I'm trying to "prove" the value of the classic Mini I'm about to buy for insurance and financing, but neither Kelly Blue Book nor the NADA guide lists "Leyland Mini" as a valid option, and without "proof" of value from some accredited source I'm having issues. Neither Kelly nor NADA list ANY Minis prior to 2006, which is more than a little bit of a problem. I have no issues getitng the money - it's the fact that the car "does not exist" as far as the official pricing guides go that's tripping me up.

I'm hoping that there's a source that a British insurance/finacing place would use that might have more complete Mini info - I'm thinking of I can show them that then that would "prove" the value.

I'm trying to get a proven value on a "1976 Leyland Mini 2-door" (as per the title).

Any ideas? Please?? HELP!

 

try contacting Hagerty Ins. i know they finance as well http://www.hagerty.com/

 

In the UK the equivalent is probably "Glasses Guide" but this only gives prices for modern cars & trade values up to about 7 years old. To insure an older classic car like a Mini in the UK we go to specialist classic car insurers who understand old cars and give an agreed insurance value based on condition and on what you say its worth / photos and or a valuation from an approved one make national classic car club. (eg. Mini Cooper Register).

 

I talked quite a bit about this with my agent when trying to get the right policy for my classic. My intent was to drive my car almost every day including commuting into work from time to time. That ruled out most of the "collectors" type coverage. I could get a stated value coverage with no usage limitations but the price was nuts. I settled on a "normal" style policy and I maintain a file of similar cars that I see for sale for comparison's sake should anything happen to my car. That is what my agent recommended for older cars that are more than just an "old car" but not quite a true "classic" in the high dollar sense of the word.

 

OK, I'll try that... Thanks.

It would help if anyone knows of the European equivelent of Kelly though... What do people refer to when they go to buy or sell a used car in Europe? There has to be SOME kind of "official" standardized price list. The problem with Kelly and NADA is that they only have listings for cars that were imported into the US in sufficient numbers to establish some kind of baseline price, and apparanty classic Minis just weren't numerous enough to rate either a "Clasic" or "Special Interest" rating on either.

 

As stated it is Glasses Guide (or CAP) but this does not cover older classics, etc, the last of the year 2000 classic Minis would just about be in its listings and is really only for trade use.

Glasses

CAP Book

 

I saw that reply, but Glass's only goes back to 1999 on their site.

So nobody can get a standardized price on a used car older than 1999 in Europe? The CAP "Black Book" (available only via subscription) goes back a bit further - 1993 according to their FA, but that's all. Are there no used cars older than '93 in Europe? Wow...

If there are, then how does anyone get a used car loan over there? Or insurance? Everything in the US is tied to the "blue book value" (Kelly) or the NADA value - if a car isn't listed in either place then basically it doesn't exist for either industry. Insurance is a bit better since it at least recognizes the concept of "general market value" or, barring that, simply depreciates the vehicle for every year it's been aruond until it's basically worthless, but banks are adamant that there must be a Kelly/NADA value to use as an actual price.

Anyway... I arranged alternate financing that actually gave me much better terms than what my bank offered, so it's actually a good thing that my bank listed my car as basically invisible to the system. It's still baffling to me how anyone does anyhting for older car purchases - everyone just pays cash, I guess.

Must be nice...

 

Hagerty was top notch on my agreed value coverage. They even covered the car while being trailered to my home.

I used Capital One. They hassled me about a title until they found proof that the state of Alabama does not title vehicles 1973 and older.

 

Mainstream everyday cars in UK/Europe are pretty much worthless in the eyes of the trade and insurance companies by about 1993 or 100,000 miles. I have a '93 Mercedes C-class family car, 140K miles and its value is totally condition dependent by that age but a max value would be £1000-1500 in good condition. One major repair bill can mean it is only of scrap value! Therefore exceptions to this rule like classic cars and good condition Minis need special valuations based on the actual cars condition & market value/demand.
eg.The trade book price (if their was one) for a 1993 Mini would be perhaps £0-500 in average condition but in the Mini enthusiast market it could be £1500-2500 or much more if a bit special.

 

Wow! That explains how you can get such good deals by importing from the UK I guess... Thanks!

 

Just get your car valued by an appraiser, Insurance companies usually want an appraisal.

If there was a blue book here in the UK you would cry at what they would value your car.

Hagerty does an agreed value policy which I highly recommend, You only have to send them 4 pics of the car and a value you want to insure it for. Obviously 50k is not going to cut it but if you state a resonable figure and it appears from the photos that the car is worth that figure then they will accept the policy.

Cheers. Peter