C4in mesa

I went to the Corvette club meeting this morning and this topic came up in discussion. The guys who were I the discussion all have classic car insurance. A declared value which is the BEST because otherwise your car is worth whatever the KBB is on that particular car. My declared value is $16,000 and the KBB is $500. So a HUGE difference and the only reason I can take it out of the garage with any confidence. I have closer to $20,000 and it keeps on mounting as I call it my money pit. Since I am not married my girlfriend can only squawk about it and not really make much influence since it is MY MONEY and not hers to **** away. Now I am asking what your modified is worth ? I am also asking how much cash you have dumped into your money pit ! I plan on putting new carpet, new polyurethan bushings and possibly coil over shocks to drop it 2 inches and really make it look cool with the hood open. The shocks cost $1200 and it is a bit pricey but I can take the leaf springs off the car. A few of my future expenses !

ch@0s

I think I have less than 10K in mine but If I had to replace it maybe... 16K?

zr1fred

Its worth what someone will pay you for it. Mods are only worth more if the potential buyer is looking for those specific mods. Usually they lesson the value of the car. Mods are a personal statement, so often a buyer will pass on a modified car (because its modified) and end up doing the same mods on a different car.

C4in mesa

Aside from the obvious, that a car is worth what a person will pay for it my car will never be a collectable. For a couple reasons, 1988 was an anniversary year and mine is a base and it has 219,000 miles. It was a 245HP car and now it's well over 300HP. I see it with all year Corvette's that have 100 or more horsepower more than stock and they never are asking close to the cost of getting that additional power, brakes, or suspension upgrades. I suppose it's great for a buyer like myself. I never had any delusions about getting my money back if I sell it.

cv67

x2
Mine appraised for 65k before the last round of improvements
Whats it really worth in this economy? A fraction of that at best; probably wouldnt want to know lol

Got into this hobby knowing its just for fun and yes themoney is pissed away so I could care less about worth.....once Im done with a car Im done and want it gone
Never been patient to dicker around and get that las few hundred or thousand ( I lose a lot of money on cars)
Appraisals and KBB dont mean jack noone pays that for cars these days


The "its not original" guys will tell you its worthless but they arent going to buy your car anyway someone who knows to get a modded car done will appreciate them more

Why are you thinking of selling it?

C409

..... A Stated Value policy is not necessarily meant to establish a market value ... its more like a replacement cost estimate ... How much would it cost you to duplicate your car ... to be on the safe side with your insurer , you might want to keep a file of ALL the receipts , PICS of the improvements ON your car , any car show trophies should also be documented and you might consider (if they don't require) a professional appraisal ..... NOTE : The appraiser may not be as generous as you might like .....

FAUEE

A 215k mile '88? I think if it was PERFECT and had top quality racing mods, and was a verifiable potent and reliable track car, you might get $12k from the right buyer. If you've spent that much money on cosmetic stuff and you don't find the guy who has to have it, you might have a hard time getting $5k.

C4in mesa

Let me say that this thread was not aimed at my cars value or that I spent thousands over the last 2.5 years and can't get it back. More that when we spend money on modifications it's next to impossible to recoup. I knew my car was at best worth $10K. That of course is me being optimistic. I am aware that the declared value is intended to allow the insurer to recover money spent on his car. I have saved all my receipts to show a buyer. Hagerty Classic Insurance never asked for any proof or any independent appraisal.

lt4obsesses

I've always been in the school of thought that modification is something you do for you, to make the car more enjoyable for you and has little to do with value. Modifications are an expense, not an investment.

Now, if we're talking about which has greater value, it depends. If it's a low mile car, then factory stock will almost always bring more money. However, if we're talking high mile cars, then I would say a modified car will bring more money but in a much smaller market.

For example, I bought my LT4 with 23K on the clock. If I had garage queened it, left it bone stock, it would be worth anywhere from 12 to 17K right now, going by what I've seen advertised for similar cars in the market place. (granted these are asking prices and not selling prices)

However, like a juvenile idiot, I bought the car to drive it, and did. To the tune of adding about 140K to it in the 8 years I've owned it. Now, this makes the car pretty much worthless in comparison to it's low mile brothers. So, the only way I'm going to be able to bring that price up, is to build it into a real street machine. Unfortunately, it would cost 15K or so to get it there, and I would probably only see an increase of maybe 10K to the right buyer. So, back to the original statement. Modifications are an expense, not an investment.

65Z01

When I modded my prior '35th Anni for 1/4 mile performance I had no delusion of recouping any those "fun $$"...

cv67

lt4obsess said it all in first 2 sentences

C4in mesa

How much money have you guys spent on the different modifications ? I was looking at a low mileage 1989 6 speed the asking price $7 or $8K. I did some quick math and it would cost me $8-10K to get it where I want my next Corvette to be performance wise. If I had lots of cash it wouldn't be such a big deal. I have seen over the last few years of owning my Corvette that it is a buyers market. You can find a GREAT deal out there if you are looking for a car with thousands in upgrades. When I was talking to those guys at the meeting this was pretty much what everyone was saying. One guy has a base C5 and he swaped out the rear end with a Z06 rear end and increased the crank horsepower to 450. He said he would be lucky to get high teens if and when he sells his car. Another guy with a 1982 C3 that had been restored inside and out along with 400 crank horsepower speculated his car would get $20K. So it is what it is a modified car isn't worth close to the money spent on the upgrades. It is really weird here I am spelling out the facts yet I still would like to buy coil over shocks, remove the leaf springs, install hollow sway bars and replace all the bushings with polyurethane. It isn't like I road race the car but do it just to do it. I sound like an addict. A few things I would like to do for certain are replace the carpet and get the leather seats installed. The brand new covers have been in my garage for 8 months. I have to get new foam and a kit to install them then pay someone to put them on. I've put it off because it's going to cost $300 for the foam $35 kit and the labor to put them on correctly. Like those guys were saying It is a never ending story.

mfi

I've been trying to sell my 92 vert for a while now..its listed on this site..no luck..I find it amazing that with all the work and new paint I can't sell it for a fraction of what I have into it..yet people will buy one like I did..then dump a ton into it...If I could have bought it with all the work done for what I'm asking now..total no brainer..I don't get it...
The dealer I was using to sell it told me people complained about the ride..it needs rear shocks..and thats what always turned them off..really..I find that insane..so ..I'm taking her back..getting new shocks..and keeping her for now..

cv67

Understand your frustration
Too many first timers fall for the "cheap, I can wrench and fix it up" bit as many old cars can be bought and driven that way; 9 times out of 10 find out otherwise so selling a nice sound one is tough.

Took me over a yr to sell my Z that was 5 yrs ago. Many vetttes go through a number of owners, can afford the purchase price but find they cant afford to fi or maintain then you see em cheap...absolutely beat. Then another deal hunter thinks hes gonna save that one

Tough times out there right now toys are cheap and everyones deal hunting. Be patient

redrose

I have spent huge sums of money on good beer over the years...what is used beer selling for ???

car buyers are like guys looking for a wife...everyone wants a virgin but plans to change that on the first night of the honeymoon.

MavsAK

Who wants a virgin?
Wrong kind of mess, and won't know at all what she's doing.

Eff that noise.

Patsgarage

Just my .02, but whenever I am looking for a car I try and find the most original one that I can. With a stock car you pretty much know what you are getting in to, a modified one, not so much. Yes, there are plenty of well done modified cars out there, but there are also some real scary ones. With the low entry price for C4s, some real meatheads get their hands on them with very bad results. With all this being said, I have probably modified over half of the cars that I have ever owned, but have never thought that it would increase the selling price.

JrRifleCoach

Your telling me bruther!

hooked073

I personaly would not have bough a car that had been modded beyound paint. It has nothing to do with value but knowing what i was getting into. It is easy to fit the factory stuff but a pain in the *** to cut scotch locks out and try to read someones mind on what they were trying to do. Same with the drivetrain I know what gm did I do not know what Billy BO did in his basement. This is not meant to knock anyone it is just the way I like to purchase cars

Tommycourt

Personnally unless the car is stock I can't see how mods are going to raise the value of the car. Paint and interior will be the first considerations for personal use or for resale. Then the mileage factor comes in. I can tell you from personal experience, I would personally have a car with some miles rather than a museum piece or garage queen. I have redone quite a few Model A Fords (please don't get mad) and the stockers will command the highest price. I know some guys who bought cars that sat in museums and they think they got a great buy due to the mileage. As soon as they start driving, leaks magically appear as the seals have dried up along with bushings. One of my Model A's has only had 1 restoration and that was in 1974 and I keep getting asked how much I want. I tell them the paint is cracked and it needs touching up. They now call that patina. Mods are done to make you happy but what makes you happy make not appeal to the next guy. So if you modify, do it for your own satisfaction and enjoy them because you won't realize the amount you put into them. Just MY humble opinion!
Tommy