How much is a parts car worth? - PeachParts Mercedes-Benz Forum

pizzachef · #1 02-12-2007, 05:42 PM

Today I'm bummed. I think the insurance is going to screw me on the value of my car after being rear ended in the snow and then the guy left the scene. Its detailed a little more in theis thread:
First road trip observations...

Anyway, I might have to retain the services of an attorney to get what's fair.
The insurance's independent 3rd party car value figure-outer
is saying that a European market car, or grey market car, is worth the same as an R-Title car or salvaged car or TOTALED car...they're trying to say the euro's are worthless. Well, they're still figuring it out, but I'm afraid they're going to offer me about $900.

Regardless, there's damage at the drivers side rear corner, could be straightened but it may not be worth it. If I take money from the insurance company and then sell it as a parts car (or dented but perfectly running car) how much should I expect it to fetch? I can pull the bumper out and put a tail light on it and it'll pass inspection...if that helps mmy cause any.

I appreciate the insight.
Thanks,
-Geoff

latitude500 · #2 02-12-2007, 05:52 PM

Do you have full coverage on your car. Because you are going to need to purchase the car back from him. You might want to ask for $1500 and then add that you would like to purchase the car back for $500. That way they think they are getting something out of it. You need to explain to them that they wouldn't have the trouble of auctioning off the car if they sold it to you. Just make sure they don't re-write the title as salvaged.

Check with your state for rules and laws on this matter. I did this to my civic when it was damaged. They sold me the car for $1500 and I parted it out.

JackG · #3 02-12-2007, 06:28 PM

Try getting the pre wreck value determined and independant inspection and also arm yourself with like (euro's) value's that have sold. If you are going up against Progressive ins.co. you may need a lawyer. They have profected the art of screwing the little guy, also expect a lenthy wait for any decisions from them.Others are begining to follow suit. The MO is a very low ball offer and put the ball in your court, so to speak. If you want to take them to court, you must follow though and have a judge award the money. Very few do this and thats where they cut there cost. This is method is effect for them in the lower(under 10k) range where it is not cost effective to pay a lawyer.Basicly the little guy (you)gets F'd.
I have been there with them twice

t walgamuth · #4 02-12-2007, 11:15 PM

if you cannot get what you think you need from them tell them to replace the car for you.

they are obligated to compensate you OR find and buy for you a comparable condition car.

and then buy the wreck back from them for parts. the usual value of a wreck for parts is .10 on the dollar so if it is worth 3000 you can usually buy the salvage for 300.

good luck.

don't let them rush you into settling.

don't get a lawyer for this it is too small of a deal, imho.

tom w

networkboy · #5 02-13-2007, 01:33 AM

If you're dealing with Farmers insurance get a lawyer or be prepared to fight for a couple years (I kid you not).

I'm not a good one to guess value, (and your other thread mentions temps being a possible issue), but I know that TDs are the hottest cars in the used market out here in CA (at least I can't find a decent one at a reasonable price to save my @$$). Lots of e-bay and craigslist searching for any and all cards of the similar year.
You may not find a lot of euro listings, so get all the listings you can find, also grab some choice listings for sedans where you can get a comparable euro/federal pair to show that euro's tend to be more valuable.
-nB

winmutt · #6 02-13-2007, 06:39 AM

They have to pay fair market value for the car regardless of existing condition. Find a few examples of your car or similar in the paper (not ebay) or craigslist. Also note that euro bumpers and lights are NOT legal and will not be covered by the insurance company. They may even argue that if you HAD the 5mph bumpers that the car may have survived. So don't bring it up.

pizzachef · #7 02-13-2007, 07:04 AM

Good point about the bumpers...
This is Nationwide insurance and its not a huge sum of money, so a lawyer probably isn;t worth it. I've printed about a dozen listings from ebay, autotrader, and web classifieds. I'll have to look for some euro listings to compare to US prices.
They haven't actually made me an offer yet, but my first response is going to be for them to find me a car for whatever price they're offering me...or a replacement car. They probably have some stock answer to that, but we'll see.

The car is still in good shape otherwise so I'll probably get someone to pull out the bumper and I'll put on a new tail light and keep driving the thing. Take their money and run.

vstech · #8 02-13-2007, 07:18 AM

If it helps you, I just bought (off ebay, I know) a euro TD with a dissasembled motor for 743 from florida, so 1000.00 for a non running parts car... of course, I am insane...
John

Magoo · #9 02-13-2007, 08:52 AM

I was able to work out a deal with a Nationwide adjuster recently to keep one of my cars as part of the settlement. They initially wanted to "total it", but after I expressed my dissatisfaction with their offer and inquired about purchasing the vehicle back, they offered me the settlement check AND the vehicle, without making it a salvage title. After accepting the deal, I used the money to fix the vehicle myself and am still driving it.

It's always difficult to assess the value of a parts car, especially if it is not running or has no maintenance records. Also, it may be of more value to you than someone else because you "know" the vehicle, and they may only be looking for one or two parts from it.
Good luck.

pizzachef · #10 02-13-2007, 02:19 PM

Quote:

Originally Posted by Magoo

I was able to work out a deal with a Nationwide adjuster recently to keep one of my cars as part of the settlement. They initially wanted to "total it", but after I expressed my dissatisfaction with their offer and inquired about purchasing the vehicle back, they offered me the settlement check AND the vehicle, without making it a salvage title. After accepting the deal, I used the money to fix the vehicle myself and am still driving it.

It's always difficult to assess the value of a parts car, especially if it is not running or has no maintenance records. Also, it may be of more value to you than someone else because you "know" the vehicle, and they may only be looking for one or two parts from it.
Good luck.

Very true about the car being more valuable to me...mostly because its a perfectly running automobile. I'm hoping to have a similar settlement. I definitely want to keep the car, hopefully un-salvaged, and get a fair sum of money to compensate for the damage.

pizzachef · #11 02-13-2007, 03:27 PM

Well, they made me an offer.
$2500 and I keep the car, unsalvaged.
I paid $3500 a month ago for it, so I guess that means, I will have paid $1000 for a wagon with some rear end damage.

I feel like they were playing good cop/bad cop with me...scaring me with a $900 offer and then coming back with this. So I guess I'm going to go with it...fix it enough to make it legal and drive it around.

I think I should be satisfied...still have mixed feelings though...oh well. Its about what I expected.

Thanks everyone for the advice.

JackG · #12 02-13-2007, 03:47 PM

Quote:

Originally Posted by pizzachef

Well, they made me an offer.
$2500 and I keep the car, unsalvaged.
I paid $3500 a month ago for it, so I guess that means, I will have paid $1000 for a wagon with some rear end damage.

I feel like they were playing good cop/bad cop with me...scaring me with a $900 offer and then coming back with this. So I guess I'm going to go with it...fix it enough to make it legal and drive it around.

I think I should be satisfied...still have mixed feelings though...oh well. Its about what I expected.

Thanks everyone for the advice.

take the money, the difference is not enough to really fight. Where are you at? I have access to a TD parts car that should have all you need....non euro though

pizzachef · #13 02-13-2007, 04:14 PM

Quote:

Originally Posted by JackG

take the money, the difference is not enough to really fight. Where are you at? I have access to a TD parts car that should have all you need....non euro though

Yup...that's what I'm planning to do. Should be able to fix her up pretty good.
I'm the one that called you a few weeks ago about the rear hatch and bumper. My bumper is fine, turns out, the brackets are a little bent though. But we had talked about the rear hatch. I may be in need of that...I'm in PA, but my dad is local to you in NOLA. I might have him come pick up the hatch form you if its still there. Then sometime in the next few months he'll make a trip up here and deliver it

Thanks,
-Geoff