worth repairing?

FYI: The price sounds reasonable if they do a proper job. I just had my 355 fixed and the overall damage was less than yours (just the front left corner and some dents on the left side) and it cost $27k to fix. The front left frame was replaced, with bumper, light pod, fender, and many other smaller parts.

 

Contact at least 3 of the places that part out 308s & see what they'll pay for it. My guess is in the $8K-$10K.

SWAG: 35k + 9k is in the ballpark for a clean similar vintage & mileage QV.

In the case of a 'total' w/retained ownership, the insurance companies usually check with a couple of salvage companies to see what they'll pay, then deduct that from the car's market value to come up with what they'll pay. Sometimes you get lucky & they get low-ball numbers from the salvage company...

 

A clean QV GTS with 24k is worth closer to $40k. $40-9=$31k. Their offer is too low.

But then, I'd think he'd get more than $9k for his QV. The engine and tranny together are worth at least $10k.

 

I agree it is too low and they know it. It is just a first offer. You did nothing wrong here, their customer did. You shouldn't be punished financially. In other words you should walk away from all this either with your car fixed properly or enough money to buy one just like it without spending any of your own money.

(Or someone here please explain to me, in detail, why he deserves to spend a dime out of his pocket to replace what he had with the same thing.)

 

I agree this is a first offer, likely to go up if you push hard enough. Find out what the "buy back" is for the car. Its real parts value is likely pretty good but requires considerable effort to part out and market. The engine/transmission are worth the most in a running/driving car otherwise how does anyone know what they are buying?

I'd like to see the car fixed (hell, I'd like to do it if I were you) but the reality is that it might not make economic sense. I see quite a few expensive and hard to get broken and bent things in the pictures. Frame repairs will be a challenge (I have a well equipped shop with all the "Monster Garage" fabrication equipment, do you?). Body work will require some "panel beater" skills and possibly some rare NOS sheetmetal. It's not your dad's 4 door Chevy. If you have to hire out the work, you'll be "upside down" before you're done.

 

Umm,
While I've seen clean low mileage QV GTS's with ASKING prices up around $40K, I know of several owners who either bought or sold theirs for more like $35K, even tho the original asking price was closer to $40K. However, some of the $$ differences may be regional.

What he would get for the E & T, & what the buyer (assuming it's a breaker) would then sell them for are slightly different $$$.
;^)

However, it wouldn't hurt to come up with a handfull of similar cars with asking prices up around $40K. BUT, also check with NADA to see what their dealer sales data says they've been selling car. The ins. companies around here all seem to take NADA retail prices pretty much as gospel.

 

They pay you $25K and you keep your car? Is that what your saying? If so, and they dont salvage the title on you thats a pretty darn good deal IMO. Just make sure the title stays clean, you get that in writing. Salvage cars are not only devalued, they are hard to sell. $25k would do a lot of body work and paint, and if the shop dont know you have deep pockets, you could probably have enough left over for engine service and a blower upgrade There was just a GTO body kit on eBay for like $4K. Or that blue 328 hulk, its got a buy it now of $8900 something. If your into that look.

 

ok guys... I have reached an agreement with my insurance company. Part of the deal is that I now have a salvage title but I get to keep the car. I'm not really interested in repairing it though. The windsheild is intact and the door gaps are fine with under 25k miles on the engine. I would like to get 12K just to sew all this up. Anyone interested?

Matt

 

Salvage titles are a hassle in Alabama. You've got to have a rebuilder's license and get the car inspected in Montgomery (schedule an appointment in advance) in order to be issued a license plate.

 

I probably would have fought harder for a clean title, or a larger outright payoff. You didnt wreck your car, some doorknob did. Now your out? Its an 85 QV, easily a $40K plus car, unless it was trashed. Did you get a loaner? You get loss of use pay? Emotional suffering? It could be like losing a child ya know. I mean, if a court can award some Bozo down in the south 7 mil for a scratched hood on a BMW, whats mashing you Ferrari worth?

Currently NADA lists an 85 GTS at $58,500 for high value, and $40K for average. Was you car average, or above?

 

i am assuming that someone will try to buy it to part it out.

matt

 

Call TRutlands......

Maybe Paul is right though, 25K for repairs is what you wanted...

I think you can 'wash' the title in georgia...talk to carreaper.....

 

You gotta TELL these stupid fnck car adjusters what a Ferrari is worth...they damn sure dunno...............


They want out of the trap and YOU have the release button......

Don't cash that check,man

 

Tell the insurance company to deal with it. Why should you have to hassle with selling or Lord only knows cutting your car up to part her out?

Your time is money. It's worth something. You shouldn't be doing their work for free.

If you don't want the car, then you should be getting one fat check. My opinion.

 

Salvage titles are a hassle in, uh, the known universe, I think.

 

i would not accept a salvage title laying down. they require State inspections and can make the registration and insurance process turn into more hoops than usual. yes you can "wash" a salvage history from an older car here, but i would still feel obligated to fully disclose what the car has been through.

the only reasons for keeping and repairing a car in this situation is

1) the car is cheap enough to work on for fun, and the possibility exists that the new owner will have a car they know well and can drive for a cheaper price than buying one up front in superb condition.

2) the car has sentimental value and the money involved in its repair is less important.

i bought a 308GT from a fellow Fchat member for $9500 and the car was drivable ( had hole in radiator though), had minor frame damage, and NO SALVAGE title.

the 308 i bought needed work limited to the lower frame section and the front valance. no sheet metal work was needed, nor any painting other than a new valance.


i would be careful buying any 308 that needed major sheet metal sections replaced, unless the frame can be repaired, and the owner knows upfront that the only cheap choice for parts will be GT0 fiberglass parts.

otherwise it will be very expensive to fix one like this at home, for fun.

$12k should be a good ballpark to the right kind of buyer.

 

Bump to top...here it is.......

 

Thanks BigTex....very interesting....must consult girlfriend, maybe she would like a wrecked Ferrari for V-day?

 

mwhite-

Just found this thread and I may be interested in your 308. I have a bare chassis that I bought a year ago and it would make more sense to buy a wrecked car rather than trying to piece mine back together. It would be nice to see your car back on the road again, it looks like you took great care of it. Do you have more pics? Here's a thread with a few pictures of my project:

http://www.ferrarichat.com/forum/showthread.php?t=138527

Thanks,
Craig

 

Soory abouth the car but glad your OK most good auto shops could fix the ca and devil you know sometimes is better. But often times the agony of making the repair right isn't worth the pain. Unless this car has some special attachment to you Part it out and find your next great love.

 

If you look at NADA......

85 GTS TOTAL PRICE -low retail $36,350 -average retail $39,375 -high retail $58,500


Low Retail Value
This vehicle would be in mechanically functional condition, needing only minor reconditioning. The exterior paint, trim, and interior would show normal wear, needing only minor reconditioning. May also be a deteriorated restoration or a very poor amateur restoration. Most usable "as-is".

Some of the vehicles in this publication could be considered "Daily Drivers" and are not valued as a classic vehicle. When determining a value for a daily driver, it is recommended that the subscriber use the low retail value.

Note: This value does not represent a "parts car".

Average Retail Value
This vehicle would be in good condition overall. It could be an older restoration or a well-maintained original vehicle. Completely operable. The exterior paint, trim, and mechanics are presentable and serviceable inside and out. A "20-footer".

High Retail Value
This vehicle would be in excellent condition overall. It could be a completely restored or an extremely well maintained original vehicle showing very minimal wear. The exterior paint, trim, and mechanics are not in need of reconditioning. The interior would be in excellent condition. Note: This value does not represent a "100 Point" or "# 1" vehicle *.
* "100 Point" or "# 1" vehicle is not driven. It would generally be in a museum or transported in an enclosed trailer to concourse judging and car shows. This type of car would be stored in a climate-regulated facility.

 

Matt...I want to make you an offer, tried PM and email with no luck. Please give me a call anytime (I'm in CA) at (510)455-1161.

Thanks,
Craig

 

Yea, this is the one....look how far THIS would get you down the road......

There's history of retro fit to carb spec of later injected motors as well.......

Good Luck......

 

Try looking him up in the Birmingham phone book...


Uh Valentine's Day is a REAL bad idea! LOL!

Lady Valeria got a planted flower bed of red/pink/white cyclamids, and Dr. John concert tickets....

"must have been the right place, but it musta been the wrong time......"

 

Reuse your VIN, to lose the Salvage Title and you'll have one of those rare 1977s that passes CA smog!

ROTFLMAO!

Then build the actual 1977 hot rod motor at leisure.......