Caterham value

[MNlotus]

Hey i wanted to know what my caterham is currently worth (insurance reasons). Im not selling the car but just want to know the current fair value. I have a 2003 Caterham Dedion with a 2.0 Zetec motor. Leather seats, ITB's, 6 speed and has 9267 miles on it. Body is in good condition, the car has a few rock chips here and there on the front nosecone and rear fenders. Thanks in advance.

[Croc]

The best way to work out fair value for me is look at all the similar cars on offer on here in the last year. List out specs and match that best to your cars. I also discount the offer price by 10% to get closer to what selling price likely was. This usually gives me a range of values. If a dealer is involved discount by 20-25%. I think the two zetec dealer cars currently listed on the sales section of the forum that could be a proxy for your car are overpriced for what it is worth. Offline one of the dealers has vaguely indicated a willingness to drop $10k. This is an example of why you cannot trust an asking price as a guide - actual sales can be wildly different.

 

I would not bother asking for fair value assessment on here because everyone has an intangibly different concept of fair value as if they are going to buy it. For insurance you want a value that is not fair value but a value for how it would need to be replaced which is why they have "agreed-value" form of insurance - so you set what you think you need to replace it with (i.e. a similar spec 2003 car). A little high is not going to make that much difference as that can cover for variation in specifications if you had to buy a replacement.

[Kitcat]

Two years ago, I paid a dealer $23.5K for my '03 Superlight spec'd somewhat like yours. Have seen others go for into the mid to upper $30's.