As a lot of you know, my Nova was totaled about two months ago. We bought the car back for $225, and have recently been thinking about turning it into a challenge car. Can we use this for the starting point on our budget?
Thanks!
As a lot of you know, my Nova was totaled about two months ago. We bought the car back for $225, and have recently been thinking about turning it into a challenge car. Can we use this for the starting point on our budget?
Thanks!
Past responses have been no because it Isn't available to everyone at that price. If Iwere arguing for it to be acceptable I would point out insurance salvage auction websites and services where non industry people DO have access to similar sales. 8) 
Good luck.
Btw-I feel very foolish trying to rationalize a budget advantage for you guys in a year where I plan on competing. 
I would say that you need to just ask for a ruling from the GRM gods. They MIGHT give you a hard price to start at.
I'll make it easy on you and offer you double what you paid for it. You get $550 and don't have to worry about FMV!
Seriously just fix the thing and drive it. Those things are cake.
no, but the investment prior to totalling minus the cost to repair the damage does sound like a fair starting point. disregard the $225
I have the same issue... I hit a deer 2 weeks after the Challenge last year and Totalled my MX-3 Insurance gave me $4,000 for it, I bought it back for $483. Still working on prepping her to make it back to FL @ the$2013 Challenge. I was told to fix back to predamage state and start back at my Budget from $2012.
Junkyard_Dog wrote: I'll make it easy on you and offer you double what you paid for it. You get $550 and don't have to worry about FMV!
$551
My truck was broadsided by an old guy, insurance company gave me a check for $1800.
I bought it from them for $120.
Is it a $120 truck or a $1920 truck?
You know the answer .....
patgizz wrote: no, but the investment prior to totalling minus the cost to repair the damage does sound like a fair starting point. disregard the $225
The problem with that is we only paid $1000 for the car and the repair bill was well over that. So we'd be basically starting at 0. That doesn't sound fair to me.
singleslammer wrote: I would say that you need to just ask for a ruling from the GRM gods. They MIGHT give you a hard price to start at.
This most likely what I'm going to do.
Sounds like to me your starting point is 1000 once it's repaired. Either that or current scrap price for the car then the repair costs count towards your budget.
This comes up every so often and there are all kinds of opinions on it. Years ago I thought about doing the same thing with my 944 turbo I totalled and bought back for $350 and posts were pretty positive on it, but it depends on the day and peoples moods it seems.....or maybe people just didn't take things so serious back then.
914Driver wrote: My truck was broadsided by an old guy, insurance company gave me a check for $1800. I bought it from them for $120. Is it a $120 truck or a $1920 truck? You know the answer .....
So my 944t, which I couldn't sell wrecked for $1500, was a $8350 car because insurance paid 8k and I paid $350 buyback? It WAS an 8k car, but after being hit by an 18 wheeler and spun into a concrete barrier that value dropped dramatically.
In reply to moparman76_69:
This exactly......
Let me discuss it with the Challenge committee.
TheV8Kid wrote:patgizz wrote: no, but the investment prior to totalling minus the cost to repair the damage does sound like a fair starting point. disregard the $225The problem with that is we only paid $1000 for the car and the repair bill was well over that. So we'd be basically starting at 0. That doesn't sound fair to me.
then it sounds like a $1000 starting point once you get it to pre accident condition
patgizz wrote:TheV8Kid wrote:then it sounds like a $1000 starting point once you get it to pre accident conditionpatgizz wrote: no, but the investment prior to totalling minus the cost to repair the damage does sound like a fair starting point. disregard the $225The problem with that is we only paid $1000 for the car and the repair bill was well over that. So we'd be basically starting at 0. That doesn't sound fair to me.
Yup, this. Or maybe a little less if it will now have a branded title if it didn't before.
You have a valid receipt from a certifiable vendor...no different than if you were to luck out and find a widow selling a viper for 2000. So yeah, just cause (bad) luck is on your side why should we hold it against you?
Besides, I just want to see that car in the challenge cause its kool.
On a semi-related note, it looks like you could fix that thing in an afternoon.
Here's a stupid (not stupid...but seemingly obvious) question:
Does the OP REALLY stand a lot to gain after the $750 budget hit???
Woody wrote: On a semi-related note, it looks like you could fix that thing in an afternoon.
What?
Woody wrote: On a semi-related note, it looks like you could fix that thing in an afternoon.
You must own a frame straightening machine.
Junkyard_Dog wrote: I'll make it easy on you and offer you double what you paid for it. You get $550 and don't have to worry about FMV!
I love your math :). Let us keep a few parts and you are welcome to buy it.
novaderrik wrote:Junkyard_Dog wrote: I'll make it easy on you and offer you double what you paid for it. You get $550 and don't have to worry about FMV!$551
Novaderrick, You're the current high bidder. We want to keep a few pieces, but if you want it, let us know.
Junkyard Dog, you've been outbid.
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