need help with corvette value
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Joined: Nov 2002
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From: enterprise al
need help with corvette value
I need people to tell me what they think this car is worth!
I was recently involved in an accident where a lady pulled in front of me
and it totaled my vet. Her insurance company does not want to pay me what
I think it is worth. Here is the details before the wreck, tell me what you think.
94 Chevrolet Corvette LT1, admiral blue, 99,000 miles on the car
almost perfect condition with a little wear on the seats.
Brand new (2 weeks old) Nitto 555 extreme tires ($800)
Engine:
The engine was overhauled 11 months ago and now has 8000 miles on it.
It was bored and stroked to a 383, eagle 4340 crank and rods .30 moly rings
keith black pistons, compcams performance camshaft, complete head job which
left the heads almost exactly like the LT4 engine. 425HP. (total engine bill $5200)
NADA values the car- avg retail $17,325 high retail $18,600 with current miles.
The Insurance company offered me $19,300, what do you think it's worth.
I was recently involved in an accident where a lady pulled in front of me
and it totaled my vet. Her insurance company does not want to pay me what
I think it is worth. Here is the details before the wreck, tell me what you think.
94 Chevrolet Corvette LT1, admiral blue, 99,000 miles on the car
almost perfect condition with a little wear on the seats.
Brand new (2 weeks old) Nitto 555 extreme tires ($800)
Engine:
The engine was overhauled 11 months ago and now has 8000 miles on it.
It was bored and stroked to a 383, eagle 4340 crank and rods .30 moly rings
keith black pistons, compcams performance camshaft, complete head job which
left the heads almost exactly like the LT4 engine. 425HP. (total engine bill $5200)
NADA values the car- avg retail $17,325 high retail $18,600 with current miles.
The Insurance company offered me $19,300, what do you think it's worth.
Race Director
Joined: Jul 2001
Posts: 13,710
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From: So Cal
Re: need help with corvette value (bamabcs)
Having had a vehicle totaled, my understanding is they give you what it would cost to replace before the loss. I had my 95' stock Explorer totaled and they gave me almost 12k when trading it would have gave me about 8k. I was happy, but with mods, etc. I have heard most Insurance Companies will offer low ball numbers, but if you have receipts for the work done they will readjust their original offer. Mind you they will tack on what you paid to what it is worth, but you should definitely get more than 1500-2k over stock. My 2 cents, and Good Luck. :seeya
Safety Car
Joined: Jul 2002
Posts: 4,548
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From: SCMR Rat Pack'r Charter Member, Inland Empire Chapter
Re: need help with corvette value (bamabcs)
First off welcome to the Forum. Youll never find a place better than here to feed the addiction :cheers: I think thats a great deal for a '94 w/99k. Youll never get back what you paid for in mods, it just doesnt happen. Doesnt matter if its trading it in, private party selling it or insurance claims. But even allowing for 5k in motor work that leaves the base price at 14k which here in Calif is an exactly average car lot price and way higher than a private party price for a 99k '94. Me personally...Id take the money and run. :yesnod: :blueangel:
Elite Torch Red Member
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From: Exit 89 GSP,Lakewood,NJ The Land Of Mojo
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Re: need help with corvette value (bamabcs)
$19,300? Take it before they change their mind.
My car is in around the same condition as you described and I'll be lucky to get $14,000 for it.
My car is in around the same condition as you described and I'll be lucky to get $14,000 for it.
Melting Slicks
Joined: Jul 2002
Posts: 2,466
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From: livin life one hold my beer moment at a time Houst Tx
Re: need help with corvette value (Mr Mojo)
Thats weird. The same thing happened to me last week. The lady pulled out and I totalled my vette. What was the situation on who's fault and how they determined it? I have to start fighting the insurance company on Monday and could use any helpful information. And by the way, I agree with everyone else, 19,300 is a PLENTY fair deal. You could move on up in the vette world with that much and not be out to much. :cheers:
Team Owner
Joined: Dec 2000
Posts: 90,675
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From: SE NY
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Re: need help with corvette value (bamabcs)
You have about $6,000 into the car in recent mods.
Corvette Fever, Sep.2002 listed '94 Coupe as:
$14,350=Good condition + $6k >> $20.4k
$19,500=Excellent condition + $6k --> 25.5k
The trick is to get the most possible toward the true worth. It might be valuable to sepnd an hour of time and some $$ to discuss it with a good attorney versed in such matters.
If no luck you might write off the remaining $$ loss on your income tax.
Of course if you have any neck injuries I'm sure Her insurance company will settle for the full value of the car + mods.
Corvette Fever, Sep.2002 listed '94 Coupe as:
$14,350=Good condition + $6k >> $20.4k
$19,500=Excellent condition + $6k --> 25.5k
The trick is to get the most possible toward the true worth. It might be valuable to sepnd an hour of time and some $$ to discuss it with a good attorney versed in such matters.
If no luck you might write off the remaining $$ loss on your income tax.
Of course if you have any neck injuries I'm sure Her insurance company will settle for the full value of the car + mods.
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From: Kennesaw, GA www.96LT4.com
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Re: need help with corvette value (85vetteguy)
IMHO I think 19.3k for that car w/ 99k miles is reasonable.
Instructor
Joined: Aug 2002
Posts: 179
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From: Oxford AL
Re: need help with corvette value (bamabcs)
Check on autotrader.com and see what a comparable car sells for-
average was $12,000 and highest was $27,000. Print some of the highest listings and take to the adjuster's office with you and show them what they are asking for them.
But then again, you are getting a lot more than the average, so you might do best to take the $$$$ and run.
average was $12,000 and highest was $27,000. Print some of the highest listings and take to the adjuster's office with you and show them what they are asking for them.
But then again, you are getting a lot more than the average, so you might do best to take the $$$$ and run.
Burning Brakes
Joined: Dec 2001
Posts: 901
Likes: 15
From: Punta Gorda, FL
Re: need help with corvette value (bamabcs)
I can't believe the number. Reading your post I thought...you are major league screwed. Like was said before, take the $$ before they change their mind.
Le Mans Master
Joined: Jun 2002
Posts: 6,426
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From: Commerce Texas
Re: need help with corvette value (bamabcs)
I paid $14K for a '94 this past June for a car I've known since the day it rolled off the showroom floor. Car had 62K miles and other than shocks and needing polishing and waxing, was perfect. Take the $19+K and run.
Racer
Joined: Sep 2002
Posts: 324
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From: Mission Texas
Re: need help with corvette value (4thC4at60)
I paid $14K for a '94 this past June for a car I've known since the day it rolled off the showroom floor. Car had 62K miles and other than shocks and needing polishing and waxing, was perfect. Take the $19+K and run.
Steve Miller said it best"Go On Take The Money And Run"
Team Owner
Joined: May 2002
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From: San Diego , CA Double Yellow DirtBags 1985..Z51..6-speed
Re: need help with corvette value (Z-Dreaming)
Maybe not relevant to your situation, but my car stereo was stolen 4 months after I bought it. At first they only paid me the cost of the stereo (which I bought for $210, a steal at the time.) I argued with them, and got them to pay me for current replacement cost, which was $350. I guess even insurance agents have a soul.
Of course, this never helps you with something that depreciates quickly, like mods.
