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PCGB & Vehicle valuations

PhilKent

PhilKent

PCGB Member
Member
Hi All,

So my insurance was up for renewal and this year I needed to renew the agreed valuation. I insure with classicline. They offer there own valuation service for a fee of £24. 3 years ago they did this and we agreed a value of £18k for my 1986 944 turbo with modifications (and all original parts). The valuation is valid for 2 years, but they kindly offered to extend it for 12 months for me. I recall I asked PCGB for a valuation anyway at that time and their valuation came back slightly lower than the £18k I'd agreed, so happy days for me, but disappointed with the PCGB valuation all the same.
Just asked PCGB for a new valuation and it's come back at £14k, so values are going down for our classic cars? That's a mighty decline in value in 2-3 years...Or am I doing something wrong?
I just provide pictures and a brief summary of the car and service record. Do I need to supply a comprehensive receipt record along with detailed restoration photographs for them to give (in my opinion) a more realistic valuation, or am I to accept that values have declined by some 25% in the last 12-18months (I would hope immediate circumstances are excluded)...
 
Last time I had a PCGB valuation done I wrote in what I thought it should be, based upon the cost of buying a car, getting it to the same condition and carrying out the work/modifications done.


Whoever does the valuations either agreed completely or just fancied an early finish and valued it at exactly the figure I had put! [:D]
 
So I read the blurb about how they use multiple sources of reference, prefer to rely on price paid rather than advertised etc, but surely.... A quick autotrader search comes up with only one other 1986 turbo for sale at £16,995, cheapest turbo for sale is £13,995 with 175k miles.
I told them previous valuation as guidance and they value it £4k less based on ???? I can only guess...whilst I understand replacement value is different than market value, I stated it was for insurance purposes. Maybe I'll have another go with more detailed information, but even so market value IS higher than £14k for a 1986 turbo...so I'd be better of not having an agreed value based on PCGB's valuation...don't get it...
 
There was a bit of softening in the selling prices (a wide range of classics and sports cars) before the covid19 situation and I cant imagine that will help with values
However replacing a long loved, sorted, well looked after example will be very difficult as they don't come up that often and the are not that many left!

Tony

 
It took me around a year to find a turbo I wanted to buy 11 years ago. If something happened to mine now I'd probably buy something else.
 
I’ve just sent PCGB a valuation request for my 2.7 - so will be interesting to see what they come back with. Now is definitely not the time to sell though. Great time to buy on the other hand!
 
I had my insurance valuation carried out via the club back in March, my cars value also dropped by £4K on their latest certificate. Not an issue providing the market has dropped on the whole. And providing you can replace your car like for like for the insurance payout, should the worst ever happen....
 
I don't take much notice on values 'per se'...at the end of a day, a car is worth what someone else will pay for it. I do accept though that in the case of an accident having an agreed value is worthwhile. Since It's unlikely that I'll sell mine I won't lose any sleep over its valuation.

Pete
 
no but, how much would it cost you to replace and then carry out all your mods......

bit more than your agreed value possibly
 
Waylander said:
no but, how much would it cost you to replace and then carry out all your mods......

bit more than your agreed value possibly
Click to expand...
much more than any insurer would be willing to pay out... if the unthinkable happened and unless I drove it off a cliff or something, hopefully, my son would be able to fix it, even if the chassis needed straightening. If it was a total loss, ie fire or such, the money I'd get would be more than enough to buy something to transport my other hobby in. I'm getting too old for high-performance cars anyway...:)

Pete
 
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