[DeTomaso] Insurance valuation
MikeLDrew at aol.com
MikeLDrew at aol.com
Thu Oct 8 16:15:01 EDT 2015
In a message dated 10/8/15 11 46 0, pantdino at aol.com writes:
> I note that no one has posted multiple auction results of stock,
> unrestored Panteras selling at 90K. I think you'll find that $65-70K is more like
> it.
>
>>>Of course, it all depends on condition. But like it or not, values are
on the up and continue to climb.
Just in the last six weeks, I've been involved in brokering the sale of
three different cars--private sales, not dealers, not auctions.
The first represents the absolute high-water mark in terms of Pantera
desirability--a yellow chrome-bumper car. Both the color, and the bumper style,
impart additional value. A fully restored and repainted example was seen
at the Phoenix Fun Rally at the Pavilions car show (the owner didn't
actually participate in the rally), unique because it wears Alaska plates, so many
here will remember it. That same car was at Concorso Italiano this year.
Following the show, I was asked to perform due diligence for a prospective
buyer, so it was hauled to a nearby Ferrari specialist who gave us access to
his lift. At the end of the day, the buyer offered $125K and was turned
down; the seller was firm on his asking price of $150K (which I feel is
unrealistic--$125K should have bought it).
A few weeks ago I helped with the estate sale disposal of a one-owner 25K
mile '71 that was in almost in 'barn find' condition. It had been sitting
for quite a few years, and did not run. It had mouse damage to the front
and rear trunk compartments, had been repainted, and still had evidence of
incorrect lines on the left side, leading me to suspect that it may have been
hit there. It needed a complete recomissioning (hoses, calipers, belts,
etc.) and of course the engine was an unknown quantity since it didn't run.
It sold for more than $70K.
Over this past weekend I was in Canada to perform due diligence on a
low-mileage L-model. This car is in almost perfect condition, having spent
almost all of its life in storage. A few years ago it had money spent on it
with a new radiator, hoses, etc. etc. so it's driveable. I found a short list
of minor faults (turn signal switch, headlight switch works but is of the
incorrect style, decklid shocks flaccid, carb needs a rebuild) so the seller
is going to fix them before putting it on the market. When it does become
available, however, for sure it will be a six-figure car, even though it's a
less-desirable L-model.
I don't dare make predictions about the future value of these cars--some
will swear they are going to continue climbing, others say a correction is
coming. I choose not to say, because I have no more idea than anybody else.
But I CAN say what is happening today, right now, because I've been down in
the trenches, making deals happen for people (and it's worth mentioning
that I scrupulously avoid accepting any money from either buyer or seller; I do
what I do for the love of the cars and nothing else).
By the same token, I suspect you haven't kept up with the actual value of
your Dino. Ten years ago, Dinos traded hands for Pantera money. Now, some
people have been reaching for the stars and selling them for more than
$500K, but those are outliers. Without having seen yours in person, but
knowing you, I suspect it's a terrific car, but perhaps not a show car, and as
such it's worth north of $300K, perhaps quite a bit north. Whether that's a
good thing or a bad thing is something only you can decide for yourself, but
believing it isn't so won't change anything....
Mike
-------------- next part --------------
In a message dated 10/8/15 11 46 0, pantdino at aol.com writes:
I note that no one has posted multiple auction results of stock,
unrestored Panteras selling at 90K. I think you'll find that
$65-70K is more like it.
>>>Of course, it all depends on condition. But like it or not, values
are on the up and continue to climb.
Just in the last six weeks, I've been involved in brokering the sale of
three different cars--private sales, not dealers, not auctions.
The first represents the absolute high-water mark in terms of Pantera
desirability--a yellow chrome-bumper car. Both the color, and the
bumper style, impart additional value. A fully restored and repainted
example was seen at the Phoenix Fun Rally at the Pavilions car show
(the owner didn't actually participate in the rally), unique because it
wears Alaska plates, so many here will remember it. That same car was
at Concorso Italiano this year. Following the show, I was asked to
perform due diligence for a prospective buyer, so it was hauled to a
nearby Ferrari specialist who gave us access to his lift. At the end
of the day, the buyer offered $125K and was turned down; the seller was
firm on his asking price of $150K (which I feel is unrealistic--$125K
should have bought it).
A few weeks ago I helped with the estate sale disposal of a one-owner
25K mile '71 that was in almost in 'barn find' condition. It had been
sitting for quite a few years, and did not run. It had mouse damage to
the front and rear trunk compartments, had been repainted, and still
had evidence of incorrect lines on the left side, leading me to suspect
that it may have been hit there. It needed a complete recomissioning
(hoses, calipers, belts, etc.) and of course the engine was an unknown
quantity since it didn't run. It sold for more than $70K.
Over this past weekend I was in Canada to perform due diligence on a
low-mileage L-model. This car is in almost perfect condition, having
spent almost all of its life in storage. A few years ago it had money
spent on it with a new radiator, hoses, etc. etc. so it's driveable. I
found a short list of minor faults (turn signal switch, headlight
switch works but is of the incorrect style, decklid shocks flaccid,
carb needs a rebuild) so the seller is going to fix them before putting
it on the market. When it does become available, however, for sure it
will be a six-figure car, even though it's a less-desirable L-model.
I don't dare make predictions about the future value of these
cars--some will swear they are going to continue climbing, others say a
correction is coming. I choose not to say, because I have no more idea
than anybody else. But I CAN say what is happening today, right now,
because I've been down in the trenches, making deals happen for people
(and it's worth mentioning that I scrupulously avoid accepting any
money from either buyer or seller; I do what I do for the love of the
cars and nothing else).
By the same token, I suspect you haven't kept up with the actual value
of your Dino. Ten years ago, Dinos traded hands for Pantera money.
Now, some people have been reaching for the stars and selling them for
more than $500K, but those are outliers. Without having seen yours in
person, but knowing you, I suspect it's a terrific car, but perhaps not
a show car, and as such it's worth north of $300K, perhaps quite a bit
north. Whether that's a good thing or a bad thing is something only
you can decide for yourself, but believing it isn't so won't change
anything....
Mike
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