That sounds like it could be a good deal, you'll essentially get to buy it ( if you want ) for wholesale value...
...as that is all the scrap/breakers yards will offer.
Fingers crossed for a great end result for you from this mess :thumbup:
jo
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That sounds like it could be a good deal, you'll essentially get to buy it ( if you want ) for wholesale value...
...as that is all the scrap/breakers yards will offer.
Fingers crossed for a great end result for you from this mess :thumbup:
jo
Wery Encouraging. Count your Fingers and Toes :smilewink.
I have a question. Will the insurance company allow you to remove any added accessories before they try to sell it? Surely they add little value as parts, but may have value to you in your next VX .;)
Not to suggest anything illegal or fraudulent but a "stalking horse" bidder for salvage might be in order.
On the other hand if the salvage bids are below what you could get from parting it out (plus the costs) it might be in your best interest to buy it back and part it out. You know better than any Internet bidder what you can sell and how much you can get. In the end you can probably sell what's left to a salvage yard after you have parted out the "goodies". That of course will take a lot of effort on your part.
In any event I hope your negotiation works out.
Speaking from experience, a VX that has been in a front end crash easily has 2k left in parts that can be sold. Plus I'm sure there is some stuff you would like to save for spares or transfer immediately to your new VX.
Way ahead of you here - check back on the first page, I've already stripped off all the mods that weren't destroyed and could be easily removed. I decided to leave the Tone hitch because of the tongue weight problems I was having, the WeatherTech front floor mats because they don't fit very well, and the SBC window brackets and popper kit because they'd be a pain in the *** to remove. But I get to submit my receipts for those items to the 3rd party appraisers for consideration on top of the vehicle itself, so that's good. I pulled all that stuff last week because once the adjuster snaps pics of the vehicle you can't pull anything else off. Otherwise you'd be ripping off the insurance company because they'd being paying you for mods that are no longer on the vehicle.Quote:
Originally Posted by rsteinmetz70112
Not sure what you mean here. I get first right of refusal on buying the vehicle so it's not like anyone can outbid me, I just have to match the highest bid.Quote:
Originally Posted by rsteinmetz70112
Yup, that's the idea. It really all depends on how high the salvage bid comes in and what kind of condition my next VX is in when I buy it. If the salvage bid is > $2K and my next VX is near mint, it's probably not worth it. But if the bid is $1500 and my next VX has worn seats or faded cladding, it could be a really good idea to hold onto it. We'll see.Quote:
Originally Posted by rsteinmetz70112
Well just totaled up my receipts for the mods that were either destroyed or I chose not to remove. If you include shipping and installation labor (a few things I had professionally installed) the total comes to $2,024.95. Without installation labor it's closer to $1,400 or so. I couldn't believe it was that high since I already removed the vast majority of my stuff. Oh well, hopefully this will drive the final payout up even more.Quote:
Originally Posted by vt_maverick
Don't forget that you will have to pay tax title and license on you new one as well.
!!! Don't tell the wife!Quote:
Originally Posted by vt_maverick
Just got off the phone with the adjuster. He's still waiting to hear back on salvage bids and for authorization from GEICO to include my mods in the final price, but he did give me an opening offer for the vehicle (still subject to negotiation and does not yet include mods).
$9,977.25
I want more than that of course, but that's very encouraging.
Sounds encouraging indeed. Does that include all the costs of purchasing a new vehicle?
mav...what was the mileage on your VX?
No that's just the assessment of the value of my VX itself, it doesn't include the costs of acquiring a replacement, the cost of all the mods that were destroyed, the cost of the car seat I had to replace, etc etc etc. That's just a starting point, now he and I get to talk through what those other items should add on top of the base figure. He's on vacation tomorrow so we won't talk more until Monday.
Junky - My mileage was right at 73K.
id a-thunk more $$$, given the low mileage....coincidentally right where mine is
Hey if we all group together and put our VXs up for sale at 15K maybe Mav can get what his is truly worth...:)
Lol... now that's using your head Earl!
IIRC Dealer/Clean Retail for an 00 with 73K was around $9700 in both NADA and KBB, so it's not that low. But I would argue that my VX was in very good condition for its age (especially the undercarriage which was largely devoid of rust) and had a few thousand $$$ worth of mods that should push it higher.Quote:
Originally Posted by VXjunky
I think thats a great starting figure given the bits you already "rescued" !
You gotta think there is a 10%- 15% negotiation window in there..
..so something around 11K may be possible.
Good luck with it ....:thumbup:
Jo
Hadn't heard from the adjuster since last Thursday (he was out of town Friday through Monday and I was traveling Monday and Tuesday) so decided to give him a follow-up call today. He said that NONE of the salvage companies he surveyed has made an offer yet; he says they almost to a one said "What's that again? I don't know, I'll have to do some research and call you back."
So there's opportunity and risk here. The opportunity is that I might be able to buy it back on the cheap if no yards want it. The risk is that if no one makes an offer, GEICO may decide to use their "salvage value matrix" (that's what he called it) which sounds like an NADA equivalent for salvaged vehicles. He said he's trying to avoid that route because it almost always lists values higher than what salvage yards are willing to pay. :( I'm thinking about having my mechanic (and the guy who towed my VX from the scene) make him a "ghost" offer. The insurance guy says it doesn't matter to him what the value is, he just needs an offer to work with. Hmmm...
He also hasn't heard back from "corporate" about whether the mods will be covered so he's going to give them another call this afternoon. He's supposed to call me back tonight to give me an update on both issues, so I'll pass that along.
Hope this is educational for you guys, I just figure keeping a running log of my conversations with the insurance company could help someone know what to do or ask in the future if they find themselves in the same position.
Good luck!
Do you know where an offer can be made...
.. I'll put a reasonable one in!
jo
Well guys the results are in. All of the salvage yards declined to bid, so the insurance company asked the auction house they use to do an internal assessment, which came back at $1400. That's a little higher than I had hoped but I won't argue that with them - I'll just ask for a few hundred more in the overall vehicle value than I had planned (this is almost the exact reverse of buying a car with a trade-in). What do you guys think? I need to give him an answer within the next few days.
The adjuster also confirmed that my accessories / mods ARE COVERED under my policy (read your policy folks, it may come in handy someday) but that he is still waiting to get word back on whether he is supposed to pay ACV (actual cash value - essentially the total from my receipts) or depreciated value. He said he was almost certain it was ACV, which would be a nice chunk of extra change. Very happy to hear that.
:)
So have you picked out your new VX yet?
also...is a firefox the only thing you'll settle for?
If you have the space to store her, dismantle her for parts...
...then I'd say YES.
Especially if you are going to buy another one.. of course you are!!
Glass, cladding & body panels that survived, interior/seats, rear door, wheels, third members etc etc...
...are worth it alone.
Never mind the fact that you'll have a spare engine, g/box and t/case.. :thumbup:
:_beer:
Jo
Close, still negotiating. Hoping to close the deal in a few weeks, still have to make a trip to see it in person.Quote:
Originally Posted by rsteinmetz70112
I keep telling myself no, but then I find myself not even clicking other ads in AutoTempest. :o I do want another Foxfire, preferrably a 2000 (because the AC compressor is cheaper and there were fewer of those) but I'd be proud to own a 2001 as well.Quote:
Originally Posted by VXjunky
I know it doesn't matter much to a lot of folks, but the color is just what makes it for me. :yesy:
I totally understand the color thing...:bgwb:...and an '01...hey I resemble that remark!Quote:
Originally Posted by vt_maverick
.
.
.
.
seriously, it's all good, and hope it all works out for ya!
im with you Kat...id accept nothing but a 1987 el camino....got a thing for last year production models
[QUOTE=vt_maverick;242011]Close, still negotiating. Hoping to close the deal in a few weeks, still have to make a trip to see it in person.
[QUOTE]
Hey if your coming to CO and need a ride just let me know... if I'm in town it would be my pleasure.
Yeah there is something with the 2001 FireFoxes - last of the line :)
Concur, even though I never really sold Ashley on my wheel color choice:
http://www.vehicross.info/gallery/da..._Thule_696.JPG
There is a lesson in all of this. Insurance is a necessary evil and everyone tries to get the best rates possible. This generally works out just fine when insuring a Toyota Camry or a Honda Civic or any vehicle that is available for a dime a dozen. Fair market value, replacement cost and so on are easily determined. Insuring something rare though, like a VX or something antique(ish) like a 87 El Camino is trickier. Sure there are NADA guidelines but realistically, once a vehicle becomes 'rare', one cannot just go out and get another one that easy. The fair market value is based on good averages across a state or the nation. Three or four available vehicles for sale do not translate into a good statistic for value. Ours are specialty vehicle which were rare from the start. Now 10 years after final production, given that a lot of them are probably totaled, the pool for assessing a fair value is more difficult than ever. One might discuss this with ones insurance carrier to see how one's policy addresses this. Carriers do have specialty policies available that value antiques or rare vehicles differently than your Honda Civic. It may cost a little more, but should the unthinkable happens, you wouldn't sit there explaining why they shouldn't look at your VX as a 10 year old import with 75000 miles. I mean if it was the LAST VX in existence and in good shape, even at 200000 miles it would be worth more simply because of the rarety. Just sayin...talk to your carrier and see if someone totaled your VX, how would they look at it and if you don't like what you hear, see if there are alternative insurance plans.
Talked with the adjuster again today... GEICO will pay ACV for my mods so that should be a little over $2K on top of the value of the car. He said the only thing we're waiting on now is for the assessment company to determine the final value of my VX. They already suggested $9,977.25, but the adjuster (without any prodding from me) asked them to take a second look based on the rarity of the color. He said he wasn't sure how much more they might add, but that he definitely agreed with me that there should be some additional compensation for that aspect.
I also committed to buying my VX back for parts - I figure I'll hold onto it until I get a new VX to see if there's anything I need, then go from there.
I know it's been a PITA but it seem to be working out for you.
I hope you get your replacement soon.
Thanks. As I think someone predicted earlier in this thread, getting all this squared away and finding a new VX really has become a second job.
Just read this, vt_maverick, will echo what the rest are saying, the main thing is that you and your beloved ones are ok..
I think our car is good withstanding the side impact as well... we here in Russia had a VX accident with right side collision when the driver lost control of his vehicle at full speed on a highway... thankfully, our car has a frame, and that might have saved his life.. see the first picture in the attached..Quote:
Originally Posted by vt_maverick
http://forum.4x4club.ru/index.php?showtopic=75267&st=0
Just got off the phone with the adjuster who is bringing the check by now. The numbers shake out like this:
Total Value w/ Mods: $14,674.08
Salvage Price: $1,400.00
I owe about $4500 on the VX so even after paying off the loan I'll be getting a healthy check. FWIW, I bought my VX in April of 2008 with 22K miles for $14K. About $1,600 of that insurance total value is mods, so figure that means my VX just "sold" in November of 2011 with 73K miles for about $13K. Might be the best evidence yet that our VX's are just around the corner from becoming valuable collectibles.
I'd like to take a second to say a big THANK YOU to Richard Payne of Detailed Driven Autos. GEICO originally offered a little less than $10K, but the adjuster told me that I might be able to appeal that value if I could get a dealer to write up a quote for what he would sell my VX for on his own lot. Though I didn't end up buying a VX from Richard, he still agreed to write up a detailed quote including tax, title, tag, shipping, etc. that I could use against GEICO. And as it turns out, GEICO decided to pay EXACTLY the value on Richard's quote.
So Richard, THANK YOU SO MUCH FOR YOUR HELP!!! :thumbup: :D :yesy: :clap:
AWESOME TO HEAR ASH! I'm getting tubed on my Lexus accident so rarely do we hear of even remotely "positive" outcome$ from accidents caused by others.....
Yeah I know I'm really blessed, although I have to believe that part of the insurance company's flexibility is probably based on the fact that I was the victim of a multi-offense drunk driver.
Ash
thats awesome news...Kat not so much
I don't think so:
http://www.vehicross.info/forums/sho...threadid=21682
:D :rotate: :cool!: :naughty: :_beer: :clap: :dan_ban: :dance: :jump: :LineWave: :thumbup:
whats left of the corpse (gross word)?