Ice Damage - Possible total loss

[E38flagship]

To be honest if it was me I'd let them total it and keep the X or buy it back and take it to a bmw specialty shop and repair it with that money ... Just another thing to consider

[Rush]

Originally Posted by E38flagship

To be honest if it was me I'd let them total it and keep the X or buy it back and take it to a bmw specialty shop and repair it with that money ... Just another thing to consider

Well, it is at a BMW specialty shop now, so we shall see. I am open to all routes, of course.

The second opinion would be a another local one I trust as well.

So frustrated with this, D'oh!

Thanks again.

[upallnight]

Originally Posted by E38flagship

To be honest if it was me I'd let them total it and keep the X or buy it back and take it to a bmw specialty shop and repair it with that money ... Just another thing to consider

Unless you get the car back for next to nothing, you'll end up with a car with a Salvage or rebuilt title. Most people would walk away from a rebuilt or salvage title vehicle, so when you're going to sell the X expect to get next to nothing for it.

[Rush]

Originally Posted by upallnight

Unless you get the car back for next to nothing, you'll end up with a car with a Salvage or rebuilt title. Most people would walk away from a rebuilt or salvage title vehicle, so when you're going to sell the X expect to get next to nothing for it.

Thanks for the heads up! If that is a way to keep it, I'm all over it! I want the ~car~, not its resale value. I haven't read through the "Where are all the 4.6is" thread yet, but this is one, right here.

Frankly, if I ever did sell it, it would be because it was nearly worthless and unreliable.

Well unless I gutted and restored it. I've always thought about cramming some other insane BMW plant in there. Complete money pit.

Thanks.

[sunny5280]

Originally Posted by upallnight

Unless you get the car back for next to nothing, you'll end up with a car with a Salvage or rebuilt title. Most people would walk away from a rebuilt or salvage title vehicle, so when you're going to sell the X expect to get next to nothing for it.

He would have already received what it was worth when the insurance company cut him a check.

[upallnight]

Originally Posted by sunny5280

He would have already received what it was worth when the insurance company cut him a check.

It's a 2002 4.6 and the insurance company is just going to go by what KBB or some other source say the car is worth. Plus once the insurance company total the car and pays the owner, the owner will have to buy the car back from the insurance company. Now after paying out 12,600 (KBB price for private sale) for a 2002 4.6 BMW X5 in excellent conditions the insurance company is not going to sell it to the owner for just a couple of thousands. A 2002 4.6 X5 in fair condition is still worth 11,300. Even if he gets the car back for 10,000 he still needs to figure in the cost to get the car running.

For a Mini Cooper Clubman that I was looking at that had water damages to the electrical system the quote was 3,000 for a new DME and labor to install and code.

[sunny5280]

Originally Posted by upallnight

It's a 2002 4.6 and the insurance company is just going to go by what KBB or some other source say the car is worth. Plus once the insurance company total the car and pays the owner, the owner will have to buy the car back from the insurance company. Now after paying out 12,600 (KBB price for private sale) for a 2002 4.6 BMW X5 in excellent conditions the insurance company is not going to sell it to the owner for just a couple of thousands. A 2002 4.6 X5 in fair condition is still worth 11,300. Even if he gets the car back for 10,000 he still needs to figure in the cost to get the car running.

For a Mini Cooper Clubman that I was looking at that had water damages to the electrical system the quote was 3,000 for a new DME and labor to install and code.

The point being he'll have already been "compensated" for diminished value because the insurance company will have paid him for the vehicle when (if) they total it. The cost to buy it back, repair it, and eventually resale is irrelevant.

[upallnight]

Originally Posted by sunny5280

The point being he'll have already been "compensated" for diminished value because the insurance company will have paid him for the vehicle when (if) they total it. The cost to buy it back, repair it, and eventually resale is irrelevant.

Am I the only one that don't understand this reasoning????

Insurance companies do not give you back what you think your car is worth, but what they think the car is worth less the "Deductible".

[sunny5280]

Originally Posted by upallnight

Am I the only one that don't understand this reasoning????

Insurance companies do not give you back what you think your car is worth, but what they think the car is worth less the "Deductible".

Which has nothing to do with diminished value due to buying a vehicle with a salvage title. He will have been made whole by the insurance company when they total the vehicle and he accepts the check. Whether you feel they've offered fair compensation is an entirely different argument.

With that said if he's worried about the diminished value that would come from buying back his vehicle from the insurance company he should not do it. Problem solved.

[pnoyako85]

Originally Posted by upallnight

Unless you get the car back for next to nothing, you'll end up with a car with a Salvage or rebuilt title. Most people would walk away from a rebuilt or salvage title vehicle, so when you're going to sell the X expect to get next to nothing for it.

maybe not...

if vehicle is 10yrs or older and you have he title....when you total a car at this age....mostlikely the DMV won't even ask for your title...

i totaled a 2000 e46 bought it back and sold it with clean title due to its over 10yrs old car....atleast here in NJ you can guarantee that...

i had geico and New Jersey Car...both went in my favor.