Totaled - Now What?
#1
Totaled - Now What?
My 97 GT is totaled. Lost control on a wet road and struck a tree going about 20mph. The left front tire absorbed the majority of the impact, which damaged all the steering and suspension on that side as well as the engine cradle.
Nobody was hurt,which is obviously the biggest concern. However the car has only 49K miles on it and other than the left front, the rest of the car is in very good condition.
Damages totaled about $5300 and book value is not much more than that. I haven't received a payout amount yet, and neither do I know what the salvage value is in case I want to buy it back.
Here are what seem to be my options:
1) Take the payout money and run.
2) Take the payout money, buy the car back from insurance and fix the necessary items (my best guesstimate is about $4000)
3) Take the payout money, look for a different car, buy the totaled car from insurance and part it out or try to sell it as-is.
4) Take the payout money, buy the car back from insurance, buy a donor car with a blown engine and swap out engine and other parts.
I would be able to do very little of any work myself, and I really don't have a good place to store it.
The key component as I see it is the amount left after payout and buy back from insurance. I MAY be able to get $6K from insurance. After deductible that's $5500. Assuming salvage value is $1000 that leaves me $4500 to get the car repaired.
Thoughts?
Nobody was hurt,which is obviously the biggest concern. However the car has only 49K miles on it and other than the left front, the rest of the car is in very good condition.
Damages totaled about $5300 and book value is not much more than that. I haven't received a payout amount yet, and neither do I know what the salvage value is in case I want to buy it back.
Here are what seem to be my options:
1) Take the payout money and run.
2) Take the payout money, buy the car back from insurance and fix the necessary items (my best guesstimate is about $4000)
3) Take the payout money, look for a different car, buy the totaled car from insurance and part it out or try to sell it as-is.
4) Take the payout money, buy the car back from insurance, buy a donor car with a blown engine and swap out engine and other parts.
I would be able to do very little of any work myself, and I really don't have a good place to store it.
The key component as I see it is the amount left after payout and buy back from insurance. I MAY be able to get $6K from insurance. After deductible that's $5500. Assuming salvage value is $1000 that leaves me $4500 to get the car repaired.
Thoughts?
#3
Buy back is usually in the 25-30 percent range. I bought mine back a few years back, and transplanted the powertrain, brakes, and suspension into another Mustang, but I agree with uberstang - if you can't do the work yourself, it will be cheaper to buy another car. It's a shame when this happens to a low mileage Mustang. Good Luck!
#4
Here is my suggestion. Buy another 97, buy back totaled car, pull motor and trans, sell as "race car ready to be built", this gets around that whole salvage title thing. It would probably only bring a efw hundred bucks but hey it still better than nothing. Build the motor that was pulled and trans to match. Install fully built/trans into new 97.
#5
Here is my suggestion. Buy another 97, buy back totaled car, pull motor and trans, sell as "race car ready to be built", this gets around that whole salvage title thing. It would probably only bring a efw hundred bucks but hey it still better than nothing. Build the motor that was pulled and trans to match. Install fully built/trans into new 97.
#6
#7
Quote:
< Originally Posted by uberstang1
Its not feasable because he can't do any of the work
I'm with uber on this one. If he can't do the work, there is absolutely no point in buying the car back. Take the payout and get another car. >
I always think something is possible. It may be hard and not convenient but that is the route I would go.
Hope you get a new ride soon.
< Originally Posted by uberstang1
Its not feasable because he can't do any of the work
I'm with uber on this one. If he can't do the work, there is absolutely no point in buying the car back. Take the payout and get another car. >
I always think something is possible. It may be hard and not convenient but that is the route I would go.
Hope you get a new ride soon.
#8
Thanks everyone for the tips.
Still no word from the insurance company.
The repair estimate is for $5300. $580 of that is the cost to have it towed. Wow.
There are 14 hours labor for repairing/resurfacing the right side where there were some scuffs and scratches. Purely cosmetic, and there were already some on that side anyway. I could certainly bypass those repairs.
That takes me down to about $3900 for someone other than me making the necessary repairs to get it drivable again.
If I break even or even have to pay a little more I'm ok with that. I know the car and its history.
Still no word from the insurance company.
The repair estimate is for $5300. $580 of that is the cost to have it towed. Wow.
There are 14 hours labor for repairing/resurfacing the right side where there were some scuffs and scratches. Purely cosmetic, and there were already some on that side anyway. I could certainly bypass those repairs.
That takes me down to about $3900 for someone other than me making the necessary repairs to get it drivable again.
If I break even or even have to pay a little more I'm ok with that. I know the car and its history.
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