My 2004 CE convertible was wrecked at the end of June. It is on the threshold of being a total loss an dthe insurance company is leaving it up to me for the most part.

The payout would cover the balance owed and net me about $5k.

I am not so emotionally connected to the cra that I can't live without and the monthly payment is somewhat of a strain because my step-daughter is in college and that is a considerable expense.

My fear is that if I total it, I will not get another one. Somehow when you do things like eliminate a storage payment, or cut back on cable channels or take any measures to increase the household income, in a very short time it gets dilluted and you never "really" see the benefits of the reduction.

Optimistically, I could set a deadline of August of 2014 and buy another one. No ifs ands or buts. Allowing me to apply the 1 year of payments to some current debt. Then just as my step-daughter graduates, I would go get another Corvette and come out just fine.

Pessimistically, I could assume I'll never get one if I give up this one, get it repaired, and drive a car that has had damage enough to reduce its value, BUT, I already own in and when next August comes around, we would still benefit from the tuition no longer being paid. Once the car was paid for completely, I could sell it for some reduced value based on the accident, and apply all of the money to a newer/better model.

I would entertain a C4 as a possibility.
I would buy a C5 if the deal was sweet enough.
Not having a convertible would not be a deal breaker.
The strain I spoke of is not so significant that it impacts our lives, it just means that some toys I'd like to have take a little longer to get.

So there you have it. What would you do?

 

I voted PIE.


IMO, do whatever you can to address the current debt. More important. You can buy a C5 on the cheap later as they only continue to drop in price.

If it's not a highly-modified/personalized "baby" (mostly stock), then I say get rid of what would be a blemished/wrecked history car. If it were something I had 20-30k worth of mods in, then I'd likely keep it.

 

[QUOTE=MotoJB;1584595289]I voted PIE.


IMO, do whatever you can to address the current debt. More important. You can buy a C5 on the cheap later as they only continue to drop in price.

If it's not a highly-modified/personalized "baby" (mostly stock), then I say get rid of what would be a blemished/wrecked history car. If it were something I had 20-30k worth of mods in, then I'd likely keep it.[/QUOTE]

 

If it is so close to being totaled that the insurance company is leaving it up to you, I'd go ahead and take a good settlement. I don't think I would want to keep one that is damaged that much. Besides, paying down the college expenses would be a good move for your daughter.

 

Cheese and rice I jacked this up.

WWCFOT do?, yet I asked in C5 General instead of OT.

 

1- I want some Pie.
2- if you aren't attached to it, and you are only getting 5k back, assuming that is the money left over after the buy back price, then yes and no.
3-yes- you can do your own work and all of the parts will be less than 5k.
4-no- you can't do the work yourself and the 5k will not pay for the needed repairs to get you back on the road.
5-I happen to be in a similar situation, minus the kid in school for I paid for my schooling, and after parts I have spent over 5k, and the car is still not drivable.
6- post a picture of the damage to give you some sort of an estimate.
7- good to hear you are ok.
8- I still want some pie.

 

I need more options!

 

Hindsight is always 20/20. I should have taken the car home and stripped the bad stuff off myself, then buy replacement parts. Do the mechanical (there was VERY little), and get a shop to do the cosmetics. The total damage would have been about half of the estimate and once I got paid back from the insurance company, I'd still have money left for the paint.

 

Get out of the car and debt for the time being. You can decide what you want to do later and you'll be 5K ahead.