Salvage Value for $2010?: Grassroots Motorsports forum: Grassroots Motorsports Magazine

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March 27, 2009 6:09 a.m. Varkwso Reader

After 5 years of wrenching from end to end on a 1978 Nova an Avalanche made an illegal left hand turn in front of it a week or so ago and it ended up totalled. I bought the car back from the insurance company for $325 - so is it "legal" to use this as the base value for the $2010 challenge? I was able to get the parts car for the new subframe, fender, rad support, hood, etc. for the price of pulling that "eyesore" from her yard - it is important to talk to the lady of the house. We are trying to make some lemonade from the lemons so to speak.

Now the daily driver replacement (with airbags!) turned out to be a brand new 2008 Shelby GT - it is amazing what deals are available on new cars - and it has eased his suffering a little bit (now that the stitches are out).
March 27, 2009 6:17 a.m. Winston New Reader

Sorry to hear about the Nova, but man what a nice upgrade! Glad you came out of the accident without serious injury.

Regarding the Challenge value, I would think that you can use the $325 re-purchase price. However, I'm not 100% sure here because the rules do state that the vehicle has to be available to the general public for the price you purchased for. If you didn't buy it, it would go to a salvage auction (which I don't believe is a public sale either -- don't you need some sort of license to bid?). I think that this one needs input from the GRM overlords.
March 27, 2009 6:19 a.m. Per Schroeder Technical Editor/Advertising Director

We've been ok with salvage value in the past, but please document. We'll want to make sure it's legit.

thanks, I hope to see you there!
March 27, 2009 7:58 a.m. Varkwso Reader

Per Schroeder wrote:

We've been ok with salvage value in the past, but please document. We'll want to make sure it's legit.

thanks, I hope to see you there!

Thanks - his insurance company was AIG so I am sure the paperwork will all be in order...
March 27, 2009 8:55 a.m. Wally SuperDork

There was just an article in Financal Times about how a guy in a Nova was the straw that broke them.
March 27, 2009 9:21 a.m. AngryCorvair Dork

Varkwso wrote:

Per Schroeder wrote:

We've been ok with salvage value in the past, but please document. We'll want to make sure it's legit.

thanks, I hope to see you there!

Thanks - his insurance company was AIG so I am sure the paperwork will all be in order...

maybe we'll see this in the magazine next month....
March 27, 2009 10:30 a.m. Varkwso Reader

Wally wrote:

There was just an article in Financal Times about how a guy in a Nova was the straw that broke them.

Yep, it was the stack of receipts, and a copy of the Quicken file, that brought them to the brink of failure - and negotiating table.