73S Targa - How to estimate insurance value

[Mark Wilson]

All,
I have not kept watch on early car values of late and need help estimating a value for insurance purposes. She is a 73S Targa matching numbers, 69K miles, with new paint. Brown leather interior with newly recovered houndstooth insert front seats and new carpet. Original door panels, dash and rear seats will be retained. Engine and transmission health not yet determined, but will likely require Mr Mayo to rebuild. Suspension refreshed and 73 date code Fuchs. It is a factory AC car as well. So, with that, what do you guys estimate as a value while I'm working on her and then after she's back on the road? The reassembly will take another year or so to complete. Thanks!

[RSTarga]

check the hagerty valuation tool. My guess 90-100k when finished.
did you use a clear coat?

[Mark Wilson]

Thanks David. Yes, it's a base/clear.

[Mark Wilson]

I had no idea the values had increased so dramatically. Annie will probably be a 3 when back together according to these guidelines. What accounts for the big jump?

[LongRanger]

. . . had no idea the values had increased so dramatically . . . What accounts for the big jump? . . .

I think that there are several things going on/coming together . . .

1) A Good Car is hard to find --- Even though there's a perception that they're kinda 'exotic,' Porsches are totally recognizable --- and even kinda common . . . until you try to actually find/buy a nice one. Honestly? --- the surviving numbers of nice Longhoods --- in any type/flavor/etc . . . are a lot smaller than I would've thought . . .

2) Recent publicity --- in the collector car world, anyway: 50th anniversary, Steve McQueen, etc, etc. Publicity = visibility = interest = Potential Buyers. And yes --- the internet soooo helps

3) Longhoods are cheap --- relatively speaking . . . especially for their performance. Which segues into . . .

4) . . . The number of high-end restoration shops/brokerage houses/Flippers advertising cars w/ some pretty hefty prices. Which looks/feels to me like The Pros think that there are margins to be made


Put all those factors together --- and especially the scarcity of suitable cars . . . and I think that we have a bit of a 'land-rush' going on


And if you think that it's bad now? . . . .



. . . just wait ten years

[curtisaa]

Mark: You can put almost any value you would like when insuring your 73S. You can call Chubb Insurance and pay for replacement value of $200,000.00 for you car. This only says that "if" my car is stolen ( very unlikely) or burns to the ground ( less likely) that your carrier will write you a check for $200K. More likely are the chances of you getting rear ended or T-boned. As per most insurance guidelines, they will NOT total your car unless the value of repair is over 70 % of the stated value. This means that you will only collect if your car has $140,000 in damage. That's never going to happen ! What you should ask your carrier is "if" they will remunerate you for "diminished value". What happens with Insurance carriers is that they will report your damage to carfax and the DMV if you make a major claim. This will drastically create a situation where your car is tarred & feathered for life. Diminished value is not a constant. It is something that is highly debatable and negotiable, but Insurance carriers cannot not hide like this ( diminished value ) doesn't exist. Just saying regarding your value question.

[Mark Wilson]

Long - thanks for the rundown. While Annie has been stored away for the last four years, the value/collectability has shifted significantly. Not sure how that affects my plans to drive the crap out of her (probably not much).

Nick - maybe so. I'll get Ed's opine after she's back on the road. I'm going to get her back as good as I can as a rank amatuer with a limited budget. She will retain some of her west Texas patina on chome and other parts, and some of the fasteners may not be correctly plated. I'm focused more on driving than factory correctness.

Curt - very good points on the agreed value. I know a lot of people say this, but I don't see letting Annie go until I'm unable to drive or maintain her. She will be the first and likely the only car I restore and plus she's got that special Warren connection.

[Paragon]

Dang, I just visited this thought the other day as it was time to evaluate my coverage on all my dust collectors. Both Shelby's needed to be bumped and the 73S needed a healthy bump as well. I'm ashamed to say I still had it valued at what I paid for it in 2002! Even though my car is definitely no higher than a 4 on the Hagerty scale, I think I'll have to bump it even a bit more.

[boxster03]

With Hagerty at some declared value above "their" guidelines they may require an appraisal.

[bford]

This is apropos to my situation as I'm in the process of buying an early car (73 T) and my insurer (Farmers) requires an appraisal. I asked my agent who does such appraisals, and she said she "you can just look them up on the internet". I can't imagine "someone on the internet" knowing anything about these cars or this market. I'd trust the people on this list to give a better appraisal. Wonder what the accreditation process is for a car appraiser.