Elise pricing

[matjk]

I have to put a value on my lotus for insurance purposes (this is not a sneaky for sale post) , usually easy , I used to knock a bit off what I paid for it each year. But recently I checked the sales prices (I know it’s not the same as sold) and the market seems to have shifted, and my car seems to fall into a weird gap where’s there’s not much to compare it to, older cars with more miles seem to be up for more than I think it’s worth, and I can’t find one the same .
The car is an elise S3 SC in Red , 25k miles , FSH . I think it’s one of the early S3 as it has the the 2ZZ supercharged engine and it seems not many were made . I thought it was worth about £24k , but that gets you a much older higher mileage lower spec car , are all the prices just optimistic, or is my 24k valuation under what it’s worth, cheers guys

[otolith]

It’s worth a lot more than that I would say.

Some of the specialist Lotus traders will do a proper valuation for a modest fee. Will Blackham did mine last time my insurer demanded one.

[BertBert]

What do the insurers need a valuation for? It's it for an agreed value policy or some other reason?

[Quags]

Worth way more than that, what year is it?

Mileage can be a thing that keeps the prices down on these cars which is daft really with modern engines.

This is up for sale, probably a bit rich for the mileage but not a million miles away.

https://www.pistonheads.com/buy/listing/13748387

[Coriander]

Goldilocks spec that, S3 with the high revving 2ZZ

[matjk]

It’s a late 2010 , I paid £28k from B&C with 18k miles on it about 4 years ago.
And yes after driving the track cars at Hethel I really noticed the missing 1000 rpm of the redline , I was unaware mine had a different engine until I went there , the guys explained about the 2ZZ .
It’s not an agreed value as such but I’m aware if you undervalue it they will just pay what you claim it’s worth , if you over value then they pay what they think is market value. All the cars seem to range up to 24k then start again at 33k , mine somewhere in the middle (I think)

[BertBert]

matjk said:

It’s a late 2010 , I paid £28k from B&C with 18k miles on it about 4 years ago.
And yes after driving the track cars at Hethel I really noticed the missing 1000 rpm of the redline , I was unaware mine had a different engine until I went there , the guys explained about the 2ZZ .
It’s not an agreed value as such but I’m aware if you undervalue it they will just pay what you claim it’s worth , if you over value then they pay what they think is market value. All the cars seem to range up to 24k then start again at 33k , mine somewhere in the middle (I think)

You can read your policy to see what they pay - market value or the lower of market value and what you specify. But there seems little benefit in going low on value.

[Tupwood]

With the rarity of your particular model and spec of Elise, why not go for an agreed value with your insurer? This can be arranged yourself by supplying a set of current photos and a copy of the invoice when you paid for it… or by having it appraised professionally for a small fee. It is possible your car has increased in value since you bought it, so a professional submission might be worth it if you were ever to make a claim for damages or seek a replacement.

[Bobo W]

FWIW I have a 2010 SC (late model S2) 50k miles - pretty strong spec and interesting back story with an agreed value of £30k - pretty punchy perhaps but I think you’re significantly under valuing your car at £24k - I’d have a chat with Jon Seal / Will Blackham on where Elise market if you want real value

[oxnop]

I’ve been in the market for an Elsie for a few months

I nearly bought (missed out) on a 2010 white SC. Less than 30k miles and would have paid 30k for it. It had a soft top and hard top. Extensive service history and lots of money spent keeping it in tip top condition.

I ended up buying a cup. Which I’m pleased with.