of running up prices,
while others felt that the top end was undervalued. The biggest flap was
that I valued the Minor Traveller (woody) at $9000 tops, and a number of
woody sellers said that I limited their sales.
I turned around and sold a friend's Traveller to a cost's-no-object Hollywood
producer for over $12,000.
That proves that I was wrong about the original $9000 figure?
No, this car was a fresh ground-up resto that had been featured in a number
of magazines, with new wood and a complete custom boat-like interior,
1275/ribcase/3:90 rear end, wire wheels, new chrome and rubber, super stereo
etc. One couldn't build a car like this for twelve grand. The buyer took the
car with no reservations after the first drive around the block. He knew what
he wanted and was one of those guys who has a bunch of assistants and
assistants for his assistance who have better things to do that drive all
over
LA and kick tyres. Sure he paid top buck and the car might
drop a bit in value when the fresh resto-gloss fades and the first dings and
tarnish appear, but I doubt that the car will drop much below $10,000, and
that is right in line with my original $9,000 figure.
These books and articles are only guides. They are constantly up for
interpitation. A car is worth what you can get for it.
If someone wants to ask for the stars, he knows that he
might have to settle for astroids or meteors after the
phone fails to ring for a week or two.
See you on the Funway!
Rick Feibusch
Automotive Journalist/Appraiser
http://www.EnglishCars.com/rick.html
mailto:RFeibusch@aol.com
61 Minor pickup
60 Minor Saloon
59 Minor Convertible
69 Chevelle Malibu 350
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