Need a Delorean Street value est.

[QuadcityDMC]

I am NOT selling my car! However I do need a "Street value" on my Delorean. The wife and I will be buying a house in the spring time and the bank would like to know about my valuables. They would like to know how much they could sell the car for if I defaulted on a home morgage. I currently owe $2,300.00 on the car loan and I plan on paying the loan off before spring, but we will be doing the bank paper work in feb. The delorean is currently insured for $40K. Being if I ever did have to sell the car it would be listed here first.

Car history:
Bought in May 2010 ($13,500)
1981 5-speed(83 hood)
Good Frame
New Stage II
New suspension
New A/C
New/Rebuilt interior
Upgraded electrical
New speedo cable
All major service has been done by DMC Midwest. I would say 75% of the car has been replaced or rebuilt. Going to have new breaks and fuel pump in spring.
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[Dangermouse]

Surely the most official thing would be to get an appraisal from DMCMW?

[QuadcityDMC]

I did for the insurance but an off the street guy is not going to pay $40k for the car.

[Dangermouse]

Doesn't matter, I don't think.

The bank values the house based on an appraisal, rather than what you are paying for it, so they should accept a car's appraisal also.

[LEVY]

Doesn't matter, I don't think.

The bank values the house based on an appraisal, rather than what you are paying for it, so they should accept a car's appraisal also.


f you don't pay your home, the bank will take your home but not your car. Never heard of that.

LEVY

[Silverbullet]

Unless you GIVE the bank your title.... they will not be able to sell your car... They just want to know your assets....

Craig

[Rich]

The answer depends on what your bank will accept in terms of accuracy.

A cheap answer would be to go online and see what you get with this and then print out the results for them. It's your call as to the most important variable - the vehicle condition.

LINK: Collector Car Valuation Tool (http://www.hagerty.com/valuationtools/HVT/VehicleSearch)

A more expensive answer would be a private appraisal-for-valuation by a certified appraiser in your area. Those typically include a written report supporting the findings.

[Nicholas R]

Since no one has yet to give you what you're actually looking for, I'll take a shot, lol. Considering your upgrades and the condition of the car, I'd say you're right around in the $30,000 range (I'd say almost right at 30k). Between the frame, stage II, suspension, and interior, I'd say you're definitely in that ballpark. Car looks really clean and if it's been restored as extensively as you say, I dont think that is unrealistic. Only thing that may hold you down is the hood. What's the story on the 83 hood?

[DeLorean]

"street value" ? This means what exactly? If you put it on the street, with a for sale sign and accepted offers? For how long? I would think this would be pretty easy to figure out.

[tiger38117]

I'm a banker. You're over-thinking this. Unless you specifically pledge your car as "additional collateral" on your loan...which would be REALLY unusual...they can't sell your car if you default on your loan. They just want a listing of your assets and liabilities to underwrite your overall financial condition. No one is going to do any verification of the value you list for your car; if you were specifically getting a car loan they probably would, but not in this instance.

Put any number you want. If you have a legit appraisal that says $40k, put $40k. If you don't feel comfortable with that, knock it back some. At the end of the day, it really isn't material to this transaction and a $5 or $10k swing it what you list won't make a bit of difference.

Now...to answer your actual question...the number is $25,000. Your car as described could and should bring more given appropriate marketing time, but if you had to get rid of it TODAY, $25k is the number that will get it gone. It's the magic number in today's market for top-tier cars.

[David T]

As always when asking for a quote you always want to know who you are preparing the quote for so you know if you are supposed to aim high or low. If you want to aim high the $40K # is completely justifiable especially when you can show that it is insured for that amount. Aiming low you can look at recent sales. A lot has to do with how quickly you want to sell and also and the season. As Tiger38117 said, if they were looking for an exact # they would be Liening your Title and asking for a professional appraisal. Unless there is something in the Loan that says you can't sell the car after you get the Loan, the value of this asset is not important.
David Teitelbaum

[cdrusn]

NO matter what anyone says in this blog it doesn't mean anything to the bank. If you want a serious appraisal you have to get one from a certified appraiser who can give you the paperwork. Usually, an insurance company will have an appraiser available for unusual collector cars. I would call one of the insurance companies and tell them you are considering insuring with them but want their appraiser to do an evaluation and estimated value of the car. Or, just ask them who they use and pay them $150 for their evaluation and paperwork. I agree with Tiger, if you don't give them the title for a lien they have no way short of a lawsuit to get the car should you default and by the time they file the lawsuit you will have "sold" the car to your father in law for $1. :yoda:

[kajcienski]

Recently several friends, including myself in the past, have gone through the mortgage process and exchanged the common threads required or that didn't really matter. Most banks ask for assets but as mentioned here before, that plays almost no role in their calculations. Chase said "nice car", I said "is that good?", Chase said "doesn't mean a thing in the calculation". You could have assets 2 times the amount of the house but they are looking for proof of dependable and continuous income past and future secondary to "cash" liquid in the bank. Perhaps situations and states differ but this is what my friends and I discovered.

[1batt4u]

Who's front lowering springs do you have?

[DMC3165]

Maybe I missed it but did you mention how many miles are on your car? I recently contemplated selling my car and had been in contact with a vendor that was interested in purchasing it. But based on the conversation we had mileage superseded condition. In all fairness to the vendor we never came to a concrete number but the tone of the conversation was deterring me from pursuing it any further because the "ballpark" was much lower than anything I'd consider selling for.