Value of Fire Damaged Car?

[Damon in STL]

I'm trying to determine what to do with my fire damaged car. I had a fire in my garage which spread to the car. The engine is a rebuilt 3.0 with a rebuilt trans. The fire damage to the engine is only associated with the wiring on top of the engine, hoses, and misc plastic bits.

Options:
1. Take the insurance money and be done with it.
2. Buy it back.
2a. Buy it back and restore it over time. Not sure if this would then have a salvage title since I own the car?
2b. Buy it back and turn it into a low cost track rat.
2c. Buy it back and go wild with fiberglass replacement panels and make it a fun street/track ready car.

Other info....I already have a e30 M3 race car the competes in NASA GTS. So, do I really need/want another pure track car???







PS For Sale: Smoked rear tail lights in fair condition. Best offer.

[Charles Freeborn]

Option 4 buy it back and part it out. I'll bet you'd get much more than you'll have pay. Or for that matter, buy it back and sell it to someone who wants to make a track car out of it.
My understanding is that if it's totaled and you buy it back the title will transfer to them and back to you- therefore it will have a salvage title.

[djb25]

It really depends on how much time/effort you're willing to put in.

You could make some good money parting the car out. Quite a few years ago, my 944 Turbo got hit while parked out in front of my house. Car was a total loss. I bought it back from the insurance company for 10% of value and parted it out slowly over two years. I ended up doubling what the insurance company gave me for the car.

[dad911]

It doesn't look that bad from the pics. I'd fix it.

[tirwin]

Did the insurance company offer to total it or fix it?

From your previous thread it didn't look all that bad.

[Damon in STL]

Originally Posted by tirwin

Did the insurance company offer to total it or fix it?

From your previous thread it didn't look all that bad.

They totaled it.

What do you guys think it is worth?

[Cairo94507]

If they total and you buy it back, here in CA that would be a salvage title. Not sure about your State.

[Joe Bob]

Numbers......it's about the offer. Other than that walk away. Sounds like you are busy.

[beren]

That sucks - really - sorry to see that. I found that I could make a lot back with a similar issue by selling the car to a parts shop as in and whole. There's a few of these guys in Panorama - might be worth a call to them.

[rgmrgm]

I bought a fire damaged low mileage 81 SC for $5K cleaned up the short block and put it into another car runs fine. The fire damaged the wires, rubber and engine lid and compartment paint. I have the rest as a project. Your ins carrier owes you the value of a like kind and quality 911. Get some experts to attest to the pre damage value of your car and negotiate a price and the salvage value. Remember that the insurance carrier has to pay to sell the salvage. Auction houses charge significant fees so if you keep the salvage the value is what the carrier would net. You are also entitled to loss of use from the time of the indecent to the time the insurance makes a fair offer. If you still have the car remind them that you have saved them storage fees. I think you should be able to keep the salvage for less than $5K. But remember the bottom line is what matters don't tell them you really want the salvage but tell them you are considering it. If they jack up the salvage value you can tell them to keep it. They have a duty of good faith when dealing with their insured but not so with a stranger