Value of 01 Sport

[grabeb]

So, I'm switching up my insurance and in this, I've listed our 01 Sport with about 140k miles as Classic Daily use. Insurance is generally good with this, but they are asking for proof of my $11,000 stated value.

Here's my deal, I've spent the last 6-12 months looking for another TJ for my other daughter and EVERY single one had some fairly decent issues for under $10,000 or exceptionally clean for $14,000 and up. I don't mean they might have not be ok for under $10k, but salvage titles, no tops, big dents, 200,000 plus miles, needed engine, needed trans, ran when parked, etc.... Just not what I'd classify as a pretty nice clean ride. Our 01, is pretty clean, I try to keep it well maintained, have soft and hard top, paints pretty good, nice newer tires, etc....

How would you guys prove your point???

I spoke with Underwriting and they have a slight issue with it being on classic stated value, because they don't see that these are appreciating. From my searches, I disagree with that, but open to the discussion.

Classic.com shows Avg value of an 01 at $14,916 with 11 sales anywhere from $7,150 to $24,720.

Am I crazy???

 

[Chris]

They are not appreciating by any means.

In fact, of anything, given the current economy and used car market, they are depreciating. During the Plandemic they were going up in value, but that was artificial and it was happening across the board with almost every market, especially autos.

So as much as I loathe insurance companies, I have to agree, these things are not appreciating.

If they valued it at $14,916 I would call that a win. You couldn't sell it for more than 10k most likely.

Look at the ones you see in searches and then follow up to find out how many of them sell and for what price. Just because someone lists it for a certain price doesn't mean anything unfortunately.

If you want to insure it for an agreed upon value, go with Haggerty.

 

[Duck Doctor]

What insurance carrier? I use Hagerty for my 67 Firebird and they didn't have an issue with my stated value.

 

[tnjeepguy]

https://www.edmunds.com/appraisal/?...MIp4aK5YPUjwMV651aBR3qPwIjEAAYASAAEgJymvD_BwE

https://www.kbb.com/?&psid=20003&ut...MI9IWS-oPUjwMVGp1aBR05Th-bEAAYASAAEgJAQPD_BwE

TJ is not a "classic", yet.

 

[grabeb]

What insurance carrier? I use Hagerty for my 67 Firebird and they didn't have an issue with my stated value.

Safeco. They have generally been really good. She was somewhat giving me grief over our 95 2 door Yukon as well. She agreed it is appreciating some and they've had it insured as classic restricted use for a number of years, so they'll likely re-take it. My 60 Suburban is fine. They are actually very good and no issue with claims when I've had them.

 

[grabeb]

https://www.edmunds.com/appraisal/?tab=LP&utm_medium=sem&utm_source=google&utm_account=appraisals&utm_campaign=appraisals_value_000-060&utm_adgroup=value_01.5br&utm_term=car value calculator&utm_device=c&utm_matchtype=e&utm_targetid=kwd-342276611&utm_locinterest=&utm_locphysical=9013085&utm_keyword=car value calculator&utm_content=704567714100_g&gad_source=1&gad_campaignid=22826419358&gbraid=0AAAAAD-pij8ZADhx6h7nZBISOWXmDXu94&gclid=EAIaIQobChMIp4aK5YPUjwMV651aBR3qPwIjEAAYASAAEgJymvD_BwE

https://www.kbb.com/?&psid=20003&ut...MI9IWS-oPUjwMVGp1aBR05Th-bEAAYASAAEgJAQPD_BwE

TJ is not a "classic", yet.

Classic is kind of a strange thing with the insurance carriers. There are cars much newer than are deemed classic, it's not really an age thing. Though age does help.

 

[grabeb]

They are not appreciating by any means.

In fact, of anything, given the current economy and used car market, they are depreciating. During the Plandemic they were going up in value, but that was artificial and it was happening across the board with almost every market, especially autos.

So as much as I loathe insurance companies, I have to agree, these things are not appreciating.

If they valued it at $14,916 I would call that a win. You couldn't sell it for more than 10k most likely.

Look at the ones you see in searches and then follow up to find out how many of them sell and for what price. Just because someone lists it for a certain price doesn't mean anything unfortunately.

If you want to insure it for an agreed upon value, go with Haggerty.

I just can't agree with that....at least not with my attempts over the last year to buy a 2nd one. We bought this Jeep back in 2001(?) when my now 20yr old was 16. I paid about $8000-8500 for it with about 125,000miles. It now has about 140k. I did rebuild the front end suspension, added a soft top to the hard top and put BFG KO2 tires on it. Understood if none of that matters, BUT.....every single Jeep TJ, Sport or Sahara with the 4l, auto with hard top, is about $12500 or more and sold before I could get to them. They were all at least 2hrs away from me, if not 5, and I'm smack in the middle of the largest city in Kansas. They were ALL in Arkansas, TX, OK, or spread across the US. I found one that was salvage title for over $10k that finally did sell. I thought of hitting him for $8000, but didn't want to be a jerk and insult it. It still wasn't as nice as ours.

I know if I run Kelley Blue Book it'll say $6000 and so that's all insurance will pay me. They might up a bit for tires being pretty low mileage and new and they might add a few hundred in for the added soft top, but that's it. I was asking for $11k stated value and I don't think that's asking too much. I seriously don't think it can be replaced for that!

Every single one sold at a price above. I called on a very clean Sarah in Tulsa on Friday over Memorial Day weekend and they said call back Tuesday, they were basically closed because small family dealership and owner/salesman was at the lake. Called Tuesday morning it was sold. Followed a few on FB, they all sold and they weren't ones I wanted due to condition and price of about $10k. I was fully prepared to pay around $12,000 and didn't need financing. So, I think it's crazy to think they haven't appreciated.

 

[Ctdriver86]

I just can't agree with that....at least not with my attempts over the last year to buy a 2nd one. We bought this Jeep back in 2001(?) when my now 20yr old was 16. I paid about $8000-8500 for it with about 125,000miles. It now has about 140k. I did rebuild the front end suspension, added a soft top to the hard top and put BFG KO2 tires on it. Understood if none of that matters, BUT.....every single Jeep TJ, Sport or Sahara with the 4l, auto with hard top, is about $12500 or more and sold before I could get to them. They were all at least 2hrs away from me, if not 5, and I'm smack in the middle of the largest city in Kansas. They were ALL in Arkansas, TX, OK, or spread across the US. I found one that was salvage title for over $10k that finally did sell. I thought of hitting him for $8000, but didn't want to be a jerk and insult it. It still wasn't as nice as ours.

I know if I run Kelley Blue Book it'll say $6000 and so that's all insurance will pay me. They might up a bit for tires being pretty low mileage and new and they might add a few hundred in for the added soft top, but that's it. I was asking for $11k stated value and I don't think that's asking too much. I seriously don't think it can be replaced for that!

Every single one sold at a price above. I called on a very clean Sarah in Tulsa on Friday over Memorial Day weekend and they said call back Tuesday, they were basically closed because small family dealership and owner/salesman was at the lake. Called Tuesday morning it was sold. Followed a few on FB, they all sold and they weren't ones I wanted due to condition and price of about $10k. I was fully prepared to pay around $12,000 and didn't need financing. So, I think it's crazy to think they haven't appreciated.

I can second this, as I am on marketplace daily looking for LJ or TJ for a buddies kid. Prices have not dropped here in the Oklahoma, Texas, and Arkansas area.

 

[hardtailpan]

Interesting, I'm completely with @Chris on this. I've been seeing prices drop in the northeast like crazy. And understand, i'm talking about the low mileage possibly western/southern jeeps without rust. These used to sell quickly in the $12k+ range all the time, now they are asking for $8-10k, and who knows what the selling prices are. Many sit on the market for months and are reduced over and over. The market, at least where I am at, has sunk for TJs, and lots of other toys as well. I'm also into Harleys, and that has cratered.

Edited to add:

Where I am things are also seasonal, so the prices will rise in April. They always sink this time of year, but they've been sinking all year. I've mentioned many times about the Rubicon that they guy couldn't sell (finally did) for $3k. Half doors, 4:1 tcase, dana 44s with lockers and 4:11s, nice wheels and tires. This thing would've sold for $6k or more even with a bad frame a few years ago. Trust me, I own two, and I just spent a lot of time, effort, and $$ to do a motor swap into my southern Apex. I could probably sell it for what I have into it.

 

[Chris]

Interesting, I'm completely with @Chris on this. I've been seeing prices drop in the northeast like crazy. And understand, i'm talking about the low mileage possibly western/southern jeeps without rust. These used to sell quickly in the $12k+ range all the time, now they are asking for $8-10k, and who knows what the selling prices are. Many sit on the market for months and are reduced over and over. The market, at least where I am at, has sunk for TJs, and lots of other toys as well. I'm also into Harleys, and that has cratered.

Edited to add:

Where I am things are also seasonal, so the prices will rise in April. They always sink this time of year, but they've been sinking all year. I've mentioned many times about the Rubicon that they guy couldn't sell (finally did) for $3k. Half doors, 4:1 tcase, dana 44s with lockers and 4:11s, nice wheels and tires. This thing would've sold for $6k or more even with a bad frame a few years ago. Trust me, I own two, and I just spent a lot of time, effort, and $$ to do a motor swap into my southern Apex. I could probably sell it for what I have into it.

The Plandemic created an entirely artificial market for just about everything. Now that we're out of that prices are starting to come back down to reality. Of course now the bottom seems to have fallen out of the market and everything is just in a state of free fall.

It isn't just autos either, the guitar market (I'm big into playing music) has also done the same. I keep watching prices fall like never before.

 

[B1Toad]

When I wanted to insure my 7.3 Superduty I knew they were selling for a lot more than what they would pay out so I found a local licensed vehicle appraiser and he gave me a decent valuation which the insurance company accepted. It was only $75 but if you can't locate a local small guy there are bigger appraisal agencies out there that charge $200-$250.

 

[TheBoogieman]

Prices have not dropped here in the Oklahoma, Texas, and Arkansas area.

The value has, just not the sellers exaggerated expectations of what they think they're worth.

 

[hardtailpan]

The value has, just not the sellers exaggerated expectations of what they think they're worth.

LIke my buddy and I say alot, "askin' ain't gettin"

 

[grabeb]

LIke my buddy and I say alot, "askin' ain't gettin"

But it was a month ago. 3 months ago. Heck even longer than that.. I've been watching and trying to buy with cash in hand and could not get the good ones for $12,500 or more. Heck even the less than good ones were honestly selling for more than my good one sold for 4 years ago.

This thread has my mind blown to be honest. I can't good some are saying they aren't selling, but i watched it. I was shocked as well, which is why I started looking at classic, stated value.

 

[TheBoogieman]

This guy thought his was worth $15,000....................36 weeks ago. Dropped it to $12,000 and still can't sell it. I saw one sell a couple of weeks ago for $12,000 because it had under 50,000 miles on it.
https://www.facebook.com/marketplac...wse_serp:10eaab74-6343-45e9-9ed8-42e8203950d0

 

[hardtailpan]

This guy thought his was worth $15,000....................36 weeks ago. Dropped it to $12,000 and still can't sell it. I saw one sell a couple of weeks ago for $12,000 because it had under 50,000 miles on it.
https://www.facebook.com/marketplace/item/3016395868507725/?ref=search&referral_code=null&referral_story_type=post&tracking=browse_serp:10eaab74-6343-45e9-9ed8-42e8203950d0

It's the pocket flares

 

[grabeb]

So, I use the CarFax app to track my maintenance and such on my cars. It also gives a value, guessing using same type of system as KBB, and it says our 01 sport is worth $5100 private party. There is ZERO chance it can be replaced for that. I don't think it's worth $15k, but but I do think $10-11k is what it would take to replace it.

Personally, I wouldn't buy from NE. I'd be afraid of the salt/rust threat. But I also don't live in the NE. I did search country wide and did consider having one shipped from California to Kansas.
I finally gave up, daughter I was looking for started driving my 12 yukon when I bought newer and she's happy, so I stopped looking last month. Started looking a year ago. She gave me green light and 6 months ago and I NEVER could find anything reasonable in the $10k range, accepted it would cost $12k and couldn't get to those to look in time before them selling or still had enough doubt on a few being the right one, but still watched and they all sold as well. Some sat for a few months, but they sold and price never dropped drastically either.

Crazy that some of you are saying the resale value isn't there because that is not what I saw. I'm mind blown. I searched FB, auto trader, cars.com and any other I could think of. I even watched a few on bring a trailer and they sold for stupid prices.

 

[grabeb]

Used 2001 Jeep Wrangler for Sale Near Me | Edmunds https://share.google/9gSxpMccmxxzoLTTB

Here's a recent. Edmonds seems to think they are worth $10-11k as well.

Who knows, I just don't want to get screwed if something were to happen. I guess I'll submit my case to insurance and see what they say.

Their argument is they don't have intrinsic value and aren't appreciating. If i bought this 4 years ago, during a supposed covid spike in prices for $8500 and the baseline is now $10k through online listing sites, I guess I'm confused on what appreciating is!! That sure seems to fit my understanding.

I'll report back what I find.

 

[hardtailpan]

Personally, I wouldn't buy from NE. I'd be afraid of the salt/rust threat. But I also don't live in the NE. I did search country wide and did consider having one shipped from California to Kansas.

I agree completely. I found a "decent" one here that was very cheap (under $3k) with a lot of good options (Sahara, Dana 44), so I grabbed it. It has the usual fender/rocker rust, but the frame was shockingly rust free. I went over it for an hour, then called my buddy to look at it as well cause I just couldn't believe it. I think it was just used as a highway commuting rig, that often times saves them a bit better up here. That, and the fact the 4wd handle was rusted completely solid in 2wd lol.

My second one came from Florida, I was lucky to get it as the parters were all over it, but it's one of the only times I was first. The motor was blown, the trans leaked like a sieve, and the interior has blown out seats, but it has no rust whatsoever, and it was under $4k when I bought.

The rusted ones just aren't worth the trouble, and I won't even touch a "repaired frame" one. Once the frame has been welded, it's not for me.

 

[TheBoogieman]

The rusted ones just aren't worth the trouble, and I won't even touch a "repaired frame" one. Once the frame has been welded, it's not for me.

I agree. I bought a clean 99' Sahara auto with under 100,000 miles on it for $6,000. That was the first and only time I didn't check for rust. The next day I crawled underneath it and the frame was patched with welds that looked like wads of chewed bubblegum. The skid was welded to the frame too. I kept it for a couple months before selling it for $7,000. I was honest with the buyer about the frame, and he didn't care. He said he was going to drive it for the summer and flip it. He sold it four months later for $8500.