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Personal Finance (Not Investing) • car salvage question

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So my DH got into a car accident at work building. He was leaving and the garage door came down on top of the car. So the roof was damaged. We went to our insurance and tried to find contact information for the building managers. So we went to our insurance and they said to go to their repair shop which we did. They made a quote of about $12.5k to repair the damage. The problem is they are talking about salvaging the car since the repairs appear to be more expensive than the car. But it's very driveable only damage to the roof was the side was split becaues it was a commercial garage door.

So the problem is I gave our insurance and I contacted the building manager. They said they are reviewing video and talking to their insurance, this was last week. So our insurance said it's better to go through them and let them deal with the building. Or do we wait and talk directly to the building?

Next thought is do we keep the car if it's salvaged? Fix it? Our insurance company said they do insure salavaged cars so it's possible to keep. We want to keep the car, it's a "used" car that we know. It's a 2016 subaru legacy with only 77k miles. We were planning on keeping it for my 14 year old kid to have to drive in 2 years.

So the plan was not to buy a new or used/new car for another 2 years then with 3 drivers possibly get a new car. What should we do?
The resale value of the car will be much lower with a salvage title. Unless you planned on driving it until the wheels fall off, it might be better to let it go.

It's already a 9 year-old-car. In two years, it will be 11. While the mileage is low, all the rubber, plastic, and electronics have all aged. If you haven't already replaced the tires, you will have to so soon as tires become unsafe around the 7 year mark due to oxidation damage.

If you can buy it cheap enough from the insurance company and get it fixed with a few thousand left over, it might be worth keeping as the first car your child totals. (I totalled my first!)

Statistics: Posted by exodusNH — Wed Feb 14, 2024 1:34 pm — Replies 6 — Views 197



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