TSSC Valuations Mk2 Vitesse Convertible

[Paul H]

There’s an immaculate Vitesse for sale on the TSSC Facebook Page . There is no selling price other than a TSSC valuation of £25k which is £5k higher than the latest valuation . Is this possible ? 

https://www.facebook.com/groups/116689651680167/permalink/3912338662115228/?sale_post_id=3912338662115228

Paul 

[Guest]

As we know, Paul, there is an awfully big difference between valuation price and sale price. I don't do FB but a sale price of approx. £15K may be realistic. An item is only the price a buyer wishes to pay.

Regards.

Richard.

[Paul H]

14 minutes ago, classiclife said:

As we know, Paul, there is an awfully big difference between valuation price and sale price. I don't do FB but a sale price of approx. £15K may be realistic. An item is only the price a buyer wishes to pay.

Regards.

Richard.

Hi Richard , appreciate the insurance value , my point is can valuations be in excess of the printed values ? 

Paul 

[Guest]

I know of a local GT6, probably the best out there and I believe that valuation is above the TSSC printed ceiling, but TSSC have agreed it is an exemplary vehicle hence the valuation creep.

Regards.

Richard.

[rlubikey]

17 hours ago, Paul H said:

my point is can valuations be in excess of the printed values ? 

Yes Paul, if the car's got some special additions or modifications. Of course, they need to justify this, both to the TSSC valuations people and to you, the potential buyer.

Cheers, Richard

[Paul H]

1 minute ago, rlubikey said:

Yes Paul, if the car's got some special additions or modifications. Of course, they need to justify this, both to the TSSC valuations people and to you, the potential buyer.

Cheers, Richard

The £25k vitesse looks standard with no outstanding modifications , I thought the higher valuation was for Concourse + which I can go along with 

Paul 

 

[Colin Lindsay]

19 minutes ago, Paul H said:

The £25k vitesse looks standard with no outstanding modifications , I thought the higher valuation was for Concourse + which I can go along with 

Paul 

 

Sometimes the Insurance valuation reflects the cost of replacement ie getting another vehicle up to that standard as well as simply replacing it - especially if it has rare or unique parts that cannot easily be replaced. Sometimes, too, the owner will put a valuation on it that he thinks is accurate in his opinion, reflecting his ownership and the amount of care that he's put into the maintenance, but it's a totally different story when it comes to selling.

[AndyTV8]

I think the question of agreed valuations is covered well above - I would never consider a sale-price to be as high as an insurance valuation. 

Of course a seller will be keen to maximise their sale-price, so info like an agreed valuation may add some weight to their view - but doesn’t automatically mandate the sale-price.

....... Andy

edit - yes, I saw the Facebook posting yesterday and had a smile to myself 

[Pete Lewis]

dont forget high values raise insurance  premiums  and may introduce garage and lock up security small print 

a  high valuation can introduce a headache you hadnt thought too much about 

pete

[dougbgt6]

Yeh, my insurance went up £20 after Pete valued my car! 😱

Doug

[clive]

On 20/08/2020 at 20:54, classiclife said:

I know of a local GT6, probably the best out there and I believe that valuation is above the TSSC printed ceiling, but TSSC have agreed it is an exemplary vehicle hence the valuation creep.

Regards.

Richard.

But what a palaver to get it insured!

The insurance company refused the valuation initially as it was more than the TSSC guide. Questioned who had done the valuation etc etc etc. TSSC HQ got involved, and it got sorted out. BUT yes, higher premiums. Now he asks for the value to not be increased at revaluation, to avoid the same issues again. 

So Pete is right, high values cause issues. We have a Spitfire, that if unmodified would be (just)under the threshold for having to be kept garaged. But "period "mods mean the value was pushed up buy a few thousand. So it must be kept garaged overnight etc. A real pain sometimes, when it would be handy to leave it on the driveway. But that's life...

[Pete Lewis]

1 hour ago, dougbgt6 said:

Yeh, my insurance went up £20 after Pete valued my car! 😱

i might have known it was my fault 

anyway ........... you can afford it 

Pete

[dougbgt6]

1 hour ago, clive said:

it would be handy to leave it on the driveway.

Good grief Clive, you risk getting it wet! 

Doug

[dave.vitesse]

Insurance valuations are largely a replacement figure. The other point is the Vitesse is a rare car and as it is now sought after hence the market values go up. The same is true about the GT6, it's the TR5 effect!

Yes it's all reflected in what we pay for the cover.

Dave

[Paul H]

My interest in TSSC insurance valuations is that they keep up with market trends so we are not under insured . The selling price whilst interesting doesn’t come into the equation for me. 

TSSC Vitesse valuations haven’t changed for 3 years as far as I can see

Prices have certainly moved higher so am I underinsured ? 

Paul 

[Pete Lewis]

the  fact valuations on the tssc listing has not changed for years has been raised a few times 

they do date the form now , but some are questionable some models have silly value ranges from A1+ to concourse

but we will be doing valuations/revaluations at duxford , you can tackle bern about this but i know its the COM who devise the valuations ( or not as it seems ) 

a e mail to the gen sec would get a club reply 

Pete

[Paul H]

12 minutes ago, Pete Lewis said:

the  fact valuations on the tssc listing has not changed for years has been raised a few times 

they do date the form now , but some are questionable some models have silly value ranges from A1+ to concourse

but we will be doing valuations/revaluations at duxford , you can tackle bern about this but i know its the COM who devise the valuations ( or not as it seems ) 

a e mail to the gen sec would get a club reply 

Pete

Thanks Pete , will do 

Paul 

[Colin Lindsay]

Nigel has posted the Practical Classics Valuation guide over in another topic, and the purchase / sale prices are much lower than Insurance Valuations; far more so than our own Club values. It makes me wonder why some owners are going for a vastly inflated Insurance Valuation which costs more to insure, as, when it comes to selling, or replacing, it won't raise anywhere near that amount? If you want to insure sentimental value, or family history, to be honest that means little to any potential buyer, unless it's had a famous owner or is a car of historical value. So why do it, and effectively pay more in your annual premium, unless you just want to be able to say that you own a very valuable car... if only on paper?

[clive]

8 hours ago, Colin Lindsay said:

Nigel has posted the Practical Classics Valuation guide over in another topic, and the purchase / sale prices are much lower than Insurance Valuations; far more so than our own Club values. It makes me wonder why some owners are going for a vastly inflated Insurance Valuation which costs more to insure, as, when it comes to selling, or replacing, it won't raise anywhere near that amount? If you want to insure sentimental value, or family history, to be honest that means little to any potential buyer, unless it's had a famous owner or is a car of historical value. So why do it, and effectively pay more in your annual premium, unless you just want to be able to say that you own a very valuable car... if only on paper?

Simple why. My spitfire has a valuation of 11.5K, if I could sell it (very limited market) it would be tricky and I expect 8K tops, probably less.

However, if the worst should happen, it would cost me 7K to by a spitfire in the same condition, but another 5-8 to do the conversion. So I would be out of pocket. But not as much as I would be if was insured at its sales valuation. Same thing applies to many cars

[Colin Lindsay]

12 hours ago, clive said:

However, if the worst should happen, it would cost me 7K to by a spitfire in the same condition, but another 5-8 to do the conversion. 

That's some conversion cost but I've no doubt it's a reflection of the parts and effort involved, so you're right to prepare for the worst; however what I meant in the post is that some owners are going for vastly inflated figures which they seem to think will get them a better sale price, and on a standard car, maybe in excellent condition but with no extra cost involved, so they can be replaced almost like-for-like by any replacement in similar condition. In the case of the aforementioned Vitesse, there's no sale price, just the valuation which would seem to point to the vendor asking for a similar or reflected sale price.

I read the Triumph ads a lot - mostly wishful thinking these days - but there are a number of very highly-priced cars, way over the market price, that never seem to sell, but are constantly on the market month after month. I just wonder how many of these high prices are encouraged by the agreed value?

[AndyTV8]

kind of self-fueling as well... sale prices encourage by high agreed value.... people then see those For sale ads and assume their car must be worth a similar sum.... and the spiral goes on. That is, until folk discover that those highly-priced cars  rarely find a new home. Probably not helped by low interest rates and the possible attraction of cars as an investment.

....... Andy