What to do?

[CAR3NUT]

What to do after the recent events of our community losing several more of our irreplaceable cars?
We purchased 673 Dec. 4, 2019 for $48,000.00 and yes even then I thought it was a steal and still do today considering the sale of Roadsters over the past year.
At the time we insured it with Hagerty for $55,000.00 then last year Dec. 2020 we increased the insurance to $65,000.00. The big question now is what is the value of car today and a year from now?
I am the second owner, the car is in good health, it had a battery replacement by Tesla with a re-manufactured battery in 2013, the PEM was replaced by Tesla with a re-manufactured PEM in 2016. The car has not been in any accidents, has new tires and the is living in our climate control garage under a cover. The CAC is at 145 and the range on a standard charge is 178 miles.
Thoughts on value? Is $75,000 or $80,000 out of line.

 

[IslandRoadster]

We purchased 673 Dec. 4, 2019 for $48,000.00 and yes even then I thought it was a steal and still do today considering the sale of Roadsters over the past year.
…
Thoughts on value? Is $75,000 or $80,000 out of line.

Total mileage?

 

[Matteni]

In today's market you would have a hard time replacing your car for under $100k

 

[ZilWin]

In today's market you would have a hard time replacing your car for under $100k

Pretty close

18k-Mile 2010 Tesla Roadster

Bid for the chance to own a 18k-Mile 2010 Tesla Roadster at auction with Bring a Trailer, the home of the best vintage and classic cars online. Lot #52,608.

bringatrailer.com

 

[CAR3NUT]

Total mileage?

Mileage is probably higher than most as the original owner probably drove it every day. It is 51,000.

 

[CAR3NUT]

What to do after the recent events of our community losing several more of our irreplaceable cars?
We purchased 673 Dec. 4, 2019 for $48,000.00 and yes even then I thought it was a steal and still do today considering the sale of Roadsters over the past year.
At the time we insured it with Hagerty for $55,000.00 then last year Dec. 2020 we increased the insurance to $65,000.00. The big question now is what is the value of car today and a year from now?
I am the second owner, the car is in good health, it had a battery replacement by Tesla with a re-manufactured battery in 2013, the PEM was replaced by Tesla with a re-manufactured PEM in 2016. The car has not been in any accidents, has new tires and the is living in our climate control garage under a cover. The CAC is at 145 and the range on a standard charge is 178 miles.
Thoughts on value? Is $75,000 or $80,000 out of line.

Forgot to add I do not plan on selling the car for at least 2 years. By then old father time will be at 80 years old

 

[IslandRoadster]

Mileage is probably higher than most as the original owner probably drove it every day. It is 51,000.

I’m confident you could get $90k if everything’s in good condition. If in great condition with no paint swirls and a few upgrades, probably more.

 

[im4uttx]

@IslandRoadster is in line with my thoughts...

51K miles isn't too high, but could have some general wear and tear repair needed.

If you're looking for insurance valuation, and cost of that insurance is an issue, probably $85K is a good point. If cost isn't so much an issue, $100K would be reasonable. Probably need to understand what the coverage pays in the event of total loss since replacement isn't generally going to be an option.

With the tragic loss of cars recently on everyone's mind, a total loss most likely isn't as much monetary as it is emotional, imo. Coverage of $85K or $100K or $125K won't get you YOUR car back.

 

[eHorses]

What to do after the recent events of our community losing several more of our irreplaceable cars?
We purchased 673 Dec. 4, 2019 for $48,000.00 and yes even then I thought it was a steal and still do today considering the sale of Roadsters over the past year.
At the time we insured it with Hagerty for $55,000.00 then last year Dec. 2020 we increased the insurance to $65,000.00. The big question now is what is the value of car today and a year from now?
I am the second owner, the car is in good health, it had a battery replacement by Tesla with a re-manufactured battery in 2013, the PEM was replaced by Tesla with a re-manufactured PEM in 2016. The car has not been in any accidents, has new tires and the is living in our climate control garage under a cover. The CAC is at 145 and the range on a standard charge is 178 miles.
Thoughts on value? Is $75,000 or $80,000 out of line.

I also have hagerty and I don’t think 100k is out of line. I would highly recommend adding additional “cherished salvaged“ coverage with them. They paid coverage amount and you get to keep the car to fix, hopefully.

 

[IslandRoadster]

I also have hagerty and I don’t think 100k is out of line. I would highly recommend adding additional “cherished salvaged“ coverage with them. They paid coverage amount and you get to keep the car to fix, hopefully.

Totally agree with @eHorses. Ultimately insurance companies will want to low ball you no matter what, so getting a policy that requires them to pay the value of your coverage and that you get to keep the car to repair sounds essential.

 

[Boourns]

What you are looking for is an "agreed value" policy. Basically, the value of the car is set and in the event of a total loss, the insurer pays the agreed value without the need for determining the replacement cost.

 

[CAR3NUT]

That is basically what Hagerty does when you insure a car through them. They write you a check for the agreed (insured) value for the loss of the car.

 

[CAR3NUT]

Totally agree with @eHorses. Ultimately insurance companies will want to low ball you no matter what, so getting a policy that requires them to pay the value of your coverage and that you get to keep the car to repair sounds essentia

 

[CAR3NUT]

@eHorses I'll have to check with Hagerty about "cherished salvaged" option, thanks for the heads up.

 

[CAR3NUT]

Received two quotes from Hagerty in regards to my renewal which is due Dec. 15.

They quoted me for Excellent Condition the following:

$100,000.00 - $1,967.00 for one year
$107,000.00 - $2,066.00 for one year

Wife and I agreed to go with the $107,000.00 because this time next year it will probably be valued more.

 

[IslandRoadster]

Received two quotes from Hagerty in regards to my renewal which is due Dec. 15.

They quoted me for Excellent Condition the following:

$100,000.00 - $1,967.00 for one year
$107,000.00 - $2,066.00 for one year

Wife and I agreed to go with the $107,000.00 because this time next year it will probably be valued more.

Am I misreading this? That’s not the premium, is it?

 

[CAR3NUT]

Am I misreading this? That’s not the premium, is it?

That's what the email states in Black & White.

I was paying $1,559.00 for a $65,000.00 valuation

When you think of what happened to @drewski at no fault of his own it is pretty cheap in my mind

 

[CAR3NUT]

For those that are interested in looking at the valuation of your car through Hagerty see link below

2010 Tesla Roadster Base | Hagerty Valuation Tools

Have you seen the latest 2010 Tesla Roadster values?

www.hagerty.com

 

[eHorses]

That's what the email states in Black & White.

I was paying $1,559.00 for a $65,000.00 valuation

When you think of what happened to @drewski at no fault of his own it is pretty cheap in my mind

I have similar payment as this.
Interesting to see they have an evaluation tool for roadster, NOW. But, it seems to be behind on the recent sales data already, considering a very nice but savaged titled red roadster sold on BAT for $135k.
Far from concours grade.

 

[im4uttx]

I have similar payment as this.
Interesting to see they have an evaluation tool for roadster, NOW. But, it seems to be behind on the recent sales data already, considering a very nice but savaged titled red roadster sold on BAT for $135k.
Far from concours grade.

View attachment 729401

Yep, I highly doubt the valuations there take into account the loss of 30 roadsters and the recent pricing increases...but in the end, it's a matter of what you want in return for the cost. Very unlikely to be able to replace a car that is a total loss.

I don't see the "cherished salvage" option anywhere, but that would definitely be worthwhile at any valuation to be able to keep the car and perhaps send it to be restored if at all possible at whatever cost...