recognised club valuation scheme

[tex]

do you think the club could run a resale guide for westys as a help to control used car prices?

using the same sorta set up as other marks do for theirs i think it would be a far better way to help people keep the value of what is becoming a real issue that is being overlooked in my opinion... the club should revue prices once a year perhaps and give a guide out / publish on the website - if this isnt looked at soon i feel there would be a non stop spiral down of prices.. ask yourself what it cost for a car like you bought - and what does it cost for the same now?

dont forget tho these can only be as a guide but if administered rightly it could be well worth the effort.

[adhawkins]

The trouble as I understand it is that there's no way to make a 'formula' to value a Westfield. No two Westfields are alike, even two people that start the build at the same time using the same components are likely to produce a car with is different (even if it's just in terms of build quality alone).

Once you then start adding in the multitude of differing options in engine, gearbox, suspension, wheels, tyres, seating, dashboard etc., then it'd be a bit of a minefield IMO.

Andy

[tex]

it could be possible to a certian extent using variables such as these only

chassis age/type

engine type

mileage

condition

how do other marks work it out? it must be possible someway? i didnt intend for it to be a cast iron guide but perhaps a rough guide - if someone was wanting to sell it would give a guide as to what to advertise it for - the outcome of which would help to stabilise values instead of a free for all and lowest value wins the sale.. we can set prices if its thought thro..

[Norman Verona]

Tex, there are two trade GUIDES to car values, Glasses and Cap. Both use very sophisticated data for residual values, dealer surveys and auction prices.

Remember this is for production cars made in the millions and all basicly the same apart from engine/transmission and trim levels.

Yet even with all that the only way to be sure is to get a vehicle underwritten by a dealer in that make. Phrases like £200 behind book are very common.

The ONLY way to tell the true value of a car (or anything) is to see what someone else is prepared to pay. With the clubs this is done very well as it seems to be common knowledge what each of us have paid for our cars.

If anyone tries to create a book on Westfield (let alone Caterhams) it will just not work. Those who don't get guide price will say it's rubbish and those have to pay more will say the same. The trade understand it's GUIDE prices in the books and have the experience (or can get it from elsewhere) to adjust.

Club members don't.

[Monkeylegend]

we can set prices if its thought thro..

Wishful thinking!

Supply and demand will always determine prices, and Westfields are not exempt from this phenomenon.

[tex]

just think as a club people should ask more for what they have - christ iv seen some belter cars go for really stupid money and i'm sure that the only reason is that the owner didnt dare ask more because people would laugh - b*****k to that i say - hold your ground and keep in your pocket what you rightfuly should be entitled to!

[Norman Verona]

Tex, when you sell your car, you ask the price you think it's worth. If you get someone to pay that then you undervalued it. If you don't get any offers then you've over valued it.

The market will determine what it's value is and that's probably the method used to value the cars you refer.

[jeff oakley]

This was discussed in detail sometime ago, I offered to tyr to get such a scheme going, however it was felt to be a minefield for the club. As previously said, how do you value something as different as our cars, sure you could set a price for a zetec mt75 standard build, but if you upgrade to lsd, throttle boddies etc what is the additional value? to some it has devalued it. There was also an insurance issue, if a club offical gave a valuation and after an accident this was challenged by the insurance it would be costly to defend any claims against us.

Senario is a club valued car is bought by Joe, joe crashes car and insurance pays him £2k less than the valuation. Joe seeks recompense fron the club as he feels he paid too much for an over valued car on the basis of the club valuation.

Westfield do a valuation but only after an accident as far as I know.

[neilwillis]

Yep, this is a club run by volunteers too, NOT a business.

Who do you propose to put on a salary to run the scheme, and how do you propose to pay for it?

It's a non-starter, sorry.

[Man On The Clapham Omnibus]

One of the main reasons people want a 'authorised' value for their cars is for agreed value insurance. The Insurance companies are unlikely, I'd have thought, to place much credence on a value provided by a club pertaining to a speciality marque such as sevens. They want a 'real world' estimate - from a  dealer in the field. As far a value for selling is concerned, as others have said, ask what you feel it's worth to you or what you're preapred to let it go at. For buying, look around at Club ads and non-club ads, and get a feel for the market at the particular instant in time when you're buying. Try, for example, PistonHeads, Findit, Exchange & Mart, Autotrader, etc.

I agree about being worried about seeing values decline - especially if you have built your car and want to try to recoup as much of the value as you can, or if you are getting out and need to realise your 'investment' as best you can. 'Investment', though, is not a word that sits easily alongside anything to do with cars.

On the brighter side, if you are a buyer as well as a seller, the relative values will not have changed for the worse. In fact the amount you will have to find to cover the uplift to a higher spec will be less.

[Westy1700]

i reckom mines worth £25k....now all i need is someone to buy it ...

[perksy]

It's a non-starter, sorry.

Not knocking the idea but as Neil says i don't think it's workable in the 'real world'

Too many Variables and it would raise alot of questions that would need to be answered...

[Asterix]

no

[Norman Verona]

Insurance valuations are a different matter entirely.

Most car clubs have an "agreed value" valuer. The Lotus 7 club have someone.

I'm sure the club could appoint someone, like JeffC as he's in the trade, to give written insurance valuations. The insurance companies will accept this as long as there's back up for proof of specs. For example they will not accept a phone call asking for a £10,000 increase in sums insured without bills for the new engine and gearbox which is the reason for the increase.

As you pay part of the premium on a per £1000 rate, the insurance companies are not too worried as long as they are happy it's not being used to defraud.

I had mine valued for insurance purposes at £20,000 and increased the agreed value from £13,000 to £20,000 a few months before the accident. No argument from insurers, I'd paid the premium I got the value.

The club can charge, say £25, for the service which can go all to the valuer, all to charity or something between.

I see it as a Club function and if we don't have it it should be organised asap.

[neilwillis]

Well done for volunteering for that then.

There is of course the small matter of any legal liability that results from any undertaing like that.

I hope your scheme works.   Although I suggest you clear it with JeffC before you rope him in on it.