How to buy back a totaled car cheap. - 986 Forum - The Community for Porsche Boxster & Cayman Owners

BIGJake111 · 05-11-2014, 03:09 PM

Does anyone have any suggestions? I am moving along swiftly in the process to my next boxster, things are looking up greatly, the one base i do not have covered is pushing down the totaled value for buying back my car.

Timco · 05-11-2014, 03:19 PM

First boast about the glass window (claim), then downplay it to the same company (buy back). Love it. Just print a few IMS threads to give to the buy back dept.

BIGJake111 · 05-11-2014, 03:28 PM

Quote:

Originally Posted by Timco

First boast about the glass window (claim), then downplay it to the same company (buy back). Love it. Just print a few IMS threads to give to the buy back dept.

I really do wonder if i can play ims into things at all, my car having a dual row with many cars having the single. Seems to be something hard to prove though.

JayG · 05-11-2014, 04:36 PM

Quote:

Originally Posted by BIGJake111

I really do wonder if i can play ims into things at all, my car having a dual row with many cars having the single. Seems to be something hard to prove though.

It's very likely that the ins adjuster has no idea about the IMS issues. I would not bring up single row vs dual row at all

BIGJake111 · 05-11-2014, 04:41 PM

Quote:

Originally Posted by JayG

It's very likely that the ins adjuster has no idea about the IMS issues. I would not bring up single row vs dual row at all

Would the lack or knowledge not be beneficial, Leaving just some documentation to sway the adjusters opinion.

Sent from my iPod touch using Tapatalk

TeamOxford · 05-11-2014, 05:10 PM

Quote:

Originally Posted by Timco

First boast about the glass window (claim), then downplay it to the same company (buy back). Love it. Just print a few IMS threads to give to the buy back dept.

Jake,

Wake up, dude. Timco was being facetious in this post, and I, for one, agree with him.

You're trying to burn the candle on both ends; on end you're ready to pitch the elevated value of your $6K Boxster because of the glass window, hoping for a $10K-$11K settlement, and on the other end you're petitioning for advice on how to pitch an undervalued worth of your car.

Stinks of greed, no other term for it.

Talk to your Dad. That's what he's here for.

Just sayin'............

TO

BIGJake111 · 05-11-2014, 05:35 PM

Quote:

Originally Posted by TeamOxford

Jake,

Wake up, dude. Timco was being facetious in this post, and I, for one, agree with him.

You're trying to burn the candle on both ends; on end you're ready to pitch the elevated value of your $6K Boxster because of the glass window, hoping for a $10K-$11K settlement, and on the other end you're petitioning for advice on how to pitch an undervalued worth of your car.

Stinks of greed, no other term for it.

Talk to your Dad. That's what he's here for.

Just sayin'............

TO

A being made whole is separate from greed, looking at autotrader I need 10 to 11 to get a similar car, that is without the 8k worth of Maintenance and addons done to my car in recent years. I'm not asking for 8k to replace that but it honestly is only fare that I be made whole when someone else destroyed my pride and joy. On the apposing end with getting the salvage car back cheap, that is for the sake of seizing and opportunity to make money and contribute selling parts or a parts car to people here for a fair price, in that case, everyone wins.

Sent from my iPod touch using Tapatalk

cfos · 05-11-2014, 06:16 PM

Quote:

Originally Posted by BIGJake111

... only fare...

Sent from my iPod touch using Tapatalk

And that is the life lesson. There are no "fare" police. There are only days you are at a loss, break even, or go ahead. And if you think about it, if you come out ahead, is that fair? I'm sure you don't consider a loss as being fair, do you? Well, in order for you to come out ahead, someone has to come out at a loss. You can't agree with being ahead and then complain about being fair. There is a reason Thomas More's Utopia is a work of fiction.

BIGJake111 · 05-11-2014, 06:27 PM

Quote:

Originally Posted by cfos

And that is the life lesson. There are no "fare" police. There are only days you are at a loss, break even, or go ahead. And if you think about it, if you come out ahead, is that fair? I'm sure you don't consider a loss as being fair, do you? Well, in order for you to come out ahead, someone has to come out at a loss. You can't agree with being ahead and then complain about being fair. There is a reason Thomas More's Utopia is a work of fiction.

Am i asking to come ahead? As i said the boxsters in my area selling for 10k to 12k, the only car for 6k has severe water damage....

I do appreciate your more tame response, and i see your point, but any "Coming out ahead" will be from me capitalizing on the option to buy the salvage car, any padding to the car i purchase will come from this. A fairly fair way for everyone to win. If you do suppose that coming out ahead for me is unfair for someone, I would like to know who, 1k extra out of the insurance company still is nothing compared to what people pay into insurance every year and never take a claim out on. It doesn't hurt the other individual of the accident at all, as his rates go up regardless. I am trying to provide a parts boxster for a cheaper price to whomever i sell it to, that's fair.

shadrach74 · 05-11-2014, 07:05 PM

Quote:

Originally Posted by cfos

And that is the life lesson. There are no "fare" police. There are only days you are at a loss, break even, or go ahead. And if you think about it, if you come out ahead, is that fair? I'm sure you don't consider a loss as being fair, do you? Well, in order for you to come out ahead, someone has to come out at a loss. You can't agree with being ahead and then complain about being fair. There is a reason Thomas More's Utopia is a work of fiction.

The insurance company is paying out because their client pulled out in front of another vehicle collide with it and caused damages. It's an outcome they plan for and is underwritten into the premium. You have no idea if the insurance company "lost" on this policy or not. For everything that went wrong in this situation, the payout is relatively minor.

thstone · 05-11-2014, 05:07 PM

As you know, I also had my Boxster totaled and bought back the damaged car.

The insurance company could care less about IMS. All they care about is what the car might bring at the salvage auction because that is where your car is going if you don't buy it back.

With that being said, the going rate for a totaled car is around $3K - about the same as a Boxster with a blown engine.

With that as a starting point, submit receipts for any substantial work that you had done within the previous 6 months.

Then start negotiating. Good luck. PM me if you have any add'l questions.

BIGJake111 · 05-11-2014, 05:31 PM

Quote:

Originally Posted by thstone

As you know, I also had my Boxster totaled and bought back the damaged car.

The insurance company could care less about IMS. All they care about is what the car might bring at the salvage auction because that is where your car is going if you don't buy it back.

With that being said, the going rate for a totaled car is around $3K - about the same as a Boxster with a blown engine.

With that as a starting point, submit receipts for any substantial work that you had done within the previous 6 months.

Then start negotiating. Good luck. PM me if you have any add'l questions.

Oh I know it won't affect salvage value, the ims inquiry was for replacement value

Sent from my iPod touch using Tapatalk

rdass623 · 05-11-2014, 07:35 PM

just see what the adjuster is willing to sell it back to you for. if it seems high, make a counter offer which you feel is reasonable. I did a buyback on a truck of mine which was totaled and was more than satisfied with the offered price, which was about 10% of what would have been wholesale for the vehicle. you just need to play it by ear and weigh your options. the car if kept by the insurance company will go to auction, and that is a crap shoot on what they will get, and there are transport fees, auction fees, time lapses for getting their money, etc. which they will need to deal with...

steved0x · 05-11-2014, 07:37 PM

My son was worried when his Miata got totaled (other driver's fault). We had just put new tires on it and had done a lot of work to it. They ended up giving us $3500 for it, and we were happy. I just told the adjuster what I wanted and didn't back down. It was easier because the other driver was at fault. The $3500 was the cheapest part of that claim anyway, even the minor injuries, x-rays, etc. came to way more than $3500. (Just bumps, bruises, sprains, etc...). The insurance company is way ahead on this one, imagine if you had broken a bone in the accident? That one thing alone would exceed the value of the car.

I would keep in mind I bet it is a lot of hassle to part out a car. I didn't even consider doing it for a second with the Miata. There are a million of them. Our cars on the other hand, I would consider parting mine if it ever got totaled. Our parts seem to go for a lot more

If you have room then I would say go for it. DOn't offer too much. Maybe when they are approaching a number you like for the value, say you will take that plus the salvage. Maybe they will be glad to be done with it give it to you. I wouldn't feel like you were cheating anybody if you get a good deal on it.

PS I want dibs on your back underbody tray and the small side one, if they aren't all scraped up.

BIGJake111 · 05-11-2014, 07:43 PM

Quote:

Originally Posted by steved0x

My son was worried when his Miata got totaled (other driver's fault). We had just put new tires on it and had done a lot of work to it. They ended up giving us $3500 for it, and we were happy. I just told the adjuster what I wanted and didn't back down. It was easier because the other driver was at fault. The $3500 was the cheapest part of that claim anyway, even the minor injuries, x-rays, etc. came to way more than $3500. (Just bumps, bruises, sprains, etc...). The insurance company is way ahead on this one, imagine if you had broken a bone in the accident? That one thing alone would exceed the value of the car.

I would keep in mind I bet it is a lot of hassle to part out a car. I didn't even consider doing it for a second with the Miata. There are a million of them. Our cars on the other hand, I would consider parting mine if it ever got totaled. Our parts seem to go for a lot more

If you have room then I would say go for it. DOn't offer too much. Maybe when they are approaching a number you like for the value, say you will take that plus the salvage. Maybe they will be glad to be done with it give it to you. I wouldn't feel like you were cheating anybody if you get a good deal on it.

PS I want dibs on your back underbody tray and the small side one, if they aren't all scraped up.

I like your idea about the that plus the salvage, and as i said i will likely sell the car total for someone else to part out, could definitely make money, and i do have all summer, but i have found a car that i am interested in buying that i do not want to pass up on. I know the general rules are to not buy on impulse with these cars, but this one is so good i refuse to post it to the forum in worries that someone will go snatch it up before i can :P And yes i am very greatful that no one was hurt in my accident, really it should never have been a situation where my car would be totaled (apprently the bronco is too because its worth nothing) but its better to have a totalled car than to have a hurt body. Thank you for your advice.

Timco · 05-11-2014, 08:50 PM

The way I understand it, the ins company does not owe you another Boxster base 2.5 with glass window. They owe you exactly what your car was worth. If another Boxster (any) costs more, that's your problem. If you paid less than what they deem your car to be worth then yes, you come out ahead.

shadrach74 · 05-12-2014, 01:12 PM

Quote:

Originally Posted by Timco

The way I understand it, the ins company does not owe you another Boxster base 2.5 with glass window. They owe you exactly what your car was worth. If another Boxster (any) costs more, that's your problem. If you paid less than what they deem your car to be worth then yes, you come out ahead.

And how is that determined? In most cases it is determined with regional comps. If Jakes car is modded (which it is) than that must be taken into account.

Have you priced the 4 bow glass top assembly from Porsche lately? $11,500...

The scenario you mention (actual cash value) is more in line with how a collision claim would be handled. If driver (policy holder) trashes their own car than most insurance companies will pay them "actual cash value" on a collision claim. If the insurance company finds out the policy holder had a $50K hand built engine installed on a car they underwrote as being worth $19K, then the policy holder is SOL as they had a duty to make insurer aware of the car's mods and the value of those mods.

However, This is not a collision claim...this is a liability claim. The at fault party's insurance company responsibility extends beyond actual cash value. They must make Jake whole.

Timco · 05-12-2014, 02:26 PM

Quote:

Originally Posted by shadrach74

And how is that determined? In most cases it is determined with regional comps. If Jakes car is modded (which it is) than that must be taken into account.

Have you priced the 4 bow glass top assembly from Porsche lately? $11,500...

The scenario you mention (actual cash value) is more in line with how a collision claim would be handled. If driver (policy holder) trashes their own car than most insurance companies will pay them "actual cash value" on a collision claim. If the insurance company finds out the policy holder had a $50K hand built engine installed on a car they underwrote as being worth $19K, then the policy holder is SOL as they had a duty to make insurer aware of the car's mods and the value of those mods.

However, This is not a collision claim...this is a liability claim. The at fault party's insurance company responsibility extends beyond actual cash value. They must make Jake whole.

Whole, as in compensation for rental, time off work, injuries, and property loss. If I had over $10k in mods, I sure as hell would get a rider or make sure I am covered for replacement value, not just car's value. A new top and things like that seem to fall under "things you need to do to keep said car on the road" not performance mods. You can't claim the car is worth more because it just has an oil change and fluids flushed...it's what you have to do. Same with a top. That top may have helped the car hold a high BB value, but you do not get to add $11,500 to the fair market value.

I cannot speak to liability. My accident was 100% her fault, no doubts or arguments. That helps. I agree it goes beyond cash value, but not adding up every dollar spent on repairs. No car goes up in value the exact cost of it's new shocks or tires unless those items are superior to stock, but then only to someone else who wants the mods. The ins company just sees the car has shocks and tires like any other car. Now, you may be able to claim those mod items as yours separately, and insist they take the car but you want the items you bolted on. If mine had a similar fate, you bet those delete pipes and UD pulley would come off and stock would go back on.

BIGJake111 · 05-12-2014, 04:16 PM

Quote:

Originally Posted by Timco

Whole, as in compensation for rental, time off work, injuries, and property loss. If I had over $10k in mods, I sure as hell would get a rider or make sure I am covered for replacement value, not just car's value. A new top and things like that seem to fall under "things you need to do to keep said car on the road" not performance mods. You can't claim the car is worth more because it just has an oil change and fluids flushed...it's what you have to do. Same with a top. That top may have helped the car hold a high BB value, but you do not get to add $11,500 to the fair market value.

I cannot speak to liability. My accident was 100% her fault, no doubts or arguments. That helps. I agree it goes beyond cash value, but not adding up every dollar spent on repairs. No car goes up in value the exact cost of it's new shocks or tires unless those items are superior to stock, but then only to someone else who wants the mods. The ins company just sees the car has shocks and tires like any other car. Now, you may be able to claim those mod items as yours separately, and insist they take the car but you want the items you bolted on. If mine had a similar fate, you bet those delete pipes and UD pulley would come off and stock would go back on.

If I have to pay 2k to put a glass top on my next car it sure will not be with my money, not saying insurance owes me 2k but of the 8k in recent (non regular repairs) I was at least some reimbursement.

Sent from my iPod touch using Tapatalk

Timco · 05-12-2014, 04:54 PM

Quote:

Originally Posted by BIGJake111

If I have to pay 2k to put a glass top on my next car it sure will not be with my money, not saying insurance owes me 2k but of the 8k in recent (non regular repairs) I was at least some reimbursement.

Sent from my iPod touch using Tapatalk

If your back window is cracked and plastic, you'll be very glad you bought that top instead of tire & rim upgrades or exhaust mods. (Mis read your comment)

OTOH, that top you installed should help keep the car's value at the top of its model, year & mileage class.

With regards to buying it back, I see those as two separate scenarios. With the buy back scenario, it's drivable but totaled. Hard to beat that down. Most parts (including that nice top) are fine. If it was crushed on one corner, easier to haggle. As totaled cars go, this is a very desirable car.