Insurance Valuation vs miles driven

[GSix]

I did a forum search but did not find a answer. This is related to insured value only, I am Not looking to sell my GT. I know the No Mile/Low Mile cars are at the top of the market. My question is - What would you say the deduct in value is is for say 8k, 10k, 15k etc miles. Working with my agent to stay on top of the coverage.

Thanks in advance, apologies if it was covered and I missed it.

 

[extrap]

I feel like that's pretty hard for somebody else to answer if you're trying to be precise. But with insurance it doesn't seem like you need to be precise. In other words, check the premium for say $350k, $400k and $500k and see how different they are. Maybe not enough to bother with low balling it. On the other hand, if it is then I think it'll have to be your own judgment call. That said, I have a spreadsheet of about 65 FGT sales on Bring-a-Trailer, Mecum and Barrett Jackson results over the past couple years, and would be glad to send it.

This 7,700-mi white FGT just sold for $413k + $5K buyer's fee on Feb 2nd https://bringatrailer.com/listing/2005-ford-gt-59/

So there's one small sample for you.

 

[GSix]

I feel like that's pretty hard for somebody else to answer if you're trying to be precise. But with insurance it doesn't seem like you need to be precise. In other words, check the premium for say $350k, $400k and $500k and see how different they are. Maybe not enough to bother with low balling it. On the other hand, if it is then I think it'll have to be your own judgment call. That said, I have a spreadsheet of about 65 FGT sales on Bring-a-Trailer, Mecum and Barrett Jackson results over the past couple years, and would be glad to send it.

This 7,700-mi white FGT just sold for $413k + $5K buyer's fee on Feb 2nd https://bringatrailer.com/listing/2005-ford-gt-59/

So there's one small sample for you.

Good point and seems like a reasonable approach. Thank you.

 

[GKW05GT]

Other than delivery mile cars it seems that miles are becoming less of a factor especially if the buyer plans on driving the car.

 

[Vincent998]

A GT with 29,000 miles sold on BaT not too long ago. It brought $330K. If you search BaT for FORD GT sales you will find many, although most are low mileage cars. Still, it's a very useful site to find actual sales prices.

 

[Steve Schneider]

Hi Gsix hope you are well

If you have a spreadsheet of about 65 FGT sales on Bring-a-Trailer, Mecum and Barrett Jackson results over the past couple years love to see it

Thank you
Steve
todayshousewares@cogeco.ca

 

[GSix]

Hi Gsix hope you are well

If you have a spreadsheet of about 65 FGT sales on Bring-a-Trailer, Mecum and Barrett Jackson results over the past couple years love to see it

Thank you
Steve
todayshousewares@cogeco.ca

Steve,

extrap was actually the member with the spreadsheet. I like his idea and I am going to start one.
Dan

 

[Steve Schneider]

Yes sorry if Extrap would consider sending file thank you todayshousewares@cogeco.ca

 

[extrap]

@Steve Schneider .... Steve - I just emailed the spreadsheet.

@GSix I'll send it to you, too, if you like.

 

[GSix]

@Steve Schneider .... Steve - I just emailed the spreadsheet.

@GSix I'll send it to you, too, if you like.

Yes please, that would be great

thank you!

 

[extrap]

Yes please, that would be great

thank you!

PM me your email if you prefer to keep it private.

 

[Shark01]

Would be nice to get a historical pricing spreadsheet together but anything prior to mid-2021 should be considered not current....for example there was a group of us in Jan-Apr 2020 that paid sub-$200k (non-salvage cars) with miles ranging from high 20k to 90k.

 

[PJA]

I have a 06 with 41K miles, would anyone like to share their spreadsheet?
I would appreciate it.

 

[extrap]

Would be nice to get a historical pricing spreadsheet together but anything prior to mid-2021 should be considered not current....for example there was a group of us in Jan-Apr 2020 that paid sub-$200k (non-salvage cars) with miles ranging from high 20k to 90k.

I agree, although no need to remove them from the spreadsheet since the viewer ... aka extrapolator ... can decide how far back sale prices are relevant.

I have a 06 with 41K miles, would anyone like to share their spreadsheet?
I would appreciate it.

Post your email, or PM it to me if you prefer to keep it private, and I'll send the SS.

 

[GSix]

I agree, although no need to remove them from the spreadsheet since the viewer ... aka extrapolator ... can decide how far back sale prices are relevant.



Post your email, or PM it to me if you prefer to keep it private, and I'll send the SS.

Apologies, should have included this last post.

 

[extrap]

Apologies, should have included this last post.

Just sent ... and you might want to edit your post to remove your email if you're concerned about bots finding it and sending spam.

 

[PeteK]

Given recent sales, anything older than about 2 months would be outdated.

 

[GSix]

Given recent sales, anything older than about 2 months would be outdated.

Indeed, just a quick look at average sale price of similar mile cars from 2 months of this year vs last year shows a significant jump.

 

[extrap]

Given recent sales, anything older than about 2 months would be outdated.

Right. The older data allows you to make a graph, and trend line if ya want. Here's a graph of the sales (with presumed buyer's fee) in my SS (I need to figure out how to make the X axis be Dates instead of just numerical, but the 1st one is 10/18/2018)