What would you do? Need opinions/guidance please..
03-30-16, 05:01 PM
#1
What would you do? Need opinions/guidance please..
I REALLY need some opinions/guidance on an issue I have right now.
Last week my car was unfortunately hit by the hail that came through my side of town. Long story short; Allstate wants to total the LS. Currently my adjuster is trying to work in my favor to show value to the insurance company due to all of the modifications on the car and get them to cut me a check to just get the car fixed, but at the moment everything is still up in the air. So far these look like the 2 options it can come down to..
1) Car is totaled - Allstate cuts me a check for the value of the car + all of my modifications on the car (hopefully) and I take the money, pay off the remainder that I owe on the LS and go get a new car or another LS.
2) Car is totaled - Allstate cuts me a check blah blah blah.. I buy back the LS from them as a salvaged title, fix it and continue to drive it.
My question is what would you all do? The LS just had the 90k done about 20k miles ago, ALL fluids/drained and filled and I just had my LBJ/Outer and Inner Tie Rods/Sway Bar Bushings and Lower Control Arm bushings changed out less than 1k miles ago. Currently it's sitting at 136k on the clock. Could really use some guidance and opinion... Thanks.
Last week my car was unfortunately hit by the hail that came through my side of town. Long story short; Allstate wants to total the LS. Currently my adjuster is trying to work in my favor to show value to the insurance company due to all of the modifications on the car and get them to cut me a check to just get the car fixed, but at the moment everything is still up in the air. So far these look like the 2 options it can come down to..
1) Car is totaled - Allstate cuts me a check for the value of the car + all of my modifications on the car (hopefully) and I take the money, pay off the remainder that I owe on the LS and go get a new car or another LS.
2) Car is totaled - Allstate cuts me a check blah blah blah.. I buy back the LS from them as a salvaged title, fix it and continue to drive it.
My question is what would you all do? The LS just had the 90k done about 20k miles ago, ALL fluids/drained and filled and I just had my LBJ/Outer and Inner Tie Rods/Sway Bar Bushings and Lower Control Arm bushings changed out less than 1k miles ago. Currently it's sitting at 136k on the clock. Could really use some guidance and opinion... Thanks.
03-30-16, 05:55 PM
#3
I would take it as an opportunity to get a nicer copy with lower miles. I wouldn't want to drive something all dinged up - or try and get them all out.
Do a lot of research yourself on what the car is worth by looking for similar copies for sale. Insurance companies are famous for using a low Blue Book number and calling it a day. Many people roll over for that rather than fight.
Do a lot of research yourself on what the car is worth by looking for similar copies for sale. Insurance companies are famous for using a low Blue Book number and calling it a day. Many people roll over for that rather than fight.
03-30-16, 05:56 PM
#4
#1 good luck on them cutting you a check for the modifications. Unless they were stated on your policy from the get go.
Regardless it depends where you priorities lay at the moment. So in the end its not us that can make that call. Personally I would probably buy it back and just roll it around as a luxo beater (slightly kidding). You put some good money into it maintenance wise so why not just drive it around for a few more years?
Regardless it depends where you priorities lay at the moment. So in the end its not us that can make that call. Personally I would probably buy it back and just roll it around as a luxo beater (slightly kidding). You put some good money into it maintenance wise so why not just drive it around for a few more years?
03-30-16, 06:39 PM
#5
#1 good luck on them cutting you a check for the modifications. Unless they were stated on your policy from the get go.
Regardless it depends where you priorities lay at the moment. So in the end its not us that can make that call. Personally I would probably buy it back and just roll it around as a luxo beater (slightly kidding). You put some good money into it maintenance wise so why not just drive it around for a few more years?
Regardless it depends where you priorities lay at the moment. So in the end its not us that can make that call. Personally I would probably buy it back and just roll it around as a luxo beater (slightly kidding). You put some good money into it maintenance wise so why not just drive it around for a few more years?
Yes all mods are accounted for in the policy for 10k and I have all receipts, so they'll pay out. I've been paying for custom equipment coverage for close to a year now on everything.
Yeah I agree. The car is pristine inside and out other than the hail damage. My body guy says around 4-5k worth of damage if we really want to get into it with all trim etc.. I don't really see any newer cars that I want either. I drove around the 2013 GS a while back and while I was impressed with the interior and technology my LS still drives better overall.
03-30-16, 06:55 PM
#6
I'd go option one on this... if your payout is solid you could end up in a lower mileage LS potentially with a better credit score from where the loan started so lower percentage rate and payment.
I would see what option 3 is just in case: total loss payout check and being able to swap out as much as possible aftermarket with whatever oem you can replace the parts with. I've done this but in my case the aftermarket parts played no role in a higher payout. See what that figure is and if it's worth it to Salvage some of the parts without a big hit.
Option 2 I'd only ever consider on something that's already low cost on blue book. Not too many people will jump on a salvage 135k for $12kish... so you would basically always own this car until it's selling like at 6k but even then miles should be pretty hi.
Option 1 and asked about option 3... a lot of times walking away and hitting reset comes with hidden good stuff in the process. I know you love this one... you have to imagine if that would change with a salvaged title and it being worth half blue book at that point. I think your feelings may change a little behind that wheel and then you are stuck.
I would see what option 3 is just in case: total loss payout check and being able to swap out as much as possible aftermarket with whatever oem you can replace the parts with. I've done this but in my case the aftermarket parts played no role in a higher payout. See what that figure is and if it's worth it to Salvage some of the parts without a big hit.
Option 2 I'd only ever consider on something that's already low cost on blue book. Not too many people will jump on a salvage 135k for $12kish... so you would basically always own this car until it's selling like at 6k but even then miles should be pretty hi.
Option 1 and asked about option 3... a lot of times walking away and hitting reset comes with hidden good stuff in the process. I know you love this one... you have to imagine if that would change with a salvaged title and it being worth half blue book at that point. I think your feelings may change a little behind that wheel and then you are stuck.
03-31-16, 09:43 AM
#7
What year is your LS?
I'd probably buy it back if it's an extra nice car AND the buyout price is cheap. So let's pretend they let you have it for $2,000 and to fix the body work it's $4,000. You would have a nice car for $6,000.
But if the buyout price is high enough (plus the price of bodywork) to where it's close to finding another LS in similar condition, I'd probably just move on as the salvage title will be an issue when you go to sell.
Also, I don't know what kind of hail damage occurred, but if it requires a complete repaint, you will likely never get the quality of a factory paint job unless you really want to drop HUGE amounts of money.
I'd probably buy it back if it's an extra nice car AND the buyout price is cheap. So let's pretend they let you have it for $2,000 and to fix the body work it's $4,000. You would have a nice car for $6,000.
But if the buyout price is high enough (plus the price of bodywork) to where it's close to finding another LS in similar condition, I'd probably just move on as the salvage title will be an issue when you go to sell.
Also, I don't know what kind of hail damage occurred, but if it requires a complete repaint, you will likely never get the quality of a factory paint job unless you really want to drop HUGE amounts of money.
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03-31-16, 12:37 PM
#8
I'd let insurance total it and buy it back, you will probably have some extra money in your pocket as a result, its your car so you know why its totaled, anything you lose on resell later on down the line probably won't be as much as how much you will cash out.
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