Hi all,

Im in the process of getting a loan for another car.
They wanted a list of assets so i put down the 2 cars i own.
The bank just got back and told me that my one family owned cooper s is only valued at $8000. And that they would not accept my valuation of $20000.
Whats wrong with theses redbook values.
Not happy.

Sam

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Cooper S Mk 2

i don't see a problem with that value..

but then, everyone else in the world will disagree

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They wont accept your insurance valuation?

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YDO005 1965 stock standard MORRIS MINI DELUXE

Try another bank!

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Brett Nicholson
Greendale (near Ballan) VIC.
1971 Morris Mini Moke
1966 Austin Mini
1965 Morris Mini Traveller
1973 LR Series 3 88
2007 LR Freelander 2

43% develuation...

still less than a magna..

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Its not insured.
i did less than 1000 miles in it last year.
Its locked up very well and i never leave it when i take out it somewhere.
It has 3rd party.

Sam

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Cooper S Mk 2

This month's Australian Classic Car Magazine values a 1965-69 Cooper S as $18,000-$23,000 in Condition A.

Get a copy of the mag and wave it under the bank manager's nose. Also show them your agreed value insurance papers from Shannons or the like. (Assuming you have agreed value insurance!)

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Brett Nicholson
Greendale (near Ballan) VIC.
1971 Morris Mini Moke
1966 Austin Mini
1965 Morris Mini Traveller
1973 LR Series 3 88
2007 LR Freelander 2

Im sure ill get the loan but i just dont like the valuation from redbook.
Maybe i can ring up the porsche dealer and tell him i will pay him redbook value
for the car im buying!!

Sam

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Cooper S Mk 2

your buying a porsche geez

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'73 clubby s "cryo" - sold
Operation Evil Sesame Street!

Your "s" isn't worth $20,000, until you sell it for that, then the guy who's just bought it has a $8000 car for a $20,000 outlay.

Fact is what something is actually worth and what someone is prepared to pay for it are two completely different things.

Think about it, some paitings go for $60,000,000.....do you think thats what they are actually worth?

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It's been 19Yrs in the Making.....Last Rego sticker 6/89

But SOON, VERY SOON

Fact is what something is actually worth and what someone is prepared to pay for it are two completely different things.





I Love it when people come up with this comment!!!!!
Its like you read it somewhere once and thought you would pass it on as your own.

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Cooper S Mk 2

cmohr

I never said anything about selling the car or what i would get for it if i sell it
I will never sell it it! was passed on to me and i will pass it on.
The BANK wants a valuation not me, its priceless to me but i guess i would think about
it anything over $50000.

Sam

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Cooper S Mk 2

No it is my own comment actually, I come across SO may people with a $20,000 cooper "s" because someone once paid that for one. I've had own my "s" for 23years, fact is to me its priceless, no amount of money will convince me to sell it. To me it's about the car not what its worth. So does that mean its worth $1000000 dollars on a bank loan, I think not.

And if the REDBOOK price was $20000, that would mean ALL cooper "s" would be worth that regardless of condition.


Seems your more interested in the monetary value of the car than the "value" of owning an "s".

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It's been 19Yrs in the Making.....Last Rego sticker 6/89

But SOON, VERY SOON

I just got my XR6 insured through Shannons, and i decided to see if they would insure my Mini.. (Most companies wouldnt as its to modified) There listed value for a Mini was $3k... They said they would insure it for $10k...

But after i sent them pics, and suprisingly the guy i spoke to actually owns the Hot 4's Mag its featured in. The agreed to insure it full comprehensive for $25k.

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http://www.youtube.com/user/Hanras

Interesting hanra.

I showed pics of mine to a guy at Shannons (I went down to the Shannon's building in SA, as they won't insure people under 19 over the phone). And I said 12 grand, they said fine, higher would have been OK, wish I did go higher....

Next year I'll change it.

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1964 Morris 850, 1330 Supercharged - 81.8hp atws.
1975 Leyland Mini S 1100S powered - Nice and reliable.
1977 Leyland Mini LS - Project LS-T