Car Value: How is it reached?

dojoman

JCS1 wrote: »

If the valuation is borderline between letting the person keep it, or it being sold at auction, the examiner will arrange for an agent to inspect the car and get a more accurate valuation for a decision to be made.

But this would be too costly to be done in every case, hence the ones that are borderline (or where in dispute).

Mine was not in dispute and it was not borderline either?

JCS1

dojoman wrote: »

Mine was not in dispute and it was not borderline either?

Think all OR offices and examiners work slightly differently, but if the value was borderline then we would arrange a valuation. If a car is said to be worth £2,750, and you need to give the person £2k for a replacement, by the time it might have made less at auction, and you've paid agents fees, etc, you've actually made a loss for the BR estate. In those cases a valuation would then give more information for a decision to be made on.

Frank_Cannon

If you don't actually need your car for work, they'll take it anyway, whatever the value.

dojoman

Mine was valued at £4400.

dojoman

Frank_Cannon wrote: »

If you don't actually need your car for work, they'll take it anyway, whatever the value.

Not if it is a medical requirement.

Feynman_2

Frank_Cannon wrote: »

If you don't actually need your car for work, they'll take it anyway, whatever the value.

Do you have to need it actually during work, or just need it to get to work? If the latter, how is it decided whether or not you need it go get to work, because you can obviously get pretty much anywhere on public transport.

philnicandamy

Cars and bankruptcy.

• What will happen to my car? (MSE)
• OR's Case Help manual - Motor Vehicles (March 2007)

JCS1

Feynman wrote: »

Do you have to need it actually during work, or just need it to get to work? If the latter, how is it decided whether or not you need it go get to work, because you can obviously get pretty much anywhere on public transport.

Depends - where you live (my nearest bus stop is 6 miles away), if you work shifts when public transport not available, etc.

You have to prove that that the car is essential.

stuart30

philnicandamy wrote: »

....there is NO allowable price for a car in bankruptcy i've known OR's take interest in cars worth a few hundred quid

its all down to your needs at the end of the day...

Yep and im living proof of that...(thread too follow).

My car is worth £1100 maybe less...im not working due too ill health however i hope too return too work soon and yep im loosing the car.

Cant walk more than 30 feet but hey that dont matter so the OR says...:(