Totalled Car - Anyone do a buyback?

[NEMustang]

Looking for real-world experience here of anyone who has totaled your S197 and negotiated a buy-back. or another car if information is material. This was a single car accident, no other parties involved.

The company is Metropolitan and state is Mass, if anyone has specific info. Please don't cloud up the thread unless contributing (can you tell I'm a little peeaved right now!)

 

[2005 white s197]

I totaled a 2005 GT and purchased it back from State Farm. No problem at all. I gave them 2,500.00 for it and sold it for 9,000.00 to a guy in Norway. State Farm said its much better when the owner wants it back. They don't have to deal with a auto junk yard. My 2 cents.

 

[BadHabit2Break]

A guy hit my 1990 Thunderbird SC in the rear.....his insurance wanted to total it out for $2800. I did the buy back and they gave me $2250. They did nothing with the title either.

 

[Captainstr8edge]

Man, that sucks. Your real close to a couple of us too. I'm in Lawrence. Join us in the New England Chit Chat thread and keep us updated!

http://www.s197forum.com/forum/showthread.php?t=64534&page=297

 

[NEMustang]

Buyback Calculation

My concern is that I have a lot of performance parts. I doubt the Ins Co will cover the value of these components. If totaled, then I want to buy back to sell the good stuff. Or restoration to a dedicated track car could be in order.

How do they calculate a total? Do they simply say if cost to repair > x% of the current value (wholesale, retail?), then car is a loss. How would they calculate the buy back figure? Would it be as simple as total cost to repair - value (wholesale? Retail?) = buyback +- some factor?

 

[Xorak]

don't let it out of your possession. one of mine was totaled out, State Farm was the insurance company. they paid my claim and made a photo-copy of the title. they never did any title work on it either.


a repair cost of 70% of value is a good rule of thumb for the total mark. "buy back" is usually what they can get for it at the salvage yard.

 

[psfracer]

My concern is that I have a lot of performance parts. I doubt the Ins Co will cover the value of these components. If totaled, then I want to buy back to sell the good stuff. Or restoration to a dedicated track car could be in order.

How do they calculate a total? Do they simply say if cost to repair > x% of the current value (wholesale, retail?), then car is a loss. How would they calculate the buy back figure? Would it be as simple as total cost to repair - value (wholesale? Retail?) = buyback +- some factor?

When I crashed my 2005, I was in the exact same position. I did the buy back simply because I had way too many aftermarket parts on the car to let it go. First I negotiated the replacement cost of the car (in my case it was $16500). Then I negotiated the buy back price that I thought was very reasonable ($2500). Then I went out, found a 2006 mustang with no motor, bought it, and transferred all of my parts over to the new roller.

Every company is different, but yeah once the repair cost exceeds a certain % of the total value of the car, its totaled.

 

[JoshK]

I bought back my 2000GT about 8 years ago when I rolled it. Had to much in it to just let it go. Can't remember now what the buy back price was, but I do remember coming out way ahead parting it out.

 

[psfracer]

I bought back my 2000GT about 8 years ago when I rolled it. Had to much in it to just let it go. Can't remember now what the buy back price was, but I do remember coming out way ahead parting it out.

Exactly--I recovered more then $2500 by parting out the car parts that I wasn't going to use as the replacement car already had them. Plus, I got all of my aftermarket stuff back.

 

[striker 5]

I bought a dd for work paided 4000.00 put full coverage on it some one hit me . Insurance totaled it I bought it back and fixed it now I drive a free car . Yes get the price down don't take there first offer low ball them they will counter if you can turn a wrench it's a win win .

 

[05moneypit]

They should not factor in the aftermarket parts in the cost...unless you had extra coverage. If you can do the work to part it, fix it or turn it into a race only car then it can work out for you.

To bad on the wreck...glad your ok.

 

[Infamous05]

Not that you may have had it but when my last car was totaled I took in every aftermarket receipt I could find for parts I had installed. Even down to the window tint and Geico reimbursed me 70% of each receipt.

 

[NEMustang]

I haven't seem the car yet, but pic show it's rough. Yes, I have receipts for everything, especially since I sold them to myself via my company! I know that the car is mine until I accept a check from them. So I believe that I need to negotiate the best price to retain the car. Just trying to get ahead of the value vs. total $$ vs. Buyback price.

Thanks for the input...any more is appreciated.