Now it's possible that an experienced car repairer will actually buy it, and fix it up cheaper with 2nd hand parts and a lower labour rate.
But they will only be paying a few thousand for it. Buy car for $2k, spend $8k to fix it, sell it for $15k after it's repaired
No! Salvage values normally run 15% - 30% of Actual Cash Value which is the amount the company pays for a total loss. The figures you quoted sound very good based on current market. Good Luck
Hell no! I would take the check and bow several times on the way out. Without a doubt lesser measures could be taken with the wreck to make it useable. If you think it is worth so much you ought to offer to buy ifrom them. They usually will do this, but I'll tell you right now it is a stupid move unless you can do your own collision work, whic probably a few can.
Nope. The insurance company isn't in the business of stripping cars for used parts. They will sell the wreck to a local salvage yard, and the salvage yard will sell the parts.
With a blue book value of $16,800 and a couple of thousand of after market mods, you're still ahead on the deal. And, how the frak do you think that they're going to get $19,500 of value out of this car ? Seriously.
Sounds like you should just accept the cheque and buy a new car - they will then own the wreck and try to salvage what they can. It would be a far safer solution then trying to rebuild the car to match road legal status, which can be a very complex and expensive process.
They will get perhaps $2500 for it at an auction. No, they will not make money. The salvage company that buys it will part out the car maybe netting $7500 for the parts.
Absolutely not! You could buy-back your car from your insurance company for less than 25% of the totaled price they gave you!
No THEYLL sell it on. But not for a profit. You could ask to buy it yourself if you think the bits are worth a lot and you have the ability space and interest in breaking it.
Hello
No, They will either sell it to a breakers or Scrap it.Either way they get very little for it
Andy C
I have a 2012 Nissan Altima Coupe, 2.5s, Base model. Engine and front is all find, including the frame. But the back left quarter panel got smashed in badly, and the body shop estimated at least $14K to fix it. Because of the design its hard to access. They are not ripping me off, please dont go there, youd have to see.
The car is worth about $16,800 on Kelly Blue Book, it has 6,900 miles, I dont drive it much. And has $890 rims (for all 4 when new, they obviously are used now). And $200 leather seats.
Person that hit me did not have insurance. So Anyways, insurance offered me a check for $19,500 after deductible. Do you think they will salvage the low mileage engine and perfect interior and rest of the car for more than they are paying me?
Thanks
If you could fix it for less than that, you would have.
You can't. Take the money and buy yourself another car.
