So I'm currently in the market for another FD and just looking around and notice some of the nice stock well maintained FD with low miles are asking in the 25k+.

When I run it through KBB, I can't even pull up 93 as an option for year, so I just do 94. So putting in all the details, 94, Mazda RX-7, whatever option and chose excellent condition in my area code which is 95035. Price comes out to be high 18k tipping towards 19k.


On Edmund's site, I'm able to choose 93 for the year, and going through the options and condition and zipcode, but the price comes out to be 11k for an excellent condition FD with about 30k miles. Big difference in price compare to KBB.

So my question is, how are the FD really valued in the case if insuring it with a full cover policy? Also, because of this forum and the love of the FD, are owners speculating the value and hyping it up on emotions and thinking the rarity these are becoming?

I do love these cars too, that's why I'm here on the forum, but I'm just wondering, how are the insurance companies looking at these cars, because I just can't tell them, hey, I feel the car is worth 25k, so please insure me for that much, and pay out that amount if something does happen. Don't they base car value on KBB or some other database?

 

Most use NADA value I believe for insurance purposes. But yes, you are correct in that if you want a pristine, all original low mileage car you will be paying more than its "worth" in the eyes of insurance. You can always get an agreed value policy.

 

Actually, you can. It is called an agreed value policy. You should definitely look into getting a specialty/collector/exotic policy for your car if you don't plan on it being your daily driver. It'll save you money, and you can easily get one of the agreed value type.

As for how insurance companies determine how much to pay out when a car is totaled, it varies. Some use databases similar to NADA/KBB/Edmunds, some will buy reports from 3rd parties that specialize in valuation reports for insurance companies, and in the case of something like an RX-7 they might even use a 3rd party appraiser.

 

Great info, but can you guys explain to me the current value, what's really driving it up. As an owner it's great knowing your vehicle is appreciating and what we've been working on is starting to pay off, rather than say...oh, all that mod/fix/repair/restore will not fetch you any dollar amount once you decide to sell it. And someone will say, it's worth whatever the next guy is willing to pay. So what's the real reason? Rarity, stock market, more disposable income, hype?

 

Ingredients to a classic car:

looks/uniqueness/complete beauty in and out that's so frikken cool it never gets old/interesting engine etc.....
performance/fun to drive/fun to own and mod/work on etc.......
availability and desire or supply (rarely seen really adds to the mystique) and demand.........Maybe 1000 nice ones left in the states
all the above and more combine to create HYPE so I guess HYPE is the reason

I think a nice FD will be a serious classic selling for 50k plus in 10 years. Very nice cars are now high twenties, 10 years ago those same cars were high teens.

 

It's a combination of rarity and how much people are willing to let their car go, it's a few to many market. With the amount of these car declining and not many are actually for sale, buyer has to folk out the asking price for the right car, or seller will just move on to the next potential buyer cause someone is gonna be wiling to pay. People get good deal sometimes, but that doesn't mean they'll pass that on to the next buyer when they do sell.

 

Look into hagerty insurance