Whats my 40 worth???

Joined
Nov 10, 2010
Messages
1,238
Location
Grand Rapids, MI
I was thinking about this today when I was looking through the classifieds add at folks trying to sell their 40's. Granted most of these rigs are projects in progress but I think I saw on one Mud members tag line that 'its finished when I sell it' I think this holds true. .I am winding down on my 78 project and all the 'big' ticket type items are finished. Body work, paint, motor, suspension, ect. Now I, like most gents here are picking at the little things.

Most of the builds I've seen on here have new parts. And we all know that new parts add up quite quickly hence the madness of throwing our hard earned money into a project we put our heart and soul into.

I've really been inspried by some of the builds on here. My old man is a computer geek so I never really got to go out into the garage and help with mechanical things or learn that way. I can tell from some of the builds that fabricators and mechancis certainly run in the family. ANTFJ's build, PISTORMANS build, JohnnyC and Coolerman just to name a few have amazing builds. I'm a newb and have been enjoying working on my 40 after work and on the weekends. And alot of my work has been sourced out or I have been hanging out with my mechanic to learn how to do this stuff when I get impatienct or have the extra coin to spend. I guess I'm not patient enough on my first build to wait a couple of years. So on my 78 I've spent alot of money in outsourcing.

The next go around I will be doing more of this stuff myself. Actually thinking about taking a welding class at the local community college and maybe and electrical class as well. Seems like I've spent alot of time in these areas.

There's two reasons for this question. One I am switching insurance companies and need to determine value. Of course time and labor and parts are all considered plus replacing the rig. And personally don't want to go thousands over budget if my rig is only worth so much in the market.

So how do we determine the value of these rigs. Just add up our reciepts plus bloody knuckles and pride of craftsmanship and there's the number? I know the insurance company goes by Classic KBB or Classic NADA but we as builders go by parts and labor as well.

Any thoughts would be appreciated. :popcorn:
 
Joined
Jun 12, 2009
Messages
1,418
Location
Durango, CO
When I completed my build and was looking for insurance, my agent suggested getting it appraised. I used

Auto Appraisal Network - Professional Auto Appraisal | Car Appraisal

and I was happy with the results and it was well worth the $200 I spent for it. I had to do a simple write-up of the things I've done to the vehicle and I presented them with my spreadsheet of cost/receipts which substantiated what I had done. They take some pictures and put together their appraisal.
 
Joined
Jun 4, 2009
Messages
3,410
Location
New Smyrna Beach FL
Usually add up all your receipts and divide by 2. One good way is find several comparable SOLD rigs on ebay, SOLD being the keyword. I see people asking outrageous amounts on ebay and craigslist. Only good information if it actually sold for that. If you are outsourcing any of the work you will never get that back. If you do it yourself you might be able to brake even or only lose a little depending on how much you did. Bottom line you better be building it for yourself, building it to sell it will rarely ever be a profitable route.
 
Joined
Nov 10, 2010
Messages
1,238
Location
Grand Rapids, MI
Eek!!! I don't like the divide by 2 deal. Whats the point in using New OEM parts. Where's the dislike button?

Thanks NIKP checking into that now.
 
Joined
Sep 14, 2009
Messages
2,924
Location
North and South of Mason Dixon
My insurance company just asked ME what it was worth-what I wanted to insure it for. I estimated how much cash I had put into it and then asked myself how much money would soften the blow if my vehicle were stolen or burned to the ground.

I ended up insuring for the amount of cash I put into the vehicle. I would lose out on all of my time and labor, but decided that I could live with that.
 
Joined
Jun 4, 2009
Messages
3,410
Location
New Smyrna Beach FL
Insurance and selling it are two different things. Actually getting that money from the insurance if your vehicle is stolen or destroyed might be another thing.
 
Joined
Jan 22, 2003
Messages
8,118
Location
Kansastitty
My insurance company just asked ME what it was worth-what I wanted to insure it for. I estimated how much cash I had put into it and then asked myself how much money would soften the blow if my vehicle were stolen or burned to the ground.

I ended up insuring for the amount of cash I put into the vehicle. I would lose out on all of my time and labor, but decided that I could live with that.


X2. I set the value and sent pics and it is a done deal. If I have a total loss, I am reimbursed the amount specified.
 

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