I'm posting this for a fellow GT owner (Kevin) here in the DC area who's '89 GT was just totaled by another driver. Although he registered on Rennlist, he wasn't successful in getting his post for help to go through, so I offered to post for him.

First off, here's the lowdown on this car:
1989 Black GT w/Linen interior & sport seats. Options are C02, 046, 158, 220, 383, 387,
393, 418, 650, 474, 481, 570,
639
Originally owned by the Stoddard family (Stoddard Porsche) Complete car with original mats, cargo cover & net, tools, unused spare, etc. All documentation, flawless history, unmolested, absolutely immaculate in and out, with no blemishes or repaints whatsoever; all maintenance was current & it had 34.5k on the clock at the time of the accident (very sad). I'm familiar with this car, and this is no overstatement. The only pick (and I mean the only pick) is that the club sports were replaced with D-90s, possibly by the p.o.

Kevin's now at the point of settlement with his insurance company who has declared the car a total loss. The problem is that the comps that the insurance company is using either aren't compatible or don't consider the full value of this car. I'm guessing that they don't have too much to go on, so they're using 'industry standard' adjustments to arrive at the value. They're using a valuation program (CCC Valuscope) that is probably great for establishing value on a '05 Chevy Tahoe, but not on a collectible or rare car. For example, an aftermarket Sanyo head unit w/CD would add value to a 928 over a car with the original Porsche cassette head unit in place. This method, when applied to a collectible or classic car is flawed, IMO.
Here's the main reason why I think it's flawed:
In their valuation, the comps that are used are all vehicles with considerably higher mileage - at least 20k in all cases. We all know that there's a huge differential in value between a 928 with 18k on the clock and one 60k on the clock. There's a small differential in value with this program.
Their computer provides a standard mileage adjustment formula that probably works great on a Toyota Previa, but is not an accurate reflection of the value of a low mileage GT.

For example, in their report, an '89 GT with 60k miles is used as a comparable, and only $3.7k is added to the adjusted mileage for this car that has 26k less miles on the clock!
This method doesn't seem accurate. Where are the comps using vehicles with lower mileage? The computerized mileage adjustment would then be deducted of that price. Using their formula of mileage adjustment, an '89 GT with 10k on the clock should sell for $30k. Show me one of those, and I'll buy it.
Furthermore, if you take a look at 928's listed on Autotrader, you'll see that many are listed as "928 S4/GT". You look further, and find that most are autos. One of these has been used as a comp. This particular car has brought the average valuation down considerably.
So.....
Is anybody aware of any recent sales of immaculate GT's with mileage under 20k that could be used to balance off the comps? Any insurance guys want to weigh in on this reasoning?
I'd love to get some PM's with some low mileage GT's that have recently sold. That info would be of great help!

 

Jim M had the same issue with his 89GT two or three tears ago and won a much higher settlement.
He will help you out I'm sure.
I will PM him to look at this thread. You could PM him as well user name "Jim M".
I know he is working today so it may be this evening before you get an answer.
Roger

 

Use the sale of Seth's 89GT...sounds like the condition was similar..and I think it was around 28K...also the one in Utah..up for sale in the same range...similar condition mile etc...

If you can find more confirmed sales prices..I'm sure that will help your case.. Sad to hear of another 89GT gone...sad..sad sad..

later,
Tom
89GT

p.s...scan the 89GT registry also...lots of older sales prices in there..plus..documents the rarity of the car to...as in only 64 examples so far...etc..

 

This is a pretty good comp from Chuck's registry:

http://www.928registry.org/1989-928GT-1176.htm

It was recently listed for sale in California with an asking price of $26,995. I know it was on AutoTrader, but unfortunately the link has expired. I seem to recall reading where it had sold, but don't recall a transaction price ever being noted. Perhaps a local may have knowledge of the sale?

Other than that, Seth's former 89GT is probably the best comp out there.

 

Send the adjuster to www.willhoitenterprises.com to comp prices. That should boost his value providing it is as clean.

 

Seth's car is actually a comp that is being used. It's a valid comp to Kevin's car, as is Drifter's. Seth's car had 59,6XX on the clock, which is similar to Drifter's. Those are both excellent examples of '89 GTs with higher mileage.
25k higher mileage to be exact.
If I can find two GT's in the same shape as Seth's and Drifter's that has 25k less miles than Kevin's, then the median of the sale price of these cars should be an accurate and undisputable indication of the value of Kevin's car, right?
The mileage value allowance (as well as other valuation factors) that's being used by this insurance company is likely based on some national average of mileage depreciation per NADA; or of the sales of all registered vehicles in the US....or both.
That's using the history of apple sales to price oranges, IMO.

 

hey J.P. can you send me some pics of the car in it's current state? is it driveable? I would be intrested in buying it let me know in a private email

Thanks Chris

 

You might send 'CHRIS-90GT' a PM too. He just bought a very low-mile (~25k) '90GT.

Good luck.

 

It will be a hard fight for your friend......how much are they offering him? How bad is the damage?

This is another example of why collectors insurance with agreed value is really nice......I've got quotes of agreed value of $20K for about $500 a year with 5K annual miles.....since I pay about $350 a year on my normal policy, that might give me $15K it my 928 is totaled...its a good investment....once I get around to it of course!

 

Is the car repairable? Or is the owner going to allow it to be totalled and just look for a another car?

My thinking is that you might approach a settlement differently depending on the which you plan to do.

Sign NOTHING until you have a complete settlement, often you don't have a leg to stand on with the cars valuation, but can twist arms very nicely by holding out on medical.

Read all the fine print of your policy and talk over what the law is in your state with somebody that knows, even if its a $250/hr somebody, just be as prepared as possible so you don't waste time with them doing things you could and should have done yourself.

Document everything as best you can, especially if you have pre accident pictures etc.

 

jp,
if it would help you, my 90 gt has 28k miles and was bought for nearly 30k (by me) less than 2 years ago.

 

Rtahre than talk settlement in dollars, tell the insurance co to find a replacement with similar mileage for him. Or go find a car for sale with similar miles/condition.

Tha California GT was listed at 27k and the seller was not flexible. It was also listed (and badged) as an S4 5sp and the 27k ask was still low for a GT. I didn't gave a place to park it or the time to do all the maintenance on it right away or it would have been in my garage.

Anyway-- your friend's car was stolen from him by the guy that hit him. Have them find a replacement, or you find one and have them buy it for him. There are a few low-mile GT's out there, they just don't surface very often.

 

Another 89GT you should add to the valuation is Rick Kongs stroker....I think he had it for sale at $50K.....low mileage + a devek stroker & tons of other stuff!

 

I'm the Jim M. Rog100 was refering to. I had an 89 GT that was totaled three years ago this coming Jan. so it may not be revelent any longer. The problem is that insurance companies don't know what a 928GT is and therefore just value it as a 928. I had to go to great lengths to prove 1. That the car was VERY well maintained. (I had reciepts for everything) and 2. that the GT was a very rare option for 89. and 3. the differences between the GT and the regular S4 or even the 5-spd S4. It was a continuous battle.

Fortunatly I have to give my wife credit for fixing the problem. The 2nd last estimate was for something like $12K. Then they told her they had to devalue the car because it was a 5-spd and it had a CD player instead of a cassette player. WELL, she blew her top, told the adjuster he was an idiot and demanded to speak to his supervisor. As soon as the supervisor got on the phone she told him that they didn't know they were doing and demanded to speak to his supervisor. The final settelment was for $26,300.00 and they admitted that the GT was in fact rare and very few were imported into the U.S. One last note and it could be important, my GT had 179,000 miles, it was not a low milage car like the one in D.C. It did have external Koni/Eibach suspension, Devek sway bar, Big Red brakes up front, Turbo Twist 17", aero mirrors, and powder coated manifold and cam covers.

JIm Mayzurk
Now with a 93 GTS 5-spd

 

Wow Jim. Sorry for your loss. But I must say, if my wife supported me like that, she'd still be my wife. Sorry,