Disaster Struck. I think my baby is gone. :(

This is my current salvage 355, why not ask Steve (Sev) to pop up some pictures of all the ones that have passed through his hands over the years.

Some of us walk the walk not just talk the talk.
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Thanks Eric. Did you ever inquire what the buy back would be?

 

Paul, understand, I am 100% sure that salvage cars can be bought and sold for profit, whether directly from an owner who bought it back, or through an auction. There is money to be made and lost here. The discussion, as far as I am concerned, is just about how salvage values is determines and it's relationship to buy back price. Nothing personal. But at the same time, I don't have to be a farmer to know how much an ear of corn is worth, or at east do my best to find out, if you get my drift.

 

This thread has certainly highlighted the differences between enthusiasts and owners.

 

This was an interesting topic, not considering Eric lost his car. We have 13 pages of discussions and different points of views. Lets let Eric live his life and not bother the man no more If I may make a comment and I will leave this discussion.
Insurance Co. are there to make money. This is their business. They charge us in Billions and pay out in Millions, so they have a hefty profit left over to buy commercial high-rises to lease out. Buy back prices are lower than what the auction brings. This is why they were so eager to take Eric's car away to a different State so to get it away from him, so he wouldn't think twice of buying it back and making money on it.

Peace out !

 

Exactly. Read my post early on. I said something smells real bad given they wanted to move the car before making a decision. I can promise you - if this ever happens to me, they will be pulling the car from my cold dead hands before I let them touch it before a decision is made!

 

A couple of quick calls and the info I was given was that typically salvage values (i.e. buy back price) will start at about 75% of ACV and be adjusted up or down from there based on the degree of damage.

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Hey Mike,

I would certainly consider myself an enthusiast. Not may people go out and buy a Ferrari new and then keep it for 31 years if they aren't an enthusiast. At the same time, a wrecked car is a wrecked car.

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And , buy the way, it's very hot here in CT (at least for me) and I've been running around playing tennis a couple of hours each day for the last few days, the neuroma in my foot hurts like.... In other words, I'm exhausted, tired and a little more argumentative than usual.

 

Yep, the intent of that move was obvious.

 

Well, back in my post 122 I wrote

The only thing I found unusual about that was that Eric was told they would move it rather than asking for permission.

 

How long does it take? The last 360 I did took 2 months to return my investment and was all profit from there with a pretty good % return. I invest it the stock market too and it is physically easier but the research I do is about as much work as tearing a car apart for me.
I like building and tearing apart cars in my spare time. It's relaxing to me. If I can make $5 an hour doing it that would be fine.

And please, please by all means if you have the unfortunate luck of totaling one of your cars contact me. When the insurance co gives you a buy back # they WILL give you time to think about it. Then you can tell me the # and see if I will add $5k to it. If its good for me I say yes, you keep the car and sell to me for an extra 5k. If its too much I say no thanks and you tell the insurance you want the full payout. You don't have to take the risk of keeping the car then have me not buy it. Easy peasy.

 

The buy back figure of 75% would for a car with a minor amount of damage. That would drop down to 1% for a burned out hulk. 15% is typical for an uneconomic insurance repair example such as Erics. In the UK we have a salvage grading scheme from A to D with A being a blob of metal through to D being a cracked fender. Erics would have been a B on the scale here. C and D cars are economic repairs but the insurance choose not to do so to save on storage and hire car fees

Erics would have been in a shop for at least 6 months even if the insurance had chose to repair it, the hire car and storage fees would have been significant during that time. Lots of the parts required to repair his car are on back order at ferrari, a friends 355 with lighter damage than Erics was not completed for 8 months due to parts supply holding everything up.

 

Well Eric if you change your mind and keep the car, just send it to me, the slightly reduced $$$ cheque you would receive from the insurance company would cover the conversion costs and you would then have the only F40 carbon kevlar body in that colour anywhere, and your good old 355 underneath

There is a good chance that is going to happen anyway ;-)

 

You cannot say fairer than that, direct from the horses mouth, no bull.

 

The accident has happened, Eric was not injured, most of us are just advising Eric on how to now get the best return on his investment post incident.

I for one have said the car could live again, you are talking to the surgeon not the undertaker here

 

Believe me, should I be so unfortunate I would be happy to sell either of my cars for $5k over the buyback. Just sign a contract upfront with a suitable deposit and agree to pay for shipping and paper work. But what if it's worth $10k over the buyback? Everything is open to negotiation.

 

The real question now for Eric is:

Will you get another 355? A different Ferrari? A different car? or nothing at all?

 

step over to the dark side in a poor man's F40

 

355 or bust?

 

Good for you

 

We are repairing a 90 Testarossa that has 4000 original miles that wrecked and destroyed most of the front end and side. It's about a $60k job but it's worth it. It's a Norwood Twin turbo Testarossa

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Considering that the car was still owned by Eric, I also find this an odd move. Once the insurance company owned the car, they would be free to do with it as they wish. Until then, it's Eric's car for him to do whatever. Moving Eric's car without permission, assuming they did not ask him, would be grand theft auto, in my view.

 

That's an excellent point Vince.

 

I like your attitude!...