[DeTomaso] Insurance valuation
Pantdino
pantdino at aol.com
Thu Oct 8 17:28:55 EDT 2015
Mike and Michael,
I really appreciate your input and it looks like I stand corrected on this matter.
Mike, my Dino was insured for $225 last December when the renewal came up and I said to Heacock, "You know the market better than I - you tell me what it is worth." They responded with $350K, which surprised me but I went with their suggestion.
I guess I should do the same with the Pantera-- let them tell me what it is worth.
Actually a value of $90K is appropriate in this market-- I see so many 60 - 120 hp "why would anyone want one?" cars selling for 6 figures now it's ridiculous
I DO think a correction is coming, but who knows when.
Jim
-----Original Message-----
From: Michael Shortt <michaelsavga at gmail.com>
To: 576103 <MikeLDrew at aol.com>
Cc: pantdino <pantdino at aol.com>; detomaso <detomaso at poca.com>
Sent: Thu, Oct 8, 2015 1:26 pm
Subject: Re: [DeTomaso] Insurance valuation
The recent deal that I was associated with on the estate sale with 3 Panteras, a GT350 and a 76 Lincoln plus all the Detomaso parts.
The 3 Panteras, a 72 with 6K miles, a 73 with 10K miles and a 73 with 17K miles had all sat for 35 years, none of them ran, all in good shape but
will need hours of rehab and maybe gas tanks (seriously cleaned at least), they were all red. Sold them all in a week and the cheapest one was 65K.
GT350 went for 140K, sold it on the telephone, sight unseen.
Michael Shortt
On Thu, Oct 8, 2015 at 4:15 PM, Mike Drew via DeTomaso <detomaso at poca.com> wrote:
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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Michael L. Shortt
Savannah, Georgia
www.michaelshortt.com
michael at michaelshortt.com
912-232-9390
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Act, 18 U.S.C. Sec. 2510-2521, is confidential and may be legally
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-------------- next part --------------
Mike and Michael,
I really appreciate your input and it looks like I stand corrected on
this matter.
Mike, my Dino was insured for $225 last December when the renewal came
up and I said to Heacock, "You know the market better than I - you tell
me what it is worth." They responded with $350K, which surprised me
but I went with their suggestion.
I guess I should do the same with the Pantera-- let them tell me what
it is worth.
Actually a value of $90K is appropriate in this market-- I see so many
60 - 120 hp "why would anyone want one?" cars selling for 6 figures now
it's ridiculous
I DO think a correction is coming, but who knows when.
Jim
-----Original Message-----
From: Michael Shortt <michaelsavga at gmail.com>
To: 576103 <MikeLDrew at aol.com>
Cc: pantdino <pantdino at aol.com>; detomaso <detomaso at poca.com>
Sent: Thu, Oct 8, 2015 1:26 pm
Subject: Re: [DeTomaso] Insurance valuation
The recent deal that I was associated with on the estate sale with 3
Panteras, a GT350 and a 76 Lincoln plus all the Detomaso parts.
The 3 Panteras, a 72 with 6K miles, a 73 with 10K miles and a 73 with
17K miles had all sat for 35 years, none of them ran, all in good shape
but
will need hours of rehab and maybe gas tanks (seriously cleaned at
least), they were all red. Sold them all in a week and the cheapest one
was 65K.
GT350 went for 140K, sold it on the telephone, sight unseen.
Michael Shortt
On Thu, Oct 8, 2015 at 4:15 PM, Mike Drew via DeTomaso
<[1]detomaso at poca.com> wrote:
In a message dated 10/8/15 11 46 0, [2]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
_______________________________________________
Detomaso Forum Managed by POCA
Posted emails must not exceed 1.5 Megabytes
DeTomaso mailing list
[3]DeTomaso at poca.com
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To manage your subscription (change email address, unsubscribe,
etc.) use the links above.
--
Michael L. Shortt
Savannah, Georgia
[5]www.michaelshortt.com
[6]michael at michaelshortt.com
912-232-9390
This email is protected by the Electronic Communications Privacy
Act, 18 U.S.C. Sec. 2510-2521, is confidential and may be legally
privileged. If you are not the intended recipient, you are hereby
notified
that any retention, dissemination, distribution or copying of this
communication is strictly prohibited. Please reply to the sender that
you
have received this message in error, then delete it. Thank you
References
1. mailto:detomaso at poca.com
2. mailto:pantdino at aol.com
3. mailto:DeTomaso at poca.com
4. http://poca.com/mailman/listinfo/detomaso_poca.com
5. http://www.michaelshortt.com/
6. mailto:michael at michaelshortt.com
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