OEM vs Modified = Value $

[55 Fargo]

Fred...bet your appraiser's Chryslers don't have a whisker trim thats been around the world......lol...........andyd

Thats true Andy, infact a lot of my parts are from all over, lets see, the Rad Tim Adams Elko Georgia, Gas pedal from California, hubcaps Bob T Joplin Missouri, Gas tank Minnesota, fuel filter Reg Evans California, Lighter,trim,seat adjuster, from Shel In New York State, so yes my car has parts from all over. The Gent I spoke with his T&Cs he has owned for a long time, the rag top he bought in 1958, the sedan he bought in the 70s, so he got em when they were not the kind of money they are worth today........

[old rat 49]

Maybe there needs to be another catagory of cars. "Renewed" or something for those of us who have a Daily Driver with better brakes, auto, a/c etc and isn't a "Garage/Trailor Queen". I don't care in the least what my car will be worth for resale as I am building for the wife and I to pull our Teardrop Camper to the woods and go to the grocery store etc. It's going to get parking lot dings and road rash and be USED and ENJOYED. I only want fair insuranse to replace or repair it. My regular Ins Co doesn't seem to fit the bill and the Specialty Co's have to many restrictions. I anticipate about 10,000 miles yearly in use. It's not going to be an overpowered, chromed hot rod, a meticulous restoration or a show car of any kind; just a safe as I can make it (updating 60 year old systems) comfortable fun to drive old car.

[claybill]

let me make a plug for my insurance..state farm.

they took pics of my car...asked me its value..and then charged me with a policy that would cover it.

bill

[BobT-47P15]

Bill......State Farm does as you said, but wants you to limit driving to

about 2,000 miles per year.....at least here in MO. That more or less

coincides with the state's mileage limit for having an antique license

plate.

That's the main reason for their lower rate on antique cars -

less exposure to possible loss.

[David Strieb]

No matter how much $$$$$ is spent, a car is only worth what someone will pay for it. The more modified and personalized a car is, the harder it is to sell.

The car auctions (scottsdale and such) have inflated car values beyound reason and out of reach for most. Any thing labled "collector" or "special intrest" is going to command a higher price, wether its worth it or not. I have a friend who does custom metal fabrication...Thun Field Rod and Custom in Graham, Wa....They built a '36 ford roadster (Chip Foose designed) into a national show winner. It was sliced and diced and everything else the customer wanted. The car toured the national show circut, then was put up for sale. Was told it sold for less than half the build price.

Someone the other day commented that my P10 must be worth $60,000.00, I told him I'd give him change back.

Edited March 11, 2010 by David Strieb

[blueskies]

Book value? I don't know who gets that. Sellers want it but not buyers. Original might make it worth more but not always. We are talking about mass produced cars not rare exotics.

My favorite car on this site would be Blueskies'. It is worth more than a stock one in my book ...

I agree that these cars are worth only what someone is willing to pay for them. The book value for my '50 more door is about 1/4 of what I have into it... and no-one as of yet is willing to pay my asking price, about 5k less than I've spent on it. The engine and transmission alone cost more than the book value.

I don't agree that modified cars are worth less that stockers. I suppose it depends on the car, rarity, etc.

[PatrickG]

This issue I have with an appraiser devaluing a car because it is modified isn't an issue of modified over original or vis-versa. It is that whether the car is stock or not, If you're paying for full-coverage you need to be insured for the amount it would cost you to replace it.

[BobT-47P15]

With insurance companies - if the car is worth more than normal money,

the best way is to document it by having copies of bills showing what"s

been done. And by getting an independent written appraisal with pictures

and an explanation of improvements, etc.

Appraisers will charge a fee of probably at least $50 - on up....and

should be willing to work with you given adequate information. We

have one restoration shop here, and he is considered an "expert" by

the insuror I worked for.

So - as I like to say about such things - the more ammunition, the

better. If you invest the additional money in a good appraisal, it

should pay off in a loss situation. (The same thought applies to your

home insurance as well. If you do notable improvements, you should

tell your insuror and increase your coverage lilmit 'cause they only

will pay up to the policy maximum as listed.)

We have a neighbor just around the corner on the next street

whose house burned recently. They have now razed the old

house totally and are starting to build a whole new structure.

Hopefully they were insured adequately. You never know what's

going to happen. Their fire was related to them drying firewood in

the garage using some type of heater - is all I know about the

cause. It happed one night when they were gone to church.

[David Strieb]

A professional apprasier should have no bias towards a car being stock or modified, but should apprase the car for what it is, not what he thinks it should be. Anything else is unprofessional and unacceptable. Modified can be as simple as not having mopar logo bolts on your car in someone else's eyes.