LSWheeeee

I was advised from folks over on the "General Discussion" forum that I should ask for advice over here on this subforum:


It still makes my hair raise...I can't believe it. I was driving down a nice back road, and had a tire pop in a turn, which drifted me off the road. I considered it a minor to moderate off. I was able to steer right back onto the road.

There was pretty good body damage down the right side of the car, but no hard front collision (no air bag deployment). The radiator was fine, though the oil cooler and oil lines to/from it were damaged, and I shut down the engine as soon as I saw a problem with the oil pressure.

So I thought "no big deal" (this was my first time with anything like this happening), and called insurance, thinking it would be probably $3k-$4k in damages. After waiting and waiting, I finally hear back that they intend to declare a total loss on the car. I couldn't believe it.

Today I get a call to inform me that the buy back price is $8,500. I'm going by the dealership that has it tomorrow to get it up on a lift to look under it (I haven't been able to see the damage myself) to decide if I want to buy it back.

In my current situation (changing jobs, and just bought a house and am beginning the moving process), I really don't have time to fix it up myself, nor do I have time to part it out (a bunch of online ad's for left mirror, right mirror, left headlight, right headlight, etc.)....nor do I want to go that route with the car.

My question is...is there a market out there (I'm thinking track car where someone won't care about a "salvage title") where people want to buy totaled Corvettes to work on?

Honestly the biggest reason I ask is I have a ridiculous emotional attachment to this car. I have babied it since taking ownership, and the last thing I want is to see it get carted off to some dealer salvage auction, or worse. I would like to see my car go to someone who loves Corvettes and wants to put it back in to service as a track car or daily driver. I feel like it has a ton of potential...the only major damage is bodywork and the oil cooler...

If anyone has any comments on my situation and what you would do if you were in my shoes, I would really appreciate it.

Also-

The car is an '08 AO 2LT Coupe Z51 with 78k miles. Glass top and dual-mode exhaust. It has Halltech MF103 intake with shroud, and LG SuperPro Longtube headers (1-3/4", no cats)...though I was told I could remove those two items and replace them with the stock parts that I still have.

The wheels and tires are pretty wasted, so I doubt I could part those out. I am almost positive the engine is fine except for the oil cooler or hoses to the oil cooler. So I think the drivetrain and such is all fine (after I patch up the oil cooler). I will take a bunch of pictures tomorrow when I see the car and post them for peoples' comments.

And like I said, I do not want to part the car out (want to keep it whole for someone to repair), nor do I have the time at this point in my life.

Again, thank you all for the support and advice.

sperkins

There is most definitely a market for that, but of course it depends on the severity of the damage. Take some pics tomorrow and post the details of the damage. Sorry for the loss.

rbl

Why would anyone want to buy a project and end up spending $50K on a car worth less and ready to go even with a good title.

Kevova

If you keep car it should not have salavage title because insurance co. didn't buy it from you. You still own the car. The question is how much will you get for the car clear? How much will it cost to repair? Is estimate with oem,aftermarket, or LKQ(used)parts. Is what they're offering reasonable. Being you live in Virginia where you get the privledge of paying car tax twice a year compare city accessment to what they offer. How much would it cost to replace car? If there is a "corvette collision' specialist that can look at car and advise you. If there is a small difference >2k it maybe worth keeping and fixing.

dvandentop

email this place they might be intersted ask for jeff. tell him derek sent ya
http://www.repairablevehicles.com/

braknl8

I'm not sure that would be intelligent either. However, I have a few friends and know of a few others that have been tracking long enough that they've accumulated multiple cars...in body panels, drivetrain parts, cradles, suspension bits, wiring harnesses, pcm's, etc. For them, a useable frame at a reasonable price can be appealing.

rbl

$8500 for a broken vette with a 78K mile engine/drivetrain, shot wheels, damaged oile system and extensive body damage does not seem much of a bargain.

Maybe one of your friends should buy it and give OP a finders fee if they can make it work for them??

braknl8

Just saying that it might not be a $50k project for everyone. Me...probably, but not everyone. It may not be a good deal at all, but we've not seen pictures and the initial buy back may not end up being the buy back, if you work it.

who knows... may be.

Supercharged111

Holy Corvette Tax Batman! My buybacks have always been 10%. Must be one valuable ride you've got there.

flash911

I don't get it. You don't want to fix it and you don't want to part it out, right?

Pull the LGs and Halitech, sell those, take the insurance dough and call it a day.

I am sorry for your loss.

SouthernSon

Hey OP, do you sell cars for a living? tire pop, drifted off the road, light to moderate off......result TOTALED. I see you joined the forum last month.....

Hat_Trick_Hokie

Well I can confirm the OP is a real person, and definitely not a dealer. Good friend of mine from college, and we all ended up buying Vettes after graduating.

It was (is?) certainly a clean car, and would be nice to see it live on as a track car.

AzMotorhead

I'd buy it and turn it into a dedicated track car.
Salvage title I dont care. looking kinda rough, doesnt bother me.
As long as cradles and frame,driveline are ok

huskychopper

Don't forget that insurance companies are always negotiable... Tell them you'll take it for less...

larryfs

Walk away, and take the loss. Move on to something else.

LSWheeeee

Thanks again for all the comments. I went to the dealership and talked to the tech that looked over the car with the insurance adjuster. The tech was actually a Vette guy with tons of experience. He told me about a local shop with a 85 year old dude that has been restoring Vettes for almost that long. I gave him a ring and he went by the dealership and looked at the car. We agreed that he would pay buy back price + my deductible...so we were both happy. He seems like a pretty awesome guy, and I know he will put in the hours to bring the back to new...so it worked out well for everyone.

I tried to negotiate with Geico...and they wouldn't budge a penny (either on the totaled value or the buy back price)....I guess I can say at least I tried.

I agree that the buy back price seems super high. I would be tickled pink if I got a 10% buy back offer.

And no - I'm not a sleazebag...just merely sharing my story and curious what others' comments are. I had a good bunch of friends that are into cars look at the car, and they were equally shocked that insurance totalled the car.

Hopefully I will see you gents a couple years in the future on the C7Z forum :-)

For now - I will be placing ads for the stock exhaust/cat/02 sensors (left LG exhaust on car when I sold it), Halltech intake, second set of twin-spoke wheels/tires, and other goodies.

rbl

Good move and that is the right buyer. If you had to pay that guy for the fix you'd be in DEEP. He will make a few $$ with mostly his labor.