Value after wreck
 

Hi all. It has been a couple of months since I have been on the site (since just after 11/5 when my car was wrecked). In the meantime it has gone through preliminary and secondary appraisals and the estimate now stands at $19K. The body shop predicts that there will probably be another $1,000 in parts on top of that. They are still waiting for parts (estimate another 3-4 weeks) and then there is a 4-6 week time estimate. Also, the car hasn't had a thorough mechanical check to see if there was any transmission or other drive train damage.

In Florida the threshold for totalling a car is 80%. I have yet to get a straight answer from the insurance company as to how much they are valuing the car. Moreover, I am afraid that the value after being in a wreck has plummeted so if I try to sell it after being repaired I will be taking a significant hit. Does anyone know of a formula or resource to determine just how much a severe accident reduces the value of a car? Blue Book and NADA do not seem to take that into consideration. Thanks and I wish everyone a very happy and healthy new year!

I believe each state has differant laws pertaining to these sorts of things. Check w/ a qualified attorney to straighten out the insurance adjuster. A wrecked boxster would be a very tough sell. Most people in the market for a boxster are particular and picky about what they are buying. You can ask for and should get a credit for lost value due to car being extensively repaired. And keep in mind it's the insurance companies job to satisfy you w/ the final product. I hope things work out well for you and hope to see you back in a boxster soon.

When we see a salvage title on a Porsche, the hit on valuation can vary considerably as to the overall appearance and condition of the car, the model, the miles etc.

To give you a rough idea, if I am looking at a Boxster that wholesales at 25K, it can go for as little as 15-18K even if it looks very nice indeed. Now as the car ages and the overall value of the car declines, the differential between the salvage car and the clean title car diminishes.

I am NOT aware of any data from say KBB or NADA that tracks this but the insurance companies MAY have that data.

Now, if the car does NOT have a salvage title, the issue then becomes FRAME and paint damage. Paint work hurts the car depending on the quality of the repair. If it is a great job, I say maybe 1-2K.

If it is not so great, 2-5K.

Now if the car has frame damage, I walk away but some dealers will buy it at 5K back of book.



Hope that helps.

OK, this is dealer-speak. $5,000 less than wholesale and no dollars added for options? Is this what you mean?

Here is an example.

There is a Boxster going through the block at the auction. Say that I am prepared to bid up to $20 Large for it.

The announcment comes up "frame" damage.

I would walk away as I don't do damaged cars of any kind.

However, there are dealers who will sell anything. Likely that car dropped 4-5 large and will sell for $15-20K.

Now, the differential will higher in a more expensive car, ie say a 911 Turbo.

Does that help?

:cheers:

Well, yesterday my insurance company finally agreed to total the car. They apparently use an independant appraising company to determine the value. It was also suggested that there is some negotiating room on the final payoff amount. It seems that the salvage value of the car was enough to make it more economically feasable to total it (something I have been telling them for 8 weeks). However, as the cost of repair kept increasing, I also think they were concerned that at some point it would reach the 80% mandatory threshold and they would have to pay me in addition to the body shop for work up to that point.

Now the hunt begins for my poor baby's replacement. I am thinking 2003/4 S (will be nice to have a glass rear window, glove box and a cupholder), blue with tan interior. 2005's are still a bit pricey plus I really haven't gotten used to the new side vents. If only they matched the paint color it wouldn't look so much like an MR-2.

Best of luck.

An 03 is a bargain right now. Coming off lease and all.

:cheers:

Ranbar2, good luck on your new car search. Too bad the insurance company took so long to make a final decision. I hope you are back on the road very soon.

FYI. The side vents on the new 987 can be painted and look greeeeaaat! Search the forum here to see the results on a guards red from Chris in Atlanta. Bumperplugs.com will do a core exchange and paint them for about $175.

Happy new year.