Just to clarify my opinion, if it were me and I planned to keep the car many years, i.e. 15+, and the damage is generally as this one, I'd let it be totaled, buy it back and have the shop fix it. Drive it any way I wanted and never look back.

There are many variables to consider. In this situation, that's what I'd do.

The last time I had a car repaired by a facility like that, It drove at least as well as it did before it was fixed. It was Perfect.

Yes, I agree... and, like I said, I'm not making any final decisions until I see the numbers.

It's funny -- I was at a formal function today, and got to chatting with two different classic car restorer-types at two different points at the party. Guy A said, "Salvage Title? Not worth the trouble. Take the money and get another car," and Guy B said, "Salvage Title? No biggie. I've been there before. Go for it; no reason to take a perfectly good car off the road." Yeah, pretty much the same options as echoed on PP! In the end, I'll end up following my heart.

Make a great track car..... just sayin...

"Rear-Ended in my Cayman"

I thought that was why guys bought Caymans....

Sorry, couldn't help myself :)

It's not going off the road if it's totaled. No way. You don't have to be the one who saves it.

I think you meant "Boxsters". ;)

Yeah, I upgraded from a miata (2 actually) to a boxster. I'm sure in my masculinity though, so it's cool. :D

The point being missed by some is that this could turn out to be a decent deal if the numbers work. Let's just say that the payout for the salvage is $25k, the buyback is $8k, and the car costs another $8k to repair. That gives CJ his Cayman back with another $9k in his pocket. Considering that the car is a keeper for him, that's not a bad deal. Sure the car is worth probably 30% less with a salvage title, but if he's keeping it, who cares?

One note if you do keep it, make sure you have very documented records of the damage and repair. Receipts, photos, preferably photos during the repair process, etc. If you can say "rebuilt title but a minor repair, here is the proof" it will make it much easier to sell someday.

One whipped above has a good point about record keeping. How many car enthusiasts really know how much they have spent on their P cars?

Another point somewhat minor is if you don't get the car fixed right away where are you going to put it? Do you have garage space for storage? What do you drive in the interim while it is being fixed?

With a Cayman there are lots of Cayman replacements available that should give the same qualities and performance as yours before it was hit.

You sound like a cool guy.You sound rational. As one whipped says crunch the numbers and come up with a solution that gives you satisfaction.

Cheers, Guy

Yes- crunch the numbers and see how they total out.

salvage title? Nope.

Remember if you ever decide to part with it you'll need a special buyer with cash- no bank will touch it.. Just replace car.

rjp

I hear this often and it's simply not correct, banks/credit unions do finance salvage titled vehicles. I want to say they allow 70-80% of normal value on the collateral, but it's no issue at all. I've also heard folks claim that you cannot insure them, also not correct.

I find most paintwork has its "tells" and either doesn't match perfectly color-wise, texture-wise, and chip-resistance-wise. I also find cars that have had significant repairs are often never the same in some way or another. Throw in a salvage or rebuilt title to discount the value later on, and no thanks. I would expect that most Porsche buyers are so meticulous, they wipe their ass with a Q-tip and a mirror. A tainted title is going to go over like a turd in church. YMMV.

As for meticulous record-keeping, don't worry about that: I keep a binder for each of my cars, and the Cayman binder has every service record from new, as well as window stickers and the original sales brochure.

Agreed, and they are no harder to insure either.

Not that I'm aware of, least not a decent lender. Mafioso, maybe. If so, 50% of clean would would be more like it.

Either way, not worth the hassle, and you still have a branded title vehicle.

rjp

Totally understandable. If it makes sense (for you) to buy the car back and get it fixed, then go for it. Just be sure to do your homework, and don’t get shafted on the settlement part of the deal.

However, I will offer another counterpoint:

That looks like a pretty solid hit. Personally, I wouldn't want the car back, repaired or not. Even if that car wouldn't have been deemed a total loss, I would insist on being compensated for the entire high-book replacement value (plus upgrades, lost time/wages, rental car, medical bills, etc.) and have them retain the car. Once a car (especially a Porsche) has been “totaled” the accompanying baggage and branded-title that will forever follow it just isn’t worth the trouble IMO. There is also a higher probability for issues down the road as a result of the collision/repair (latent mechanical problems, improper repairs, bad paintwork, leaks/seals, etc.). Obviously there is a huge industry in buying salvage-title cars at the insurance auctions and repairing/selling, so it is certainly a viable option. Just not one that I would consider in this particular instance (YMMV here).

Also, seeing that damage, I would recommend getting checked out by a doc, even if you aren't in any pain (yet). Sometimes an injury sustained in a car accident won't present itself immediately. There have been countless horror stories of folks settling for a relative pittance and waiving their rights to any future medical claims, only to have a serious injury and/or complications show up later.

Regarding a settlement, they will low-ball you initially, so have all your ducks in a row. With accidents of this type, it is common for insurance companies to offer additional money to claimants for pain and suffering, even when no major injuries are noted. This is a tactic to mitigate the initial and future involvement of attorneys, lawsuits, and/or medical claims (and will require you to waive all rights to future medical claims upon acceptance). Also, keep in mind that a settlement offer can easily double/triple once an attorney is involved, and increase again once things get "serious" (notice of claim filed, court date set, etc.). Just know that the nature of the incident dictates that you have leverage here. Being rear-ended while stationary, and the other party receiving a ticket for their actions is pretty much a slam-dunk in your favor.

Assuming zero (real or perceived) injuries and waived rights to future medical claims, a settlement of +/- $10k per passenger is likely in the realm of possibility/probability. That is in addition to the replacement cost of the car, rental car, medical bills, lost time/wages, etc. So, if you were the only occupant, the total claim would be somewhere north of $40k. Obviously that is just my take, and a general estimation (which assumes $30k for the car alone). However, that is based on personal knowledge of 2 separate claims of similar nature. Both were very close in the per-passenger dollar amounts paid out in “general damages” and both were settled without attorneys. Again, expect a low-ball offer out of the gate, regardless. It might sound half-way reasonable, but it will be low compared to similar cases and settlements the company has paid out. It’s what they do.

If you are planning on handling it yourself without an attorney, be prepared and be careful what you say if/when they contact you. They might ask you questions and the answers they get can impact the outcome and the settlement offer. For example, they may say things like: “Sorry you have had to go through all of this…how are you feeling?” with the intention of getting you to say “Oh, I’m just fine” (on a recorded line). Granted, some insurance companies may be more unscrupulous than others. Just realize that they all have a clear agenda and a fiduciary responsibility to their clients/shareholders to minimize payouts, despite how polite and nice they may come across. They may also suggest that you contact your own insurance co. first to let them handle things. That usually isn't necessary, and only needed if the at-fault party's policy limits aren't adequate enough (partial UIM claim).

Just to be clear, I am NOT advocating that you break out the c-collar and wheelchair with an ambulance-chasing lawyer in tow. Only that you weigh ALL of the balances and get a FAIR settlement.

SmileWavy

Ever seen a spot matched car after a few years outdoors?

Horrible. Looks like a checkerboard.

rjp

Based on the repair required I suspect a full respray would be included, or at least the bulk of the car.

Eric,
What a post! What I learned is that if I am in an accident with health impact, it may be wise to consult a lawyer. But, if health is totally fine, at what point do they need to decide to get a lawyer involved? Only when they can not meet at a reasonable number? Does lawyer work on contingency?