I bought a 2003 MCS in 9/02.

It was rear ended and the insurance company calls it totalled. (pushed into another vehicle - front bumper and hood damaged too.

They will give me $13000 to walk away.

Or $10,000 and I can buy the car for $3000.

I love the car - but right now I'm thinking the best thing to do is get rid of it.

It looks like I can buy a 2006 MCS with low miles for $16,000 or so. So I'm leaning that way.

I already have new front and rear bumpers (painted) and carriers, I'd need a hood and paint for it.

So for around $3000 I can have my car back in shape. $6000 into it.

It still needs brakes, tires and a battery ($1200 -$1500) $7500 into it.

Cracked Xenon headlight -works just looks bad. ($500) $8000 into it.

What would you do.

Thanks.

 

I would walk away, take the cash and go get another one. If you can afford the payments, that is a healthy down payment on a brand new one... if not that is cool too get the used one.

I have owned a car that has been totaled, and IT NEVER IS THE SAME.

Just my $.02

 

Buy the 2006. You'll get the benefit of three years of product development and three years less wear and tear on every moving part of the car. You'll never get a good price for a car whose history shows that it was once totalled.

Just my opinion -- you'll get many more, I'm sure.

 

I've never owned a totaled car, but in this situation I'd take the $13k and get a newer used one, an 05/06.

 

the other option would be to buy it, do the minumum, and sell it cheap, with the undertanding when you sell it what happened. there may be buyers that will take on a project like that if the price was right, and you could sleep welll knowing you were honest and your "baby' has a second chance at life

otherwise, you would have to weigh the damage it suffered vs the potential cash you "could" benefit from it by restoring it vs the potential for issues down the road..yough call for sure

wish you the best however you decide to go ...it just "forms a vacuum" when somebody elses actions cause you problems

 

Do not keep the totalled car, it will not be the same after the repairs.
Make sure the insurance company is paying you the amount it would cost to purchase a similar car in your area. When my 03 MCS was totalled, the innsurance company initially offered me way less than what an equivalent car was worth. Also make sure you get credit for all options and aftermarket parts on the car.

 

If you thought you could drive the wrecked one till it just won't go anymore some years down the road it might pan out for you but won't be worth much to others with a totaled title down the road unless it is just dirt cheap..

Keep in mind on your sample pricing that the 06 car your looking at could also need tires, battery, brakes, or other stuff shortly after getting it too..

 

I'd also get a new car. Salvage jobs are never the same and often more trouble than they're worth, with some exceptions of course.

Me, I'd be looking at totally different cars. There's so many options out there and I feel like driving a different version of the same thing will only make you miss your baby.

 

I'm with the other folks who are telling you to walk away from the totalled car. Assuming there's some frame damage, it'll never be worth what it used to be, and you may have persistent problems related to the accident for the rest of the life of the car.

Figure out if you can buy it back, fix it up, and resell it for a profit (with full disclosure about what happened, of course) and whether that would be worthwhile for you. If so, go for it and also buy a new car.

If fixing it up for a sale wouldn't be fun and profitable, then walk away. Getting totaled can work out with a financial benefit to you if you can take full value for the car from the insurance company and turn that into a newer car that will last you longer than the older one would have.

I was able to walk away from a 10 year old Volvo because a knucklehead rear-ended me. I got almost $4000 all told for the car (which it would NEVER have gone for in a private sale) and got into a brand new Jeep with $4000 to put down on it.

 

Sounds like you took good care of the car other wise though.

Why not buy it and part it out? That requires a lot less work than fixing things and I'm sure there are many r53 owners out there who would want a spare engine to build up on the side.

 

Get both! Part out the old one. I'm sure there are plenty of people interested in parts with 53k miles on them.

 

Take the money and buy a newer used mini...you can have replacement transportation in a week or so....no $$ rentals, no surprises finding the engine mounts failed, frame bent, part y bent, etc....ins companies usually do what is for them cheaper.....not fixing it unless the labour is free diy most likly makes sense....and the car will never be worth what it takes to fix....it will be a rebuilt wreck...so only a few grand.
You will like the improved gearing, etc on the latest gen1 cars...
Having a parts car around is not bad...but at $3000 the trouble is likely more than it is worth unless you like having a yard full of wrecked cars....(some folks like that...seen it, usually 6 foot satalite dishes and a doublewide will suddely pop up too i think.... ;o)
The motor and trany alone in a low milage car is worth more than $3000, but the time to part it out...have the carcass dragged away in a couple of years would make it a tuff sell for me....if i owned a shop on the otherhand.....

 

Sorry to hear about the accident, but I agree with the majority here. Take the money and get another Mini. I have had cars that were repaired with significant damage, they never drove the same. Parting it out is an interesting idea, but it would be a lot of time and work.

 

+

 

[QUOTE=N2MINI;3362297]... but won't be worth much to others with a totaled title down the road unless it is just dirt cheap...

That's the funny thing. The insurance company said that it would not get a salvage title. Something about being too old for that I think. 5 years or less I think she said.

 

Take a walk on the wild side!

 

Add my vote to the 2006, no question.

 

I'm partial to the '06. see if you can remove any of the mods from the wreck (if you have any) before you take the cash from the insurance co. You can sell the parts for a couple bucks.
I'm sure you could make more than $3k if you part it out as long as the engine and tranny aren't damaged, wheels, glass, seats, radio,guages, lights, steering wheel, controls, body panels, suspension, exhaust.......there's a ton of stuff in there you can sell.

 

I would tell them I want 11,500 and the car!!! The part it out. Any mods you have done you should remove regardless, they are not paying you for them! You have to negotiate more with Ins. then you do with a dealer!!
I am looking for a rear bumper for a 06' S!!

 

Ditto - my vote goes on getting the 06....

 

Take the 13k and get a newer used one, or put a down payment on a new one. If for nothing else, it would be for the resale value. Once you put all that money into it, you;ll never get it back out. You would then have a rebuilt/restored title (I believe) and the value would be lower than before the wreck, even though it was rebuilt as it is never the same. Take the money, that is what I would do.
Good luck with it, sorry to hear about this!

 

Good luck ever selling a salvaged car. Most banks wont even loan on them.

 

Definitely take the money and buy a better car

 

Changed my mind. Do both! Buy it back and fix it and get the 2006. Then you have two and you can sell the one you repaired!

 

Doing this you will likely spend as much, or possibly more, fixing it than you would get back in a sale