Am I Crazy? (SC Valuation)

[speeder]

And just like an old broad that's had a lot of "work done", the bottom line is that some rich guy got the best miles out of it many years ago.

[dtw]

Oh I just remembered. Last year there was an '86 Carrera that I knew really well. Beautiful paint in great condition w/a few flaws from wear. Excellent interior w/some light wear. Engine rebuild to the tune of $14k in receipts 10k prior to the sale. New pistons/cylinders, you name it. Professionally done G50 upgrade. Clean all over, probably nicer than yours from the sound of it. This car sold for $10k.

Mileage: 270k.

[GothingNC]

Dave,

I remmeber that car on the lot off Hillsbourough St.

[Craig 930 RS]

Still can't get over the fact that an SC is a 12-14k car an you were offered $9,700. Weird.

[Dueller]

Sorry if I sounded so "objective," Supe. I went back and glanced over your other threads about your car. It is apparent you put a lot of blood, sweat and tears into it. And money.

I noticed that you apparently were able to drive the car after the accident with the main problem engaging 2nd and 4th IIRC. Clearly the tub was bent as evidenced by the wrinkle above the rear window. Never did find an "after" pic.

Also noticed you said youi'd be elated with $19K and they keep the salvage. I think you came pretty close to that figure with 10.6 and you keep the salvage:

Engine $5000
Reblt trans $2500
Wheels $1000

Those three items alone are 8500...add 10.6K and you're at $19.1K. Plus you have doors, fenders, hoods, headlights, new suspension pieces, that perfect tool kit and spare...yadadadadasdad. And a tub that likely could be straightened for someones race car project.

I think you're much better off from a financial standpoint but don't want to admit it. Admittedly, you can't put a price on the emotional loss....but that ain't what the insurance companies consider a compensable loss. But you did get 5+ years of enjoyment and transportation from the car.

A respected shop here opines that for most owners not emotionally attached to their cars, an engine/top end rebuild on an SC renders the car totalled for most non-enthusiasts. Buy a pristine car that's blowing oil. Enjoy building up a new baby. Revel in the fact you have the salvage as your very own free porsche parts counter.

[Superman]

Originally Posted by Craig 930 RS

Still can't get over the fact that an SC is a 12-14k car an you were offered $9,700. Weird.

Yeah but........these guys here are saying that Bruce Anderson, NADA, PCA and every other vehicle valuation publication is wrong by a margin of about 100%. ALL of those publications opine the value of an "average" SC at $16K to $18K. Except the Pelicanheads, who believe the true price to be closer to $11K.

Now, before I call you guys more insulting names, it so happens that I also dismiss those publications, to some degree. They are a bit high.

But......one more time.......If you show me two cars like below:

Quarter-million miles
Slightly tired paint and handsome interior but one seat tear and two small headliner tears.
No rust
Rebuilt engine (actually rebuilt, not a band-aid job)
Rebuilt transmission
Fresh shocks, bushings, tie rods, etc
New tires
Everything inspected and adjusted properly
H4's with relays
Halon and Dry Chemical extinguishers
20/21 cams and a power band like mine


VERSUS:


150K miles
Shiny paint
Perfect interior
No engine work
No tranny work
No suspension work
No nuthin, no special inspections or adjustments, no love



An insurance company and a car salesman will prefer the latter. I consider the former to be worth TWICE as much as the latter, at least. The former will give the new owner many years of trouble-free motoring. The latter will make somebody HATE Porsches.

[Dueller]

OK, Supe...what would honestly make you happy as a settlement either money outright or money and you keep the salvage?

[Superman]

Hey, guys. Thanks for the advice and the opportunity to argue with you about something besides politics. I love the fact that you guys are always available for me to criticize and insult. Thanks.

And I do value you guys' knowledge. Yes, in my situation a $10.6K settlement and a free 911 carcass will work. I will likely straighten the tub. The big question is whether I get another tub, transfer parts, sell one, etc. Dunno. I guess I'd like to see the right tub come along. I'd like stiff T-bars, adjustable spring plates, through-the-body front sway........as long as I'm dreaming, a variocam 3.6.....etc.

JW grins that little-boy grin and reminds me that I'm about to build another nice car. He's right. It was fun the first time. It will be even more fun the next time. Some of you guys have mis-judged me, BTW. The folks who know me do not consider me arrogant. Direct, yes. Inciteful, yes. Not arrogant. And also not negative. I'm happy. I'm disturbed that insurance companies get to play the games they do. I feel sorry for humans. And I also know the wonderful gift of life we all have, and the amazing time we live in. And I love cars. Especially the little-gymnast types of cars.

I'll get some pics posted here, hopefully today.

Thank you all.

[CurtEgerer]

What game is the insurance company playing? They're giving you $10,600 and giving you all of the mechanicals that you say make it worth more than that?! I'd run, not walk, to the nearest bank and cash the check before the adjuster's manager reviews this file! Congrats!

[Superman]

Originally Posted by Dueller

OK, Supe...what would honestly make you happy as a settlement either money outright or money and you keep the salvage?

I want to keep this car. I love her. I told the Farmers guy that, even knowing it might be used against me. I can't lie, even to protect my interest. I may wait to see what value Farmers comes up with. But again, the deal I have already been offered is acceptable. Grudgingly. As I get older, I have less time to waste in the garage holding a beer in one greasy hand and a tool in the other. But.......using tools on the 911 has been my meditation these last seven years, and driving her has been my therapy.

[Dueller]

Originally Posted by Superman

But again, the deal I have already been offered is acceptable. Grudgingly.

One of the maxims of settlement of lawsuits...if both sides are unhappy, it was probably fair.

Now get in there and meditate

[Superman]

Originally Posted by CurtEgerer

What game is the insurance company playing? They're giving you $10,600 and giving you all of the mechanicals that you say make it worth more than that?! I'd run, not walk, to the nearest bank and cash the check before the adjuster's manager reviews this file! Congrats!

Curt, I am not going to say this again, so listen up. The settlement offer is not $16K with $6.3K salvage value. Their conclusion is that the carcass has no value.

They say the car was worth not more than $9.7K at the time it was crunched. There is NO WAY I would sell this car for that. I could have gotten $11K for this car in a hearbeat, to a local buyer. I value you guys opinions, but I do not necessarily substitute your judgement for mine. Yes, I understand some SC's sell for $9K. Mine had more value than that.

Yes, I very possibly will accept this settlement offer. Yes, I do want the carcass. Yes, it has value to me. Yes, I think their conclusion that there is no salvage value is erroneous. But (here it comes again) given the conclusion that the carcass has no value, and looking only at the valuation of the pre-collision vehicle the conclusion that it was worth $9.7K is insane. It is at least $2K off the mark. The game they are playing is their knowledge that $2K - $3K is money they can keep. Even if we both know the value of this car was $11K to $12K, THEY KNOW THE ATTORNEYS WILL CHEW UP ALL OF THAT DIFFERENCE. And so, they can lowball anybody and everybody by this amount.......and get away with it every time.

Curt......wake up.......tell me this: If an insurance company, or a group of insurance companies, noticed that they can lowball anybody and everybody by this amount and get away with it........do you think any of them will pass on that financial routine? procedure? No, they won't. They will do what makes the most financial sense for them. And the claimant gets screwed. Everybody knows this. Insurance companies have a bad rep. Everywhere. And it's because they play this system. This undervaluation game is routine in the industry. Everybody knows that when you file a claim, you get ready to bend over.

Which brings me to another question. Some of you guys are concluding that $9.7K is the value of a mechanically excellent SC. Then I guess you guys assume that insurance companies offer handsome settlements, as a matter of course? You think they don't lowball claimants? Or perhaps you think their conclusion that my car was worth $9.7K before the collision is an aberration? That normally they would offer $6K?

yes, Curt. Insurance companies play games. Smell the coffee.

[hytem]

My SC experience is don't pay any more than $10-12K for one, because you'll never get much more than that back. And be able to do your own labor, or forget it. Mine handled well, and had the classic styling, but it was a bear to drive and devoid of creature comforts.

[Dueller]

Supe, you're both playing games. What pisses you off? That they are "valuing" your car at $9.7K and you're insulted.

Trust us...I think I can speak for most of us. WE GET IT. Your car was worth more than $9700...certainly to you and likely to any enthusiast who could appreciate the mechanicals. But as a driver with 272K on the clock it wasn't worth a whoile lot more even with such tasteful mechanical upgrades. Maybe $11-12K ?

If I had to guess, the adjuster knows the salvage has value despite what she is saying to you. She probably knows it has even more value to you. It bet she knows you wanna keep it. But the game she is playing allows you to keep the salvage without having to value it and place that in the negotiations. Would it make you feel better if she valued your car at $14K and the salvage at $5K and negotiate from there? Which game ya wanna play, Supe?

Do insurance companies play games? Sure they do. But its usually by delaying payments to injured people with legitimate claims...Starve 'em out so they'll be destitute and have no choice but accept a lowball settlements so they can keep their kids fed. Not over a 25 year old car.

[RickM]

Is this thread over now?

[stomachmonkey]

Originally Posted by Dueller

...Would it make you feel better if she valued your car at $14K and the salvage at $5K and negotiate from there? ....

That's an interesting and logical way to look at it.

Supe,

I know where you are coming from.

I once spent $1,000 fighting a $500 credit card charge.

The person was trying to screw me and we both knew it. She was in CO and never thought I'd come after her from NY. She was wrong. I ended up winning and losing at the same time.

The moral victory cost me $500. Break even.

[Superman]

Yup, this thread should be over.

Stomachmonkey......how 'bout selling me your car? It appears to have the Smoky Quartz Metallic paint (#662?). Same as my carcass. LOVE that paint.

I'll give you top dollar for it. $11K!

[lendaddy]

Originally Posted by Superman

Yup, this thread should be over.

Stomachmonkey......how 'bout selling me your car? It appears to have the Smoky Quartz Metallic paint (#662?). Same as my carcass. LOVE that paint.

I'll give you top dollar for it. $11K!

Throw in the carcass and I expect you'll see him this weekend

[rrsrsr]

$10.6k + you keep the wreck (including the freshly built engine, transmission- lets just say nothing else is worth salvaging for arguements sake) seems very fair to me.

I'm sure you could probably have sold the car pre-accident for $11k to the right buyer, but then you would NOT HAVE YOUR PERFECT REBUILT ENGINE & TRANNY !!!?? You are way better off with what the insurance company is offering and have the opportunity to end up with better car. Yes it'll take some work, which sucks but there is no possible solution that would put your car back inyour garage in pre-accident shape instantly.

I think the general gist is that you are insulted because they are telling you that the salvage is worthless (& therefore happy to give it to you for nothing). I agree with others that you should deposit the check & move on. Do you just want them to tell you that the car is valued at $14.6k & that you can buy back the salvage for $4k????

[rrsrsr]

Originally Posted by lendaddy

Throw in the carcass and I expect you'll see him this weekend

LOL