VW Vortex - Volkswagen Forum banner
Cancel
Create thread New Garage Forums

Getting a car written off

Jump to Latest
21 - 36 of 36 Posts
Discussion starter · #22 ·
Re: Getting a car written off (Danno13)

Well the adjuster came out today, he had the book value of it as 3200, which was for a cl he said, as it only has one end of the scale for the older cars
I came with all the 2.0 gti's and similar gl's and cl's in the autotrader printed off. He agreed that 3200 was low, and then started at 5000, after he listed all of the new parts i had put on, tires brakes, clutch, cooling system, the fact that it had no rust and the interior was show room, he had the value up to 6000. So now it will be submitted to my insurance company and they will call me.
I think I lucked out, as the adjuster was a car buff himself, He has own'd many old nissan 240's and had a motor and suspension still sitting in his garage.
Only downside to getting a larger settlement is that buying it back is not going to be worth it, as I do not think i could get my money back
 
#23 ·
the buy back should not be as high as you think.
Let's say you did not buy this back from insurance - it will be put up on an auction block where all the ghetto shops and dealers can pick from. Now, the adjuster told you the book value was worth $3200 - that is what the vehicle is worth if it was not involved in an accident.
On the auction block - buyers would have to take in consideration the cost to have it repaired and resprayed PLUS the cost that they will be purchasing/bidding for it PLUS the cost to have it towed back to their shop.
Now, depending on the extent of the damage, and (considering that the insurance deemed it cheaper to write-it off rather than paying to have it fixed) - the cost to repair your dub is at least $2000 if not more.
Which means, as a potential buyer I would only want to bid at most $1000. However - that's if I REALLY REALLY believe that I can resell a 94 VW for the cost I purchased it ($1000) plus the cost to fix it ($2000) plus the cost to tow it ($100) plus make money on it ($500). I also have to consider any negotiation variance ($500) and any safety and emission testing ($100)
Now - after consiering that for me to re-sell this vehicle at $4,200 when book value is at $3,200 - is it worth it for me?
You should ask the adjuster how much you can buy it back for.
Anything over $500 might be too high. Have you asked a body shop how much to repair?


Modified by 8ac1v1c at 4:38 PM 9-30-2005
 
Discussion starter · #25 ·
Re: (pubahs)

I have not yet taken it to a repair shop, as it would need to be towed, and do not have the means to tow it to shops, but as chris said, the body guy said its doable, but from a insurance companies stand point its not really worth it to them. Also I was under the assumption buy back was at 40% of what its worth, I take it I am wrong?
 
#28 ·
I have purchased 2 vehicles back from insurance - both times it was less than 10% of the pay-off amount.
If they are giving you $6,000 for the car - buy back would be roughly $600. Now, ask yourself - can you make more than $600 in parts for this car?
 
#29 ·
Re: (8ac1v1c)

so if your car it deemed a write off the insurance company pays the book vlaue or whatever and you have a chance to buy the cae from them? in which they will most likely sell it to you? just wanna know my options if this ever happens to me (knock on wood and everything holy)
 
#30 ·
^^^That's right. The option is always there - sometimes, you'd have to inquiry yourself.
Thing is - they don't want to go through any further hassles (putting it up on the auction block and probably get $200 for a car they just paid out $4000 to get.) It would be better - financially - to just get the quick sell.
 
Discussion starter · #32 ·
Re: (dossantos25)

Just to close this all off, today I got a call from the adjusters, they are giving me 6800 after tax for my car, so I am pretty pleased, just shows what going into this prepared can do, Id like to thank everyone for their help as it helped me land this much for my car, The bad side to getting so much is they wanted 1350 to buy the car back, Which i couldnt get out of it parting so i passed, apparently if the car was worth under $4000 it would have been $125 to buy back. But ill take the larger amount. Mark 2's here i come http://****************.com/smile/emthup.gif
Thanks guys
Image
 
#33 ·
It's not a bad thing at all. You did good!
Option 1 Gains
$6800 - $1350 = $5450
Option 2 Gains
$4000 - $125 = $3875
Difference
$5450 - $3875 = $1575.
This means that you'd have to part out your car for $1575 to just break even with what you're being offered right now.
If you think you can part out and get $1575, you can still do that now and make a profit of at least $225.
Looks like you've got the best possible outcome given the situation.
 
#34 ·
Re: (actng)

Buy the car back, part up as much as you can, but keep the drivetrain and management system.
Source a MK2 shell to your liking, plop the ABA drivetrain in, and you'll have a pretty sweet daily driver with low KMS.
 
Discussion starter · #36 ·
Re: (PrecisionTuning.ca)

So far the car is returned to stock, so the only things i could part are interior bits, and motor. The motor in a mk 2 would be nice, but I already have another car lined up, which, will be a even better daily
Image
I will update when that car finds its way to my garage.
 
21 - 36 of 36 Posts
About this Discussion
35 Replies
15 Participants
Last post:
Danno13
VW Vortex - Volkswagen Forum
posts
85M
members
1.5M
Since
2001
A forum community dedicated to all Volkswagen owners and enthusiasts. Come join the discussion about performance, builds, modifications, classifieds, troubleshooting, maintenance, new releases, and more!
Full Forum Listing
Explore Our Forums
The Car Lounge Golf IV & Jetta IV Golf III & Jetta III Golf II & Jetta II Golf IV/Jetta IV Parts