What's the value of my restored 73' Targa?

[Bobboloo]

Hi guys,

I need your help in determining the value of my 73' T Targa. Odometer reads 99,500. The car was rear ended friday and I think it's probably totaled. I'm collecting info to present to the responsible parties' insurance company. Thanks in advance for taking the time to post your opinion of the cars value.

For those of you who have not seen the car in previous posts here's a brief run down of the car.

I basically just finished restoring the car. I just had some minor engine detailing and trunk detailing to do.

The car has just had a complete Glasurit bare metal, glass out repaint. All the rubber seals on the car are new. Including the NLA Early Targa roll bar seal. All new lenses and headlights. New horn grills. Even the seals on the turn signals are new. New windshield. There is zero rust on this car. I mean zip, zero, nada. The car spent it's previous life in Alburquerque before I restored it.

The car has a factory S front spoiler (metal) and factory RS rear flares.

The interior has been totally redone. New dash, door panels, seats, and German wool velour carpet (Autobahn Interiors).

Here's the list of mechanical upgrades I've done to the car.

All new suspension.

Front:
Elephant Racing polybronze bushings
New Carrera brakes and Brembo cross-drilled rotors.
Koni-adjustable shocks
22mm hollow Sanders torsion bars
Tarret Engineering 22mm anti-roll bar
Titanium Advantage strut brace

Rear:
Wevo SPS (spring-plate)
Carrera aluminum trailing arms
SC brakes
Bilstein Sport shocks
28mm Sanders hollow torsion bars
Carrera 21mm anti-roll bar
Wevo roll-bar mount

Wheels:
Restored by Al Reed
Fuchs 7x16" 225/50-16 Yokohama ES100
Fuchs 9x16" 245/45-16 Yokohama ES100

Car was corner-balanced by TRE and drives like a dream come true.

Stock original 915 tranny with Rennshift and new brass shift-linkage bushings.


Motor:

Rebuilt 87' 3.2L Euro Carrera motor with 12,900 miles on it since the rebuild. Early exhaust and muffler.

What do you think it's value was in todays market before the accident?

[boxster03]

so sorry to hear that, got to see it when KevinP was just finishing the paint job you just got it put back together. that really hurts. no way to put it back together? been rearended a couple of times in daily drivers.

[Paul Schooley]

Perhaps you could post a photo of the damages too? Might help. Sorry for your loss.

[37yrold911]

You might average the compilation of prices for a T on that thread. But you have some very expensive parts on your car. I forsee a big battle with the ins. co.

You could compile a list of the parts cost and labor charges (or estimate what that would be if you DIY'd the mods), then give that list to the ins. co.

They are bound to balk. You will likely need a lawyer or some way to threaten to take them into court where a jury can listen to you explain how much love and $$ you put into the car. Lawyers are expensive, so I hope you have one in the family - if not, just ask one to write a letter for $50.

If you wind up getting little for the car then be sure to buy it back at salvage and strip off all the good parts - the Wevo stuff and motor/trans. for sure.

Good Luck - this is a terrible shame.

[Bobboloo]

I'm sure I'm probably in for a fight with the insurance company. To them it's just an old car. To me it's a classic car that I've spent over $20,000 upgrading to better than new specification. That's $20,000 over the initial buy in for the car. The car is unbelievably tight and sorted. I've never driven a car so crisp.

For some reason the images I posted came up as links.

I'll repost a photo.

Maybe I'll post a picture of the damage later. It's hard for me to look at. I brought the car home and just shut the garage door. I get that sick feeling in my stomach when I look at the car. Kind of like the way you feel when you get dumped by a girl you like alot. Not that that has ever happened to me.

[72targa]

I get a sick feeling and I can't even look at it. Was your car insured for replacment value?

[Bobboloo]

I get a sick feeling and I can't even look at it. Was your car insured for replacment value?

Unfortunently no. I just have liability and uninsured motorist. I'm with AAA right now and a their collision policy didn't cover the real value of the car so I just got liability and uninsured motorist to cover me while I was shopping around. I was reading up on Haggerty and some of the other carriers on the thread that is presently going.

Fortunently when someone rear ends you there is no debate on who is at fault. I also have a witnesses.

[VIper Green E]

Your car is obviously a special piece that is not a normal T Targa.

Are you dealing with the other persons insurance? If so the ball is in your court. If they do not pay up you can go after your insurance for the difference in value. What is the liability limits of the insured that hit you? If it is the minimum you need to get your insurance involved right away. You need to emphasize all the work you put into the car. If you have $20K in receipts you are establishing your own value on the car. Hold to a high number $60K+. Don't give in and stick to that number in all your conversations.

I just had my 77 Turbo RSR Clone totaled. The insurance company paid me what I was asking. I stuck to my number and had plenty of receipts to justify the value. I submitted articles that described my car. They paid me and I kept the car along with all the goodies on it.
Your car is not a stock t. It is a highly modified R gruppe weapon. Make sure they know this. Cut out articles from Excellence and Total 911 that will support your car. All this press helps establish that you car is very special.

If the insurance company buys off on the fact that you car is a unique Hot Rod. They will hire a National company that specialize in determining value of special cars. Offer to help the adjuster find com parables. If any of your Friend have cars similar to yours give them your adjusters name. He can use past sales to help establish value. They technically don't have to be Taga's. The one that sold for $50K plus at the Rgruppe event this year would be a great comp. My 73 RS clone I sold for $55K would be a nice comp. There are plenty of sales out there to establish a realistic value.

Most important make sure that the car does not leave your possession. Any settlement should include you keeping the car. The parts are very valuable.

You should get at least $30k and your car. I would shoot for $40k. Stick to your guns, insurance companies have to replace the vehicle. In your case it is irreplaceable.

PM me with your Phone # if you want more info. I just went through it and it went very smoothly.

[Bobboloo]

Thanks Joe,

I'm dealing with the insurer of the person who hit me. I don't know their liability limits yet. More info will follow tomorrow, Monday.

Your data is very helpful.

This thread and an identical one on Pelican are my first attempts at collecting data. I'm searching the archives of sales and maybe I'll contact PML for more data.

Hopefully this thread will yield more data points. I know some owners may not want to publish what they paid for their car so anyone can feel free to email me if they don't want their info public.

[reed]

Bobby,

Sorry to hear about the accident. Of course, this never happens just as we're about to start the restoration process. This is more complicated than just figuring out what your car is "worth." In insurance valuations, there is fair market value and replacement value and they are often not the same. You are entitled to be made whole and that means you should receive replacement value for your car.

As a rule of thumb, the more unusual or rare an item, the more likely that replacement value will exceed fair market value. How much will it cost to duplicate your car? Many of the mods done may not raise the fair market value of your car but should be considered in determining replacement value. For example you could have spent $30,000 painting a custom mural of Rosie O’Donnell on the side of your car. Although not increasing the fair market value one bit (more likely the exact opposite), you would be entitled to have the cost of that mural factored into the "value" of your car. Silly example but you get the idea.

In a case like this, where you are rear-ended through no fault of your own, figuring out your car's worth should be fairly easy: how much would it cost to duplicate your car exactly? Not what you could sell it for, but how much to duplicate it. The fact that your car has modifications make it unique and comparables should only be the starting point.

Good luck. Stick to your guns and you should make out alright.