Lude Generation

I'm currently looking at insurance renewal with Sky, have been with them a few years and would quite like to stay with them, though after the recent door incident I really want to get an agreed value policy this year.

Their assessor will look at the value I put on the car, and decide if he agrees, based on it's value to a like minded enthusiast

This is where you come. I need to put a value on the car, now my initial gut instinct was to say 5k.

I need to stress, this is not the value on the 'open market', this is the value to those of us who actually know what were looking at!

In real terms, it would actually take the best part of 8-10k to do my car again, but I have to be realistic.
So, this is where you come in - do you think £5k is a fair value?
If you'd like to give some input it would be appreciated, BUT informed comments only please, Sky are on here and will see this, which is a good thing, so I don't really wan't any comments like '1k max on pistonheads' if you get my drift.

Maybe @PerformanceAutoworks or @Buzzonion Vtec could chime in?

Obviously many of you will not have seen my car in the metal, so I appreciate you're going on the profile info.
You can see most of the work done there, but a couple of major points: -

PAW built engine with only 4,000 miles on it.
ZERO RUST.

AGAIN, THIS IS NOT A 'MARKET VALUE', so comparisons to 99% of stuff out there at the moment is kind of pointless. I appreciate it's a tricky one, but I'm thinking of stuff like Max's lude that sold for what, £3k? a couple of years back?

Basically, if you had my car, what value would YOU want to put on it to 'safeguard' it.

Muchos thanks in advance

Ben

I'm in a similar position with my car, except I have rust, and put the value of mine down as £3k with it probably costing over double to do again. In hindsight I probably should have put £4k down but hey ho.

I think £5k - £6k would be fair for yours with a complete rebuild and no rust. Obviously it wouln't sell for that but as you say that's not what you're looking for

I think £5k is more than fair, having seen your car in the flesh. It would take more than that to get another lude to the same spec, even assuming you could find a tidy base to work from.

I agree, £5000 - £6000 is a fair amount. As already said, it would still cost more than that to build another rust free Prelude to the same spec.

This really is a very difficult one to judge due to the appaling "market" values that many of our cars suffer from. In truth there will always be people who look at the market and put stupid low values on even the very best examples on the market.
BUT
If you compare the quality of the best cars out there directly to the £600-£1000 cars they are leagues apart !!!

I personally think your valuation is a very fair shout due to the condition, renovation work, engine etc. Of course I know this car inside out but I'm not basing my opinions on favourtism...I just KNOW what this car is like!!
The bodywork is superb, NO rust, great paintwork.
The suspension has been fully overhauled with all new bushes, driveshafts, suspension dampers/springs and any ball joints that were required.
The engine is as you say, totally fresh, 4k miles on it
Gearbox with LSD
Interior in superb condition.

You just wouldn't be able to go out and replace this car for "market value". In fact you would be able to replace it / build another for 5k.

Agreed values are there for restorers, kit cars and enthusiasts with a car that is something way more special than the market average. These cars are far better maintained and should be considered a much lower actual risk than a standard policy on a £600 shabby/tired car.

£5k is very fair indeed and certainly in no way taking the P, in fact I'd probably suggest that this car should be valued at more like £6k !!

I'd say go for 5k minimum, why not push for even more if it is actually worth more? (Which it is.) They can only knock you down.

I had an agreed valve on the silver lude for £2k and that was for completely OEM. It had no where near the thousands of pounds you'd spent on yours and it was in by no means as good a condition, yet if I was to buy a replacement and get it in the same standard again (which in my mind is the whole point of an agreed value), then I would have had to pay 2k again.

PerformanceAutoworks wrote:You just wouldn't be able to go out and replace this car for "market value". In fact you would be able to replace it / build another for 5k.

For the record you mean "you wouldn't be able to replace it / build another for 5k." right @PerformanceAutoworks?

NafemanNathan wrote:For the record you mean "you wouldn't be able to replace it / build another for 5k." right @PerformanceAutoworks?

It's not just me that does those typos

NafemanNathan wrote:

PerformanceAutoworks wrote:You just wouldn't be able to go out and replace this car for "market value". In fact you would be able to replace it / build another for 5k.

For the record you mean "you wouldn't be able to replace it / build another for 5k." right @PerformanceAutoworks?

Correct, I'm just too damn fast for my keyboard

Thanks VERY much all, that's great and has helped me confirm what I hoped.
I'll go back to them with £6k, and photos (that they have requested) and report back.

Cheers again