Hi guys I have 96 456 gt, and I'm wondering how to value it for insurance purposes. I've just given it a major and replaced the coolant hoses with sri hoses. Have new Pirelli p-zeros ready to fit. I have an extensive service history for the first 10 years of its life, but it basically sat for the 8 years before I bought it. Car has just done over 22000 miles. It's clean and tidy, not perfect - my windows need attention and the passenger seat doesn't curently recline, but that's about it. What would it cost me to replace? It's rhd, and no, I will not sell it
Hi John Being RHD like mine the Aussie and English markets are your best guides. To give you some indication the last 456GT sold by the Classic Throttle Shop was 140K AUD, The current red one they have the asking is 180AUD. My 456MGT Manual is insured here for 150AUD, however there is a sister car to mine for sale in the UK asking 98900UKP. I recon about 150-160NZD would be good.
A professional appraisal is the best solution for this, cost here is about €100 for a report valid for three years. This can prevent a lot of discussion should you ever need your insurance. An appraisal will also look at regional differences and take recent work done to it into account.
The Australian NZ values are more based on what the insurance companies will cover for an agreed value and is based on recent sales. The rarities of cars like the 456 in NZ makes it harder. If you take into account what it would cost to replace the car with a car of the same condition the value can be much higher than the insurance companies will cover. Thats the reason for looking at the RHD market in the UK and even in Australia. For example a a UK 456GT purchase price of 60,000UKP is 130NZD. If its Australia its is also pushed up but the fact of the Luxury car tax , yes on second hard cars, and getting it complied,pushes the values higher much higher. I'm not sure what the current import status for cars are in the NZ and it oils down to talking to the insurance company. Even harder on a rising market and each country around the planet has a different valuation process.
Prices in Oz are truly crazy (and seemingly getting crazier). Throttle Shop selling 575 F1 for 280K A$. Even crazier 160/170k A$ for 308GT4 and Merak (!!). Makes the 330GT 2+2 Chinese eyes for 580k a good deal, haha. I sold my fully sorted 911 3.2 Targa in Syd in Nov 2014 for 50 and thought that was a good price, I should have hung on to it. Against the overall picture in Oz I agree with 150K A$ for a 456GT.
Yes, it seems the market has gone beserk. Certainly there is no way I could replace it for what I paid for it. And not just for ferrari. I traded my carrera 4 (964) to buy my 456, and made 20k in the 18months that I had had it, even after spending a considerable amount on it. My wife misses the 911, so I thought about buying her one, but after a quick check, here in nz 964 turbos have doubled in the last 12 months, as have the manual Carreras... I need to sit down with my insurance company when I return from Indonesia, that's for sure. Thanks for the input guys - certainly mirrors what I've been seeing.
Shouldn't be overly difficult. If anything happens it really helps if you have a piece of paper with an official stamp from a certified appraiser on it, and shared beforehand with your insurance company. I am pretty sure there are experts in NZ that can put a value on far rarer pieces of motoring history.
Good result. That's 137Aud and the last Aussie 456GT was sold for 140AUD I'd be happy with that for now.
