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OT - Car Advice Needed

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  • OT - Car Advice Needed

    My father-in-law, who is elderly, had a major accident in his 2006 Camry. Luckily he is fine; the car has $8+k worth of damage. Basically the whole front needs to be rebuilt: both fenders, hood, lights, radiator, A/C compressor, etc. He doesn't want to drive this car ... wants a new one ... given his age, i understand. So i negotiated a good deal on a new Camry for him, but what to do with this car? Dealer doesn't want it -or doesn't want it at anything approaching a decent price. Should we repair and sell it? Should we just take the insurance money (for fixing) and sell the car for salvage without fixing it? Who buys salvage cars and how much are they likely to pay? Despite extensive damage, frame damage seems minor (insurance company estimated 4 hrs work). Will the car be (close to) good as new if fixed? More importantly, will it be as safe? Best course of action is to sell it for something half way reasonable and move on. Any ideas on how, given that car is not driveable in present state? Thanks in advance.
    Russian reporters to Bobby Clarke: Can you imagine hockey without fights?
    Robert Earle Clarke's response: Can you imagine vodka without alcohol?

  • #2
    Re: OT - Car Advice Needed

    Flyered my wife and I just bought a new car three weeks ago so I know how high cars prices have gotten. I think the first question you need t ask is how much (if anything) does he owe on the car? Next ask if it will it cost $8,000 to fix it and you sell it, will you net more than just taking the settlement from the insurance company? Seems like you'll have your answer once you get the dollars and cents worked out. As for how safe the car will be, that's a question the buyer should be asking themselves - not the seller. The simplest way to go IMO is to talk to your dealer and see what they'll give you as a trade on the old car once it's fixed. Of course you can always try to sell it yourself which will always get you a higher price. I look at area colleges where soon to graduate seniors want a dependable car at a decent price to get them to those job interviews. t's still far enough way from graduation that they won't be holding out hoping Mom & Dad get them a car as a graduation gift so they're needs will likely outweigh their dreams. Good luck!!
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    Bleedin' Green since birth!

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    • #3
      Re: OT - Car Advice Needed

      I am driving a car that I bought with a salvage title. The thing drives great and other than a few monir problems, I like the truck. I have put 40,000 miles on it since I bought it that way. I paid $6,000 less than the truck blue-booked. As a basis: in 2005, I paid $21,000 for a loaded 2004 Ford Expedition 4WD, leather, moon roof, power everything with 8,000 miles.

      In the Kentucky market, most rebuilt salvage title cars are selling for bank value or a little less.

      $8,000 in repairs is nothing. I would think you have ta few options. Will the insurance company total the vehicle for you? This may take some negotiating and would help if airbags have been deployed. With only $8,000 in damage, I assume not. Is the car dealer wanting the car as is? If so, remember the $8,000 you get from insurance on top of their offer. You could also talk to a salvage lot or body repair shop. They may buy the car or know someone who deals in this market. I do not know your situation or cars you may have. Maybe you could fix it, sell one of your vehicles and trade up for a fraction of the cost. You could also fix it and sell it yourself. Mark teh price down, disclose the damage, take pictures to comfort the buyer and move on.

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      • #4
        Re: OT - Car Advice Needed

        Great thoughts. Thank you. Took car to body shop today and the guy says damage is severely underestimated. Says it's about another 4k, for a total of 12k. Still doesn't think ins co will total car, although you'd have to wonder and we may be within negotiating range to have the car totalled. Oddly body shop says ins co may not just pay me 12k but would pay it to him and insist on having the car fixed. Any thoughts on that? Sounds odd to me. Why would ins co care who gets the dough?
        Russian reporters to Bobby Clarke: Can you imagine hockey without fights?
        Robert Earle Clarke's response: Can you imagine vodka without alcohol?

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        • #5
          Re: OT - Car Advice Needed

          Originally posted by flyered
          Oddly body shop says ins co may not just pay me 12k but would pay it to him and insist on having the car fixed. Any thoughts on that? Sounds odd to me. Why would ins co care who gets the dough?
          I've seen that before. Kind of adds legitimacy to the deal in preventing fraud. If the payment goes directly to the body shop it goes on his books. Legit shops would be hesitant to take money from the insurance co and then give it to you. But some will so I'm not sure how much good it does.
          Wait until next year is a terrible philosophy
          Hope is not a strategy
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          • #6
            Re: OT - Car Advice Needed

            It also assures them that the repairs will be done. A lot of people (particularly those with older cars) will take the money for a repair and not bother to get the work done. They pocket the cash and leave the damage as is. That's a problem when there's a loan on the car and the bank now "owns" a damaged car that has a reduced in value. If you have a loan on the car this is most likely the way the transaction will be handled. It provides some safety to the lender.
            Official Driver of the Eagles Bandwagon!!!
            Bleedin' Green since birth!

            "Do not regret growing older. It is a privilege denied to many." - Mike Willey

            ”Enjoy The Ride!!!” - Bob Marcus

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            • #7
              Re: OT - Car Advice Needed

              12k or repair on an 06 Camry sounds like a is going to be fixed by the insurance company Its probably only worth 18-20k in prestine condition. I think they total them when the repair cost is anything more than 80%. Worst case senario is the insurance company fixes the car (which by the way does not come with a salvage title a salvage title only happens after a car is totaled by the insurance company) and you sell it afterwards for something less than full value but something more than 12 grand.

              As a guide I just traded in my 05 Camry and got 14k for it. It had 40k miles on it. Retail is abour 16k for an 05. So that should be a basis for the value of the 06. If you sell it for 14k you are still 2k above the 12k the insurance company is going to put out to fix the car
              Were from Philly F in Philly no one likes us we DON'T CARE!

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              • #8
                Re: OT - Car Advice Needed

                I am sure you know this, but get 3-4 quotes and sit down and talk to the insurance company. I'd make sure the agent is part of the conversation. If you have 3-4 legit quotes in the 12,000 range, then they should work with you. What you will find is that they are replacing the parts with "comparable" parts and not toyota parts. I ran into this on one of my vehicles and it was a battle. The arguement that you buy toyota/honda for the time beyond teh warranty and not becasue it carries the same warranty did not matter.

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