by cyeh22 » Sun Jan 27, 2008 06:59 pm
I have a 4runner that was in a recent rollover accident. There is significant cosmetic, but the frame and engine should be fine. It is older (1999) with 160k miles on it.
They are asking for $2000 if i want to buy it back as a salvage. I want to get it back mainly as a project vehicle for myself and with hopes to get it up and running eventually and since I know the full life history of the car, i'm confident in the engine for myself. For a auction though, the engine parts seem old to me for others (160k miles) to care for, cosmetically, the entire driver side is useless, so only panels elsewhere is useful.
I would like to negotiate it down to $500-$900 as a buyback if possible and would like some advice on how i should go about this.
Thanks in advance
They are asking for $2000 if i want to buy it back as a salvage. I want to get it back mainly as a project vehicle for myself and with hopes to get it up and running eventually and since I know the full life history of the car, i'm confident in the engine for myself. For a auction though, the engine parts seem old to me for others (160k miles) to care for, cosmetically, the entire driver side is useless, so only panels elsewhere is useful.
I would like to negotiate it down to $500-$900 as a buyback if possible and would like some advice on how i should go about this.
Thanks in advance
Posted: Mon Jan 28, 2008 04:49 am Post Subject:
The salvage price for car is dependent upon the make-n-model of the car. This is the amount the insurance company is expecting to get after selling it off for parts. The 'salvage value' may range between $750 and $2,000 depending upon the value the junk yard is ready to pay for it . You can run the car on internet to gain an idea over what the vehicle is going to cost you.
Posted: Mon Jan 28, 2008 05:16 am Post Subject:
IMO the salvage price for car should not exceed 20% of the ACV determined by the adjuster.
Thanks,
Ridgesimon
Posted: Mon Jan 28, 2008 06:09 am Post Subject:
They are asking for $2000 if i want to buy it back as a salvage.
Add with it the cost of fixing the car, and the cost of re-titling and re-licensing it. You are also required to pay the inspection charges before you can actually drive it back to the road.
Add up all the figures to get the cost that you will incur during the process of buyback. Doing a correct estimation will surely help you determine the salvage price for cars.
Posted: Mon Jan 28, 2008 12:35 pm Post Subject:
I agree with you OP, that salvage bid sounds high....You need to first find out how the salvage value is arrived at...All companies have some sop/tite/contract or formula they use...The company I work for all of our totals go to the same place, they maintain a huge data base, I call this company and they pull up the prior (same) vehicles sold, with the same impacts etc...
You don't say what the ACV (actual cash value) amount was that the insurance company came up with...that would help in us determining if it ''sounds'' fair...
Call the adjuster back and ask for the EXACT manner in which the salvage price for car was determined...let us know and maybe we can help with some suggested negotiation topics.
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