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1987 300SL, 2000 E320 Wagon, 2003 SL500, 2009 SL55 AMG
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76 Posts
Discussion Starter · #1 ·
Hi All,

I need some help in establishing the value of a 1987 300SL for my insurance company. Since these cars are not in the blue books and the market for them is so small my insurance company cannot establish a value. My family is the original owner -- first my Father then me in 2000. The car was imported and converted to US Standards by K & E in Fremont, California ( who subsequently has gone out of business ). My car has 109,000 miles and has been maintained by our local MBZ dealer. The condition of the car is very good, but not excellent. The drivers leather seat shows wear and needs to be worked on, however the passenger seat is almost perfect. The car has a back seat, new soft top and an excellent hard top, excellent body and paint, and is registered in California and passed smog with no problem. Everything works ....

I have to state a value for insurance purposes and my insurance company says $5000.00 ? Does anyone have any ideas or more information for me ?

Any and all help will be greatly appreciated..

Best regards,

Michael

[email protected]
 

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Outstanding Contributor , Bob's Your Uncle!
83 280 SL- 5 speed-The PIG
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31,345 Posts
My insurance company insisted on a professional appraisal. Can you not get it appraised by a recognized appraiser?
 

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1987 300SL, 2000 E320 Wagon, 2003 SL500, 2009 SL55 AMG
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76 Posts
Discussion Starter · #5 ·
Thanks ... the one on eBay looks pretty nice and I will watch it. A "perfect" 300SL, last week in Southern California went for $21,000.00 on eBay! I may look for a professional appraiser eventually ... but, I am really interested in what people who have experience think. The insurance company is interested too ....
 

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Premium Member
87 300SL "Roadster" 86 420SEL "Limo" 89 420SEL The "New" Limo 87 190E 2.6 fact bodykit
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1,575 Posts
G'day Michael
I had the same problem so I went to one of our specialist classic insurance companies. "Shannons". After a brief chat they gave me a better rate at a 20% higher valuation. I showed them printed examples, of the going price my 87 300SL would be in the UK, where they are readily available and they valued it accordingly. Here in Australia the 300SL is also a grey import and therefore doesn't appear on any of the standard valuation lists. Just as these cars in very good condition are becoming worth more and more. So the rarer ones like the 300SL, 420SL and 500SL should increase as well, and be valued accordingly.
Good Luck
Andrew
 

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Outstanding Contributor , Bob's Your Uncle!
83 280 SL- 5 speed-The PIG
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31,345 Posts
With all due respect, I would like the name of the insurance company that would accept "personal opinions" on the value. An insurance industry accepted appraiser does all the required research based on facts, goes over the vehicule with an unbiased professional eye, takes numerous pictures , creates a detailed descripyion and presents it all in a professional binder to be presented to your insurance company. Getting insurance for your car is the easy part. Getting them to pay in the unfortunate event of total loss is another. Having insurance based on the professional appraisal is, in itself, insurance. Might be the best $200.00 you spend.
 

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1987 300SL, 2000 E320 Wagon, 2003 SL500, 2009 SL55 AMG
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76 Posts
Discussion Starter · #8 ·
I believe that I may not have "spelled out" all of the facts in full detal regarding my insurance situation. As it has been explained to me by my insurance agent, because of the age of the vehicle and the fact that it is not listed in the tradaitional sources that insurance companies use to establish values and also because it is not considered a classic yet, my insurance company wants to insure the vehicle with what is referred to as "stated value" insurance -- where I establish a fair value and pay my insurance based on that stated value. I am also planning to get an appraisal but I need as many opinions as possible. I would really like to know where I can get an appraisal for $200.00. The best prices I have found in the area of the country where we live is between $350.00 and $500.00 and the high is $750.00 from a professional concours judge.

The reason why I would like "opinions" is because I had a classic car stolen a few years ago, which thankfully was retrieved at an auto auction a few months later, and during the time that my insurance company tried to settle with me, they continually tried to depreciate the value of the vehicle even from the appraised value and it was very difficult for me to defend myself. Thats's the reason...
 

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Outstanding Contributor , Bob's Your Uncle!
83 280 SL- 5 speed-The PIG
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31,345 Posts
Hey, you can get a hair cut for $15.00 or $150.00. All you need is an appraiser that is accepted and recognized by the insurance company. I paid $175.oo CAD and was pleased with the results. My insurance company agreed and accepted the appraisal. To avoid "depreciation" issues, my company would like it done every two years which is fine with me as I am continually improving it...In my opinion...
 

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1989 500SL (R129);2001 R170 230SLK; 1992 320CE
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1,036 Posts
mgardner2366,

You have a difficult position in that the value of your 300SL will not be the actual value of mechanical components of the car or the condition of the bodywork and interior. All of these things will play an important role in determining the value of the car but the most important issue will be what value would likely purchasers put on the car.

Your car will be one of the few. It is not even listed as being in existence in the US. In fact , it`s not even listed in the Benzworld R107 forum header so how likely is it that the majority of potential purchasers will value it above a 350SL,380SL,450SL or 560SL?

It`s not very likely is it? Same would happen here...... very few UK buyers would give the 560SL a second look yet good 300SLs regularly retail here for $50,000 plus.

Essentially the 300SL is the same as any other post August 1985 R107 except that it has an in-line six cylinder engine rather than a V8 displacing 4.2,5.0 or 5.6 litres.

The engine is the 3.0l M103 which saw active service in a variety of cars in the US and any competent mercedes indie would be familiar with it and parts should not be a problem.

It is a great car and a real match for any of the V8s but I guess it`s greyness will dampen down it`s value. Try looking at www.oursl.com`s for sale link. You usually see a couple of 300SLs listed there.

Whether their rarity in the US will work for or against them in the long run remains to be seen but they do offer something different to the V8s.
 

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1987 300SL, 2000 E320 Wagon, 2003 SL500, 2009 SL55 AMG
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76 Posts
Discussion Starter · #11 ·
Dear SSL,

Thanks for your thoughts ... maybe I should ship my car to England or better yet, Dublin, Ireland where my Daughter lives .... I cannot comprehend that a 300SL will fetch $50.000.00 plus .... I do not think that mine is worth anywhere near that figure, but as I mentioned earlier one that appeared to be in pretty much the same condition as mine went for $21,000.00 on eBay. However, I believe that this is a high figure too ?

Regarding numbers of 300SL vehicles imported into the USA, according to the US Customs Department only 72 were legally imported into the USA in the years 1986 and 1987 ... and most of them were imported by the company that imported mine.

Thanks again,

Michael
 

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1989 500SL (R129);2001 R170 230SLK; 1992 320CE
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1,036 Posts
valuing 300SL

Michael,

$50,000 + is for a really mint 300SL although happily there are quite a few of them about here. Given that in the mid/late eighties they cost more than the average Englishman`s home it was the well-heeled and discerning that bought them.

They only got used on high days and holidays and were serviced and maintained regularly. Even years on they retained their value. Mine for instance cost the original owner £32,000 in 1988 and it was sold to the subsequent owner in 1996 for £25,000.... staggering that the car had shed only 22% of it`s original asking price over eight years. I bought it as the third owner in 2004 paying just under half of the original sales price. How many other cars would retain that amount of residual value?

DB only made 5,000 right hand drive 300SLs so the pool of really good ones is beginning to dimminish. I certainly plan to hold onto mine and would not consider selling it for less than the 1996 asking price.


300SLs with 100,000ish miles in good order and with full maintenance records sell for £10,000 in the UK ($17-18,000) BUT this is meaningless for you. As I said originally the value of your car will be the price your market is prepared to pay for it.

Given that two-thirds of all R107 production went to the US there is no shortage of cars for your potential purchasers to choose from and virtually all of them will have V8s sitting in them with "proper fenders" and headlamps.

You on the other hand will have very rare best kept secret.

Good luck.
 

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1989 500SL (R129);2001 R170 230SLK; 1992 320CE
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Value 300SL

Never bought anything on Ebay so not quite sure what the potential is. If I were selling a top of the range R107 in this sort of condition then I would think of retailing it in a different way.

Ebay strikes me as being a lottery but if it is what it purports to be my guess is that the car could make somewhere between $32-$37,000. Similar one gone for that recently. One year younger but 9,000 plus miles.

What`s your guess Ike?
 

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2017 Police Interceptor Utility, 2017 Police Interceptor Sedan
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7,750 Posts
SSL said:
Ebay strikes me as being a lottery but if it is what it purports to be my guess is that the car could make somewhere between $32-$37,000.

What`s your guess, Ike?
30-35K.
 
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