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Price of "Bs" going UP!

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Another 'small', but equally relevant factor is the price we have our LBC insured for. I, and other LBC owners have our cars insured for more than they are 'market' worth because it's easier to itemise improvements and modifications. As our LBCs get older, it's harder for insurance companies to apply their 'Fair Market Value' rule and sometimes (Not all the time) pay the insured value in case of loss.
Let's face it, when putting a price on an LBC, we do apply the 'love' factor as well, taking into account the hours we've spent and the small things that make them unique.
Jack is right nonetheless, there are less of them and is a small increase in the demanders.
Prices went crazy in the UK about 10 years ago due to the artificial inflation of people just buying titles, a lot in a short period of time that the market reacted to. This happens every few years or so, but most LBCs now are being bought and sold between enthusiasts keeping them alive and that in itself will raise the price slightly.
 
Barry,
Not quite sure what you mean when you say that our cars are overinsured. Most LBC owners utilize the services of specialty car insurance companies. I, for one, am insured with American Collector out of New Jersey. I have my TR6 insured for $27,500 and my premium is $201 per year, no deductable, full coverage, including liability. At the outset I called American Collector and asked them how they could insure my car so reasonably. Their reply was that owners of collectable cars tend to take better care of them than they do their wives! The agent (a gal) said they rarely have to pay claims. Of course, no standard insurance company will talk to you about insuring your LBC. I had to submit a reasonable list of receipts, a series of photos and promise that I would limit the mileage to "about" 2500 per year. I got what I paid for and the insurance company is making a profit. Isn't that what it is all about? The market value of my car is what someone is willing to pay for it. I think that the value of that MG in the first post on this thread is worth $21,000 because someone seems perfectly willing to pay that.


Bill
 
[quote[Most LBC owners utilize the services of specialty car insurance companies.

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Not me - USAA liability only!
 
I just cancelled my insurance with Allstate on my MGB and Alfa - as neither of them are driveable at the moment. I was paying $500 for six months of Liability only coverage on just those 2 cars. /ubbthreads/images/graemlins/eek.gif I make my insurance payment once a month, so I had never realized I was paying so much money - I nearly stroked out when he said "that just saved you $500"
 
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[quote[Most LBC owners utilize the services of specialty car insurance companies.

[/ QUOTE ]

Not me - USAA liability only!

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Tony, I have been with USAA for 37 years....they were the ones that sent me over to American Collector. They must have some kind of connection.


Bill
 
Erie here -- liability and comprehensive. I put comprehensive on all the cars when I found out how cheap it is and when I found out that had I had it on the Honda Wagon, it would have covered the $800 tailgate glass that got broken when the lawnmower kicked up a rock.... :-(
 
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Tony, I have been with USAA for 37 years....they were the ones that sent me over to American Collector. They must have some kind of connection.

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Bill...USAA doesn't do collector cars...I've asked them what they'd suggest if I ever wanted anything other than liability on an MG & they said they could make some suggestions if that time arose.
 
Bill, what I meant on the 'over insured' was we, dictate the value of our vehicles. Such as yourself that has your TR6 insured for $27k+, and I have insured my vehicle for more than I paid and have done to it. I know my insurance company will do everything it can to not pay what it is insured for in the event (heaven forbid) of a loss. It will rely on the adjuster to determine how much the company will shell out to get another 'stock' vehicle. All the add-ons and modifications wont be considered unless insured separately, so we'd have 'over insure' to recoup that loss and replace not only the car, but our modifications etc also.
You're right, it's all about how much someone is prepared to part for something. I personally would inflate the price if someone wanted it that bad, and that's the difference in the car market we are in, we can manipulate our prices somewhat whereas the mainstream market can't (as much!)
If my wife knew how much my Midget was insured for, she'd torch it!
 
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Tony, I have been with USAA for 37 years....they were the ones that sent me over to American Collector. They must have some kind of connection.

[/ QUOTE ]

Bill...USAA doesn't do collector cars...I've asked them what they'd suggest if I ever wanted anything other than liability on an MG & they said they could make some suggestions if that time arose.

[/ QUOTE ]


I am aware that USAA doesn't do collector cars, Tony. As I said, they sent me to American Collector. Check them out if you ever decide to go for full coverage.


Bill
 
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Another factor is demand...As the people that remember these cars from when they were new reach an age where they are no longer interested in buying new toys and projects the amount of buyer out there looking for these things is decreasing.

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My take on this might be slightly different. As we Boomers come of age, myself being the oldest (60), we (even us rich dentists) might find ourselves with some disposable income and want to relive the days of our youth. This will reflect from the top of the market (Big Healeys, Jags, etc.) down to the lower levels (MGs, TRs, etc.) and we see these cars being sought out in record numbers. Taken into consideration the value of the dollar (both US and CA) and inflated values of the LBC, the shear ravages of time causing many examples of collectable cars to dimenish, I see the initial cost of acquiring the car of your dreams as going up, up, up. I have kept a very close watch on the value of the average TR6 (and other TRs) and have seen them essentially double in the last 5 years. The average cost of any rebuildable TR6 seems to be somewhere in the neighborhood of $5K, with decently restored cars averaging in the low teens. Nicely done models go for $20K and up.
Prices going down is not an option. Indeed, the NASCAR crowd seems centered on Harleys and American Muscle, but those of us that think always gravitate back to classic cars that offer a bit of panache and verve. Methinks that the market is just opening up and the numbers interested are just starting to swell.



Bill

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I didn't mean to imply that prices would drop....It will just get harder and harder for us to sell our cars....People have many reasons to justify why their car is more valuable than others...This mentallity does drive up prices(a relatively good thing for most of us)and will continue to do so. My original point is that the number of people out there actively looking for LBC's is on the decrease...and once the boomers have exited the market(to put it nicely) There will be an even bigger decrease in the number of buyers.

3 years ago I bought a 77 MGB for $500 that had been buried in an old garage. I got it driveable and cleaned it up a bit...But it was still a car that needed tons of work. I advertised it for sale at $5,500 and within a few days I recieved my entire asking price and the car was gone. A year later I bought the LE( and I won't say what I paid becasue don't wanna see any tears /ubbthreads/images/graemlins/jester.gif) I put lots of work into it and it had become a show worthy beautifully running car. I advertised it that year at a little over double what I had advertised the 77 for......Lets just say I still own the car.

Another example; back in the early 90's I had just become a father for the first time, and purchased a new house which required alot of furniture, appliances, and other boring house stuff. So basically I needed money....I bought a bunch of TR6's(6 of them in total, within 2 years)They were all solid drivers, some better some worse. But I set a standard starting price of $8500 and 90% of the time they sold at that price in the first week. Now flashforward 15 years....I buy this 76 TR6....It's about the same condition those others were and I have it advertised for only a little more than what I used to sell them at....Again, looks like this TR6 is here to stay.....Not that I am complaining /ubbthreads/images/graemlins/driving.gif
 
[/ QUOTE ]

I didn't mean to imply that prices would drop....It will just get harder and harder for us to sell our cars....People have many reasons to justify why their car is more valuable than others...This mentallity does drive up prices(a relatively good thing for most of us)and will continue to do so. My original point is that the number of people out there actively looking for LBC's is on the decrease...and once the boomers have exited the market(to put it nicely) There will be an even bigger decrease in the number of buyers.

3 years ago I bought a 77 MGB for $500 that had been buried in an old garage. I got it driveable and cleaned it up a bit...But it was still a car that needed tons of work. I advertised it for sale at $5,500 and within a few days I recieved my entire asking price and the car was gone. A year later I bought the LE( and I won't say what I paid becasue don't wanna see any tears /ubbthreads/images/graemlins/jester.gif) I put lots of work into it and it had become a show worthy beautifully running car. I advertised it that year at a little over double what I had advertised the 77 for......Lets just say I still own the car.

Another example; back in the early 90's I had just become a father for the first time, and purchased a new house which required alot of furniture, appliances, and other boring house stuff. So basically I needed money....I bought a bunch of TR6's(6 of them in total, within 2 years)They were all solid drivers, some better some worse. But I set a standard starting price of $8500 and 90% of the time they sold at that price in the first week. Now flashforward 15 years....I buy this 76 TR6....It's about the same condition those others were and I have it advertised for only a little more than what I used to sell them at....Again, looks like this TR6 is here to stay.....Not that I am complaining /ubbthreads/images/graemlins/driving.gif

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That is truly strange. I keep a very close ear to the track around here on LBC values and all I see is prices going up, up, up. Unless you overpaid for the latest TR6, unusual that it won't sell. I do know that the NorthEast (US) is a hot market for Triumphs. Is Toronto that far away? (My wife has an uncle that lives in your fair city.)
I just sold an old transmission to someone in the Northeast for a TR3 (gotta box it up this weekend) and customers seem to want them fixed. A good friend in Connecticut owns 3 TRs and constantly has people offering him serious monies for any one of them. He could easily double his money from original purchase prices 8 years ago. I guess all markets are different.

Bill
 
Paul, send him my way, I'll make him the proud owner of show quality 67 GT, buy another one as nice and have enough money left over to get all the goodies I need to build my vintage race car, Im in Greenville.
 
The only reason I bought the TR6 is because of the price...Actually I 've had a little more action recently and a few people are suppose to come out and look at it. I've been taking it to every cruise night and leaving a bunch of flyers on it...That seams to generate more interest than anything.
 
According the the 'Gold Book Classic Cars' pricing (as of June this year) the range is as follows:
CONV (Chrome Bmp) 1962-66
Dsp/HP Eng Fair Good Exc Show
1.8/95 4C $4,600 $8,500 $15,500 $20,000

CONV (Chrome Bmp) 1967-74
Dsp/HP Eng Fair Good Exc Show
1.8/95 4C $3,500 $7,000 $12,000 $16,000

I would have sold my '66 in a New York minute... My '57 MGA is worth between $8,000 and $34,000 per the same source...
 
Well, there ya go boys & girls...if its in print, it must be correct!
 
well, i've noticed the valuese to be going up just from observation of asking prices. I can't say that they've gone up tremendously, but they have gone up quite a bit. When I acquired my car I believe the asking price for a driveable B with little to no rust was around $4K, now the average seems to be around $6K. But my observations are in no way a scientific or even statistically acceptible methods of guaging the average prices. It's just what I've noticed. heh /ubbthreads/images/graemlins/smirk.gif
 
I repeat, that top 5% of the now-coming-to-retirement-age boomers have money and are willing to step up, pay the price, and take it! There is something magic about the 40-year-old classic British sports car that they remember from their fraternity days at U and they fully intend to relive it, often with a new trophy wife and a golden parachute. The dentist (we are not all rich) is a prime example of my point. This is a good thing and a bad thing. My wanting to acquire a TR3 to restore (I have had a TR3 and a TR2 in years past) gave me sticker shock when I went around with hand-on-checkbook and had to back down because a decent, restorable TR3 starts at 10K. Triple that number for the finished product if I do the work. Now my restored (albeit a resto-mod, to my satisfaction) TR6 has gone up in value. Look at the TR4 that sold at B-J auction for almost 100K. The guy built the perfect TR4, and almost had that in the car, bid on by a couple of boomers with cash.



Restore em, don't crush em!

Oh, if this doesn't make you want to pitch


/ubbthreads/images/graemlins/pukeface.gif, there are four (4) chrome bumper Bs in a barn in a certain town in south-central Louisiana that have been there for years. The family members hate each other so much that none of them will allow the cars to be sold. Hurricane Rita caused the barn to collapse and the cars were flattened. Makes you want to cry, even if they were only MGs.


Bill
 
I noticed the values were on the rise in the years I spent without one (from 99 to 2005). Seemed to increase very rapidly. The values before (in the 90s) seemed pretty consistent. Around 2K would get you a decent driveable Chrome bumper B, nothing fancy just a driver. Now they seem around 5K. Maybe the ones that are still around have just been improved upon more, but I think the values have risen, too. I actually looked elsewhere for my sportscar fix until I found one by chance for what I thought was a bargain price (1700). I spent a few thousand on it to improve it, and now I'm rebuilding the motor which had been untouched since 71, so theres about 2K more. Mine is insured for 10K. I think its about right.
 
I do know its getting harder & harder to find parts cars around here....oh, wait, maybe that's because I already bought all of them!
 
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