Just leaving open the possibility but I've finally settled with the insurance company from my wreck back in September. The buy back is $390. Could I use that as a start wiping out what I originally bought it for? And am I crazy for searching CL daily for sub $2200 cars "just in case" I find a cool Challenge car?
Since it's a deal that involves circumstances that aren't available to everyone when they purchase their cars, the buy back price isn't what you would be able to claim for the price of the car. In that case, you would claim fair market value for a wrecked car.
Isn't that what the insurance company charges anyway though? Fair market value for a wreck? I wouldn't think it would go for much more at auction.
Transparency is likely your best route.
In the interest of this transparency, I recommend you take some pictures of the vehicle. Show and detail the overall condition and let the board/competitors decide via replies if the price of $390 represents "fair market".
With scrap prices so low currently, I would guess that $390 is twice the current scrap price.
That price sounds like fair market scrap value (vehicle depending) if that counts. I am curious about the final opinion on this too.
I asked that question a long time ago when one of my cars was totaled, and I was told that would indeed qualify as a purchase price. You are buying the car after all. The insurance company isn't giving you a special price, just first crack at it. I don't see it differently than buying a car from a neighbor before he posts it to Craig's list. In my case, the car was way too far gone to fix, but I got a lot of good parts off it for the buyback price, and more parts to sell off.
I feel like this is a way to get a heavily modified car into the challenge. Your crazy, lets say V8 swapped flying Miata'd Miata buy-back will be the same as a stock Miata buy-back. Same thing with the suspension mods you've added. In the interest of fairness (if there is such a thing) maybe buy-backs should assume the car is in a stock state? All upgrades need to be factored back into the vehicle cost at the "market rate"? That still leaves you with a cheap car and a more balanced starting point.
After all, the Challenge is about craftsmanship. Doesn't entering in a formerly modified insurance buy-back takes away from that spirit?
mr2peak wrote: After all, the Challenge is about craftsmanship. Doesn't entering in a formerly modified insurance buy-back takes away from that spirit?
I see The Challenge as being a combination of "bought right" and "built right".
Some are more "bought right" and others more "built right" but even the exceptional "builds" need the parts to be "bought right".
Say the guy who finished 10th this year in a car "bought right" from an insurance auction.
Also the guy who took home the "Spirit of the Event Award" this year and "The People Choice Award" the year before with the near identical car and situation.
I don't have pics right now (at my son's school skate night) but it's totally stock other than CL wheels that I spray bombed. Damage is passenger fender, front bumper, and slight creases on the headlights and hood. Frame is bent in on that corner but that's what they made winches for. I've been daily driving it since the accident. I doubt I'll use it for the challenge because once fixed it'll be challenge cost above my other Miata. I was more interested in if the insurance salvage value was the accepted value or if GRMers decided. Seems like it could go either way but yea a ls swapped Miata would raise the bullE36 M3 flag I agree. I'll try to get pictures tomorrow but I'll tell you right now when they told me the buy back value I blurted out it's worth way more than that yea I'll take it.
https://grassrootsmotorsports.com/forum/grm/question-about-challenge-budget-on-totaled-car/70462/page1/
Good luck.
David S. Wallens wrote: In cases like this, we'd say that assigning a fair market value to the car in its current condition is fair for all involved. We just ask that you can back up that figure with some paperwork--ad for a similar car, etc.
Always someone who's done it before. Thanks I have my answer now.
i have one i bought back when scrap was high for $900, now it's worthless and i'm getting $300 offers for it and had it posted here for $200 with no luck, and it's worth about $100 in scrap at the current $50/ton.
at this point i might build it, as i'm sick of looking at it and it's not worth trailering in to scrap for $100.
OK got some pictures. Just remember in setting the value that it's a not even road legal. It has to go through the state rebuild process first. Sorry the frame damage was difficult to get a good pic.
Good luck. Amazing they totaled it for that little damage.
There have been several recent auction cars at the challenge. I think if you wanted yours could fall in a similar category. The downside of that method is you would need to add a broker fee to the budgeted purchase price. PimpM3 has purchased several and offered the board users his broker contact who I think charges $150 for the service.
If you are just going for an estimate of value here's a comparison point: I purchased the car that eventually became the Mumpkin (91 Miata) way back in '08 running and driving with a clear title, a bad top, and a bad U-joint for $400.
So if I were throwing out a value it would fall in range of the $400 comp to the Mumpkin all the way up to the buyback price of $390+$150 broker fee. $450-$540.
If I were building it I would be tempted to find a clean titled shell for cheap and swap all of your parts on to it. SVReX might have one and MetalMan gets rid of cheap/almost free ones occasionally.
Now this is interesting. I assumed that when I sent title to my insurance company that I'd just get a salvage title back in my name. Instead yesterday I received a salvage title in their name and a bill of sale showing that they've sold it to me for $390. This would be the same documents that you'd get at an auction I assume. Arguments?
Stampie wrote: OK got some pictures. Just remember in setting the value that it's a not even road legal. It has to go through the state rebuild process first. Sorry the frame damage was difficult to get a good pic.
Looks almost like the damage to my 90 with 100k on it. They wanted to total it too, but we fought it. The hardtop pushed it out of a total number. If I had known I could have bought it back for that kind of money, I might have gone that way, and just keep it to beat on.
Yeah thats how id get it if id bought it from copart.
so a couple things here, I agree with jrw,and pray my reserection ability's surpass Fair Market Value.Why else would I attempt this.I have Dug through Pig pens and Cow Pies to get Stuff cheep and or Broken where I can Fix it.If you don't like wading through the STUFF wear Boots. but If you want to Class parts and Ability at Fair Market Value I guess I will be the Example of what can be done with junk,but not allowed to run. And that Miata looks Totaled to me. Someone said Racing's FUN!,not really,Racing is a lot of hard work, Winning is FUN!! with what I have just read Maybe a class for better prepared cars?. The sucker vette or a v-8 VW, Dude put an Aluminum 12 in it, I'll Come Play.
GTXVette wrote: so a couple things here, I agree with jrw,and pray my reserection ability's surpass Fair Market Value.Why else would I attempt this.I have Dug through Pig pens and Cow Pies to get Stuff cheep and or Broken where I can Fix it.If you don't like wading through the STUFF wear Boots. but If you want to Class parts and Ability at Fair Market Value I guess I will be the Example of what can be done with junk,but not allowed to run. And that Miata looks Totaled to me. Someone said Racing's FUN!,not really,Racing is a lot of hard work, Winning is FUN!! with what I have just read Maybe a class for better prepared cars?. The sucker vette or a v-8 VW, Dude put an Aluminum 12 in it, I'll Come Play.
I'm not sure what you are trying to say? Nobody is saying they will FMV anyone out of competition by placing a FMV on someones labor. Stampie is trying to figure out the starting value of a wrecked Miata, that is all.
if racing isn't fun you're doing it wrong.
the simplest way to fmv something is throw it on ebay with a "if it sells for this i'm cool if it goes away" reserve and a .99 starting bid and see what someone is willing to bid, but that costs you money. it does show you what someone is willing to pay though.
OK Then, All is well and I'm good to Go. Sorry to jump the thread But I was Defending his purchase. For Myself, anyone would see the labor,No way around that but that Isn't the Value As I see it. Knowing what to do to the Car In General is Priceless and has taken me 50 years to learn, I'm 64 and raced A couple times. they were all a lot of work, Trust Me we were doing it right, had we been wrong we wouldn't have gone Home with the Money.
In reply to GTXVette:
You are building that nutty Vette right? I really look forward to seeing how it ends up. Looks like it will be awesome!
In reply to MrJoshua: Miles to go before we Sleep, Thanks
Stampie wrote: Now this is interesting. I assumed that when I sent title to my insurance company that I'd just get a salvage title back in my name. Instead yesterday I received a salvage title in their name and a bill of sale showing that they've sold it to me for $390. This would be the same documents that you'd get at an auction I assume. Arguments?
When will we see "Serena Williams' Miata" on CL? ;-)
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