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11-17-2012, 01:53 PM
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#1 | | Tech Team Mod
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| Repair car or Total Loss?
I am looking for a second opinion on this.
A car was in an accident and estimate of damage is about $12,000. ICBC has NOT declared the vehicle as a total loss write off. Used market value of car is about $20,000-$25000.
Option 1:
Have car repaired. Selling down the road will be difficult. No damage to frame/structure.
Option 2:
- Tell ICBC/shop not to repair and get paid out on the $12,000 + taxes and the car would go to auction. X amount of dollars would be recouped once auctioned to owner of vehicle. May loss out on money as who knows what car would be sold at in auction would be.
Thoughts, experiences?
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11-17-2012, 01:58 PM
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#2 | | 【=◈︿◈=】
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who's at fault in the accident?
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11-17-2012, 02:08 PM
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#3 | | RS has made me the bitter person i am today!
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repair and try to sell for 14-17g, less loss this way. Be patient when selling and hope to god a 14 dolla balla comes and buys the car
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11-17-2012, 02:15 PM
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#4 | | Captain Happy Bubble is my Homeboy
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In my opinion you should get it repaired and try to sell it, least amount of headache.
What car is it btw? Pics would be nice!
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11-17-2012, 02:43 PM
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#5 | | Rs has made me the man i am today!
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It would depend on what car, and what was damaged. You can run up a $20k repair bill nowadays without any structural damage at all (happened to my dad, and no it was not a Euro). Yes the resale will suck balls but it may be better just to keep the car.
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11-17-2012, 04:27 PM
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#6 | | Pull Out Towing. Women rescued for free.
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Unless things have changed, asking ICBC for cash will only get you 75% plus tax of the estimated repair bill. So you'd be looking at a bigger loss.
What about fixing the car and then selling it right away while it is still worth something?
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11-17-2012, 04:37 PM
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#7 | | My homepage has been set to RS
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Unless things have changed icbc doesn't operate like ebay. Maybe I'm wrong but I have never heard of someone getting money from an icbc auction. They will have a fixed lowball value that they offer to you. If it's not a write off as you say and doesn't have salvage or dismantle title, why would it go to auction?
Are you sure option 2 isn't take the $12000 and get it fixed at a cheaper shop with no warranty?
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11-18-2012, 05:52 PM
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#8 | | I *heart* Revscene.net very Muchie
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You need to specify all info, like what kind or car, condition, etc. Has icbc actually given you those 2 options? Quote:
Originally Posted by sdubfid Unless things have changed icbc doesn't operate like ebay. Maybe I'm wrong but I have never heard of someone getting money from an icbc auction. They will have a fixed lowball value that they offer to you. If it's not a write off as you say and doesn't have salvage or dismantle title, why would it go to auction?
Are you sure option 2 isn't take the $12000 and get it fixed at a cheaper shop with no warranty? | My friend had a $8000 damage to his 2001 330i. I told him to take option 2 and the car got auctioned off for $4000 which he got as well. So he got bavk $12,000 and took $2000ish hit to avoid the headaches of trying to sell after it was fixed. So it does happen. Posted via RS Mobile | |
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