Toymods Car Club Inc: General Car Talk => Book value is BULL$h!7

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7M-Brisbane
Forums Junkie

Location:
Brisbane
Registered:
November 2002

Re: Book value is BULL$h!7

Sat, 18 October 2003 07:42

Quote:

Whats the go with these figures? where do they come from? and what can you do to avoid insurance companies coming up with "market values" which are total crap...

Okay, first thing first. Insurance companies DO NOT set 'market value'... consumers do. Red Book and Glass Guide are independent guides comprised of data on ACTUAL sales of motor vehicles by consumers.

The reason that insurance companies use these guides is to stop people bitching about payout figures - the companies do not set the figures - they just work off the figures in the guides they are furnished with (for a fee) by these companies.

Quote:

Bull Crap......

1989 TOYOTA SUPRA
64MA71 Hardtop Turbo 2dr Man 5sp 3.0T

trade in price guide* $5,800 - $7,500
national average price - private sale* $7,100 - $9,700
price when new (RRP) $59,900

I'll die before I sell my car for less than $9700. The only figure that I believe there is the new car price.

Think about how much you paid for your car. Just how far wrong are the figures? I think you're the one who was the wrong perspective.

People seem to base the value of their car off the sum total of their parts, or what other people advertise theirs for. If you were to believe that, my car is worth either $25k (my purchase price plus work I did to it) then my Supra was worth $15k (what I originally advertised it for). Why is it that it was for sale for 3 months and I only had one genuine buyer, and I ended up selling it for 2/10ths of fuck all?

A car is only worth a figure if someone has the money and pays it. And that's where these guides get the figures - the ACTUAL sales.

For anyone who is interested, the Red Book figures are artificially low, and the Glass Guide is generally a more pleasing figure. In my experience, though, many Glass Guide figures are vey high compared to the real world.

If someone wants to make up a list of cars for me, I have access to the latest Glass Guide so I am happy to do some quick research on your cars.

I should also have access to a Motorcycle one, but I think that is a little out of date because I don't really work with that side of the business.

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