Actual Sales Prices/Values of 348's

I’m at $120k with hagerty but I want to increase it.

 

Tangible data.

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https://bringatrailer.com/ferrari/348/

 

I'm currently at $75K on my 91 TS through Grudy. But will be increasing it to $85K or 90K. Last increase I did not increase the policy too much.

 

I should have mentioned, my hagerty policy for $120k is 2k/year

 

Stated value or agreed value?

 

Mine is insured for $85k. Lucas yours at $120k is quite high, but maybe you have your reasons. $2k a year for that one car is crazy expensive.

 

Not really. I paid $119k last year (which was very high, yes) and since then I’ve put another $65k into it. I actually want to increase my agreed value.

if I total it I want to be able to replace it with a concours quality car.

 

What was done for $65k? Just curious as that seems insane

 

What wasn’t done?

Roughly off the top of my head…

$9k in interior restoration including new top
$40k in mechanical restoration including major service, clutch, flywheel, water pump, cv boots, new seat belts, hvac controller repair, new throttle cable, new shift cables, AC repair, tons of new hoses, lower alignment, and much more.
$6k in paint correction - that got out of hand
$900 new tonneau cover
$2500 exhaust
$6500 custom wheels and tires

 

Awesome, that’s some dedication!

 

Thanks. My mechanic says it’s running like a dream. I haven’t tried it out yet. If I own an old car I need to know it’s performing at the level it was when new.

I also got screwed in the sale. Many of the things I was told were done either weren’t or were done poorly so we had to redo the major which was done in February of 2022: repair a non functional AC, replace a non functional alternator, major oil leaks, etc. All things I paid for and thought I was getting. I did get a few grand back from BaT and the seller tho.

 

I'm glad you you were able to get some money back after the mischief. My friend wasn't so luck. He bought a 200k car from BAT. with receipts stating recent major works. Turned out to be a sham after a post purchase inspection. He had redo all the major works. time and headache...

 

Yup. I’ve decided I’m done buying collector cars from dealers. They know nothing. I’m only buying from guys who’ve owned and treasured the car.

Also, I’ve learned that paying extra for a car that’s had a major is stupid. Pay less for one that hasn’t and have your guy do it so you know no corners were cut and you get a warranty on the work.

 

I agree with you. Often, the majors are done badly and not with enough care and often by jow schmo. The number of things wrong on my engine r when I pulled it was stagering. No one pays attention to detail like the day owner. Bad hardware, stripped studs, lock washers no longer locking, things wrong or not tight or too tight.



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There was a 348 which sold recently on BaT where the selling dealer was touting that they did a major (themselves) and therefore the car was worth more. People asked if there was a warranty on the work. They said no. SMH!

 

wuuuuuuut?!? Wow. I had no idea man. Dealer? BaT? Was there anything special about it that caused you to pay $119k for it?

 

BaT. I didn't read far enough. Wow

 

The market was heated, what can I say? I had just seen two 348 Spiders at FoW with similar mileage for $115k and $125k and both were rougher than I wanted. Water under the bridge. In for a penny, in for a pound. It’s a forever car now.

 

You need more cars, I pay $2600 per year for 8 cars and a motorcycle.

 

Can you hop on a zoom with my wife real quick?

 

My 91 TS is insured with Hagerty at $75k. Around $1300 if I recall.


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My 95 348 spider costs me $878.00 a year for agreed value of $75k through Leland-West Insurance Brokers, Inc.