Car insured value - heads up!

[biometrics]

A heads up... due to covid, supply chain issues, component shortages used car prices worldwide have skyrocketed by 30-50%. So if your car is stolen or written off you won't be able to replace it at the current insured book value. My book value is currently R285,000 and the retail price is R420,000 (nearly what I paid ten years ago). I pointed this out to my broker PSG and the insurer Santam has asked for a valuation to increase the insured price. Sure it will increase my premium, but my car is paid off and I'll be driving it for another 10-20 years, so it's a huge asset for me. Food for thought...

 

[SlinkyMike]

Good looking out.

Four cars and a motorcycle in the family. Potentially a massive exposure for us here. Thank you!

 

[biometrics]

In fact R450,000 would have been a more accurate value as I've only done 84,000km in my 2012 model. But R420,000 is beter than R285,000 so not going to push it.

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[SlinkyMike]

In fact R450,000 would have been a more accurate value as I've only done 84,000km in my 2012 model. But R420,000 is beter than R285,000 so not going to push it.

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Nice ride.

 

[biometrics]

Nice ride.

Always bought second hand and always had issues. Was the first and only car I bought new. Since then I have not paid a cent for repairs or services, in fact I have a free (last) service at 90,000km in about two years. That makes it 12 years for free. This car will last me another 20 years easily.

 

[SlinkyMike]

Always bought second hand and always had issues. Was the first and only car I bought new. Since then I have not paid a cent for repairs or services, in fact I have a free (last) service at 90,000km in about two years. That makes it 12 years for free. This car will last me another 20 years easily.

Just check that the oil service intrevals are not spread too far apart. Service plans are notorious for being configured so that a car lasts only as long as the damned service plan. Most people would do well to do elective oil changes at smaller intervals. Even more so if you are planning on keeping the car beyond two years.

EDIT: oh shit 12 years, that ship has sailed. I'm leaving it up for others though.

 

[biometrics]

Just check that the oil service intrevals are not spread too far apart. Service plans are notorious for being configured so that a car lasts only as long as the damned service plan. Most people would do well to do elective oil changes at smaller intervals. Even more so if you are planning on keeping the car beyond two years.

EDIT: oh shit 12 years, that ship has sailed. I'm leaving it up for others though.

It’s every 10,000km.

I was curious what webuycars would offer, so I enquired last night. They replied now and offered R380,000. Shows you how messed up the used car market is.

 

[SlinkyMike]

It’s every 10,000km.

I was curious what webuycars would offer, so I enquired last night. They replied now and offered R380,000. Shows you how messed up the used car market is.

Fucking BMW: 25000km. You should see the sludge coming out of my 2007 model, it's horrendous.

 

[biometrics]

Now got an offer for R400,000 from Rola. It has crossed my mind that I can sell it and pay off our house. We have two cars here and don't really need two. Mmm...

 

[Rudolph Hart]

It’s every 10,000km.

Are you sure there’s no maximum time between services - usually it’s a year irrespective of mileage.

 

[satanboy]

Are you sure there’s no maximum time between services - usually it’s a year irrespective of mileage.

Not with BMW.

 

[SlinkyMike]

Now got an offer for R400,000 from Rola. It has crossed my mind that I can sell it and pay off our house. We have two cars here and don't really need two. Mmm...

From a min/maxing perspective, yes. From a 'you have a nice-ass ride there and you should enjoy the fruits of your labours' perspective, nah.

Sorry, I know you didn't ask for advice from an internet stranger.

 

[biometrics]

Are you sure there’s no maximum time between services - usually it’s a year irrespective of mileage.

No, I've taken much more than a year before. I still have the 90,000km service left for free. I'm at 84,000km now.

 

[biometrics]

From a min/maxing perspective, yes. From a 'you have a nice-ass ride there and you should enjoy the fruits of your labours' perspective, nah.

Sorry, I know you didn't ask for advice from an internet stranger.

It's fine, other perspectives are useful. I'm close to deciding on selling the car, paying it into the bond, selling the Her*anus house and moving back to the Cape Town City Bowl, I'll acutally be able to buy a nice place there, thought it would be impossible but this is opening doors. One car will be more than enough there, can walk everywhere or Uber. We're two people.

 

[satanboy]

.... I'll acutally be able to buy a nice place there, thought it would be impossible ...

?

 

[biometrics]

?

City Bowl is very expensive. But with my house here paid off (and increased in value) and with a depressed property market in town plus a bond I'll be able to get something nice there.

 

[satanboy]

City Bowl is very expensive. But with my house here paid off (and increased in value) and with a depressed property market in town plus a bond I'll be able to get something nice there.

Sorry, read wrong.

 

[biometrics]

Sorry, read wrong.

I'll invite you over for tea in a few months...

This is nice:

https://www.property24.com/for-sale/vredehoek/cape-town/western-cape/9166/110493174

 

[Rudolph Hart]

I'll invite you over for tea in a few months...

Give us a bit of notice, it’s quite a long drive.

 

[SlinkyMike]

I'll invite you over for tea in a few months...

This is nice:

https://www.property24.com/for-sale/vredehoek/cape-town/western-cape/9166/110493174

Friend of mine sold one of these recently. Very nice, kind of 80s architecture, bit smaller that the pics make it seem, great area. Derry St. and surrounds are legendary. Windy af in the late summer if I was looking for problems.