Salvaging a Write-Off

Zonda999

I was at a garage there today and i saw a 07 car that had been written off.As far as i could see, putting it back on the road(Doing the work yourself, that is and buying parts on ebay and the like) would cost no more than a few grand.A friend of mine who works at the garage told me that the insurance company would sell such a car for about 1000e.What i'm wondering, though is how someone might go about buying a written off car from an insurance company???Can anyone just buy one?????

The car in question would have cost about 28000e new last year.I'm seriously interested in this idea because it would mean i could get a 07 car fully repaired for about 4000e.Mechanically, it is perfect except for the radiator so most of the work would be cosmetic

rebel.ranter

There's no way an insurance company would write off a €28,000 car unless there was serious damage to it.

Zonda999

I would think the current OMSP of a car of the same age and mileage undamaged to be around 22k.My friend at the garage told me that the price of putting the car right(for the average customer, that is) is 18k.Another friend of mine was there at the time(We're both very much into cars) and we reckoned we could put it back in a road going state for no more than 3K.We would use already second hand parts and i would be able to get official parts form the dealer at cost price.TBH, i was astounded at that 18k!!It seems so much in a car, i would see as very repairable.Would that 18k, mean, though that it would be considered a write off by the insurance company???A repaired written off car of that age and mileage(Only 17000km afaik) would never be worth more than 18k surely??

L-M

No matter what, you will under estimate. I didn't a project like this lately and ended up nearly a 1000 euro over budget on a small project.

And if the garage can sell it for 1000 yo yo's (which is very unlikely) why wouldn't they use their trade discount for everything, repairs parts labour the whole lot and repair the car and sell it on them selves? Or even someone working there?

I really can't believe that someone could offer a car with a potential profit, so you say of 18,000 euro's.

With sounding too smart i think your story needs to be straighened out, it sounds a bit off the mark.

If your story is as sounds, then i apologize, and advice you to go to the bank tomorrow morning and draw and a 1000 euro.

Zonda999

Limerick-man wrote: »

No matter what, you will under estimate. I didn't a project like this lately and ended up nearly a 1000 euro over budget on a small project.

And if the garage can sell it for 1000 yo yo's (which is very unlikely) why wouldn't they use their trade discount for everything, repairs parts labour the whole lot and repair the car and sell it on them selves? Or even someone working there?

I really can't believe that someone could offer a car with a potential profit, so you say of 18,000 euro's.

With sounding too smart i think your story needs to be straighened out, it sounds a bit off the mark.

If your story is as sounds, then i apologize, and advice you to go to the bank tomorrow morning and draw and a 1000 euro.

Well obviously, the car, even when repaired wouldnt be worth anything near 20k.I could however see it making over 10k.

My friend at the dealer thinks this is what an insurance company would sell it to a scrap dealer for.He knows that a car in a similar state a few weeks ago made only 1000e.I'm not sure that the insurance company would let anyone buy a write off from themselves.I could, however get my friend at the garage to buy the car from the insurance company and then sell it on to me for the same price.

As for that few thousand euro estimate of putting it back together.That really is what i reckon it would cost.As far as i could see, the chassis is untouched and basically what needs repairing is: Front engine mount, Radiator, Full front end(Bonnet, grill, wings and bumper), Rear Bumper and repair of the back wings.I think i'll go over again tomorrow to have a closer look but i think the above list is it.I would be able to do all this work myself and i have friends in a bodyshop who would be able to take care osf the respraying and the panel-beating.

So....Am i crazy!!!:D

DJ Hafez

Is it a Golf GTI by any chance?

L-M

Zonda999 wrote: »

Well obviously, the car, even when repaired wouldnt be worth anything near 20k.I could however see it making over 10k.

My friend at the dealer thinks this is what an insurance company would sell it to a scrap dealer for.He knows that a car in a similar state a few weeks ago made only 1000e.I'm not sure that the insurance company would let anyone buy a write off from themselves.I could, however get my friend at the garage to buy the car from the insurance company and then sell it on to me for the same price.

As for that few thousand euro estimate of putting it back together.That really is what i reckon it would cost.As far as i could see, the chassis is untouched and basically what needs repairing is: Front engine mount, Radiator, Full front end(Bonnet, grill, wings and bumper), Rear Bumper and repair of the back wings.I think i'll go over again tomorrow to have a closer look but i think the above list is it.I would be able to do all this work myself and i have friends in a bodyshop who would be able to take care osf the respraying and the panel-beating.
So....Am i crazy!!!:D

I really hope you know what your doing, and ont about to waste money.

It cost me over a thousand euro from a reputable fella to get one rear quarter panel fitted and sprayed. The quarter panel was 220 euro with 60% discount. When u say repair of back wings, if it's damage that can be filled, fair enough. If you are going replacing panels the money will go up and up.

You have factored in the fact that all the parts you buy, will need to be sprayed and fitted, from the sounds of it alot needs to be done. And i don't care how much of a trade discount you get, or who your friends are, with a big job like that they aren't a charity case and will charge you a fair price.

Ugh i could go on trying to stop you from making a mistake but i won't.

To narrow things down for me, what kinda car is it?
What's the mileage/model/engine and the condition of the interior? Are the air bags out? Is there any other damage other than the front and rear? Are the doors scraped or damaged etc.?

Zonda999

No, its a Skoda Octavia 1.9TDI, in silver

L-M

Working from this down. This hasn't been crashed and will offer warranty. €16750 on a straight deal.
http://www.carzone.ie/used-cars/Skoda/Octavia/1.9-TDI/1073806/

It sounds like alot of work that won't be done over night. So it could be a few months before you get it on the road, your into a new year, and a completly different market?
What's your write off worth now?

Zonda999

Limerick-man wrote: »

I really hope you know what your doing, and ont about to waste money.

It cost me over a thousand euro from a reputable fella to get one rear quarter panel fitted and sprayed. The quarter panel was 220 euro with 60% discount. When u say repair of back wings, if it's damage that can be filled, fair enough. If you are going replacing panels the money will go up and up.

You have factored in the fact that all the parts you buy, will need to be sprayed and fitted, from the sounds of it alot needs to be done. And i don't care how much of a trade discount you get, or who your friends are, with a big job like that they aren't a charity case and will charge you a fair price.

Ugh i could go on trying to stop you from making a mistake but i won't.

To narrow things down for me, what kinda car is it?
What's the mileage/model/engine and the condition of the interior? Are the air bags out? Is there any other damage other than the front and rear? Are the doors scraped or damaged etc.?

The interior of the car is absolutely perfect, no airbags out, thankfully.I know what you mean, though.There are a lot of ways it could go over budget or just generally wrong:rolleyes:.I will have a good hard look at it and i'd make sure of exactly what parts i need before i will even consider going through with it.It may turn out to be totally pointless but i'd like to at least look into it.I'll try to get a good look at it over the next few days and i'll take pictures.Thanks for all the replys so far

Its a 2007 Skoda Octavia 1.9 TDI elegance in metallic silver.It has only done around 17000km.Afaik, it was registered around April last year

mickdw

The insurance would work it out as follows I assume:

omsp of equivalent car €23000
Value of this car repaired €17500 approx
Repair quote €18000 therefore not economical to fix so write off

cost of claim if they were to repair = €18000

however the insurers know that the garages have a realistic fix price of maybe €6000
so if fixed value is 17500 so trade price of say €15,000 therefore the damaged car is worth maybe €9000 to someone and so the insurers will offer it around for the best price.
If they happen to get €6000 for it and they paid out €23000 for a write off claim, then claim cost is reduced by €1,000

In your case, I figure they will be looking for at least €5,000 for it.

Zonda999

Limerick-man wrote: »

Working from this down. This hasn't been crashed and will offer warranty. €16750 on a straight deal.
http://www.carzone.ie/used-cars/Skoda/Octavia/1.9-TDI/1073806/

It sounds like alot of work that won't be done over night. So it could be a few months before you get it on the road, your into a new year, and a completly different market?
What's your write off worth now?

The car in question would have cost about 3000e more than that one day one.It is elegance spec so it has alloys, climatronic aircon and a few other luxuries.

It would be a few months alright before it would be ready to go.I would be doing the work myself so it only ever be when i have time and when i can source the parts the cheapest.

Zonda999

mickdw wrote: »

The insurance would work it out as follows I assume:

omsp of equivalent car €23000
Value of this car repaired €17500 approx
Repair quote €18000 therefore not economical to fix so write off

cost of claim if they were to repair = €18000

however the insurers know that the garages have a realistic fix price of maybe €6000
so if fixed value is 17500 so trade price of say €15,000 therefore the damaged car is worth maybe €9000 to someone and so the insurers will offer it around for the best price.
If they happen to get €6000 for it and they paid out €23000 for a write off claim, then claim cost is reduced by €1,000

In your case, I figure they will be looking for at least €5,000 for it.

That would be well over what i would be looking to pay so i'll have to look into it further.I hope the insurance companies dont do as detailed calculations as you!!:p.Would the asking price of the insurance company differ depending on who wants it by any chance??

L-M

Zonda999 wrote: »

The interior of the car is absolutely perfect, no airbags out, thankfully.I know what you mean, though.There are a lot of ways it could go over budget or just generally wrong:rolleyes:.I will have a good hard look at it and i'd make sure of exactly what parts i need before i will even consider going through with it.It may turn out to be totally pointless but i'd like to at least look into it.I'll try to get a good look at it over the next few days and i'll take pictures.Thanks for all the replys so far

Fair enough, i'll just add some things that you might need to check.
Mileage, make sure everything it ok

Availablity of parts, bumpers, lights, bulbs, wire's, screw lol the whole lot.
Ringing around scrappies will help with this, if they ask you what colour your looking for tell them it

Tires? All four ok, and on the same note wheels, any buckles? This could be costly to repair.

Windows, any craics?

Body work, imperfections. Any other panels thay may need to be repaired.

I don't know how much i can emphasis that you have to record everything. Bring a note pad with you. Does it need to be serviced? Costs of resale? Advertising? Autotrader? Carzone?
Man hours? Have you the time? Cost of phone calls, any labour you put in charge it. Cleaning equipment the whole lot.

With a job like this it's costs costs costs and more costs. If you want any advice i'm be more then obliged to offer some.

L-M

Just to add as well, i know it's high mileage, but this is the kinda price you could be looking at if it comes to 09 before you sell.
http://www.carzone.ie/used-cars/Skoda/Octavia/1.9-TDI/1113472/

Mr.Diagnostic

Zonda999 wrote: »

So....Am i crazy!!!:D

No, absolutely not

BTW I have a lovely bridge for sale, PM if you are interested



Seriously, your figures make no sense at all.

mickdw

Just saw its an 07 Octavia. This car is 600 to tax whereas an 08 reg is only 150 a year so they are generally worth alot less so you really would need to be getting it for next to nothing. I wouldnt touch it.

Those cars are just over 20,000 new now (base). yours will be 2 year old and crashed so will have a value of €12000 approx. Factor in the high tax an you can knock off 2500 so its worth 10000 or so. work your figures from there and factor in your own time

L-M

mickdw wrote: »

Just saw its an 07 Octavia. This car is 600 to tax whereas an 08 reg is only 150 a year so they are generally worth alot less so you really would need to be getting it for next to nothing. I wouldnt touch it.

I would say it's worth a huge amount less but it's a very valid point.

Zonda999

Limerick-man wrote: »

Fair enough, i'll just add some things that you might need to check.
Mileage, make sure everything it ok

Availablity of parts, bumpers, lights, bulbs, wire's, screw lol the whole lot.
Ringing around scrappies will help with this, if they ask you what colour your looking for tell them it

Tires? All four ok, and on the same note wheels, any buckles? This could be costly to repair.

Windows, any craics?

Body work, imperfections. Any other panels thay may need to be repaired.

I don't know how much i can emphasis that you have to record everything. Bring a note pad with you. Does it need to be serviced? Costs of resale? Advertising? Autotrader? Carzone?
Man hours? Have you the time? Cost of phone calls, any labour you put in charge it. Cleaning equipment the whole lot.

With a job like this it's costs costs costs and more costs. If you want any advice i'm be more then obliged to offer some.

I would be trying to get most of those parts second hand.Another friend of a friend is able to source parts from scrap yards all over the country so hopefully i wouldnt have to buy much new.Official VAG parts are expensive even when i can get them at cost price...There are indeed a lot of costs but i will try as much as possible to weigh all of these up before i do anything at all.I will try and have a very comprehensive look as soon as i can.

Mr.Diagnostic wrote: »

No, absolutely not

BTW I have a lovely bridge for sale, PM if you are interested



Seriously, your figures make no sense at all.

You may well be right:D:D.I'll have to have a more rounded estimate anyway....

Zonda999

mickdw wrote: »

Just saw its an 07 Octavia. This car is 600 to tax whereas an 08 reg is only 150 a year so they are generally worth alot less so you really would need to be getting it for next to nothing. I wouldnt touch it.

Yes.I have thought about that alrite but even in early 09, i think a low mileage 07 diesel that does 55mpg will be a fairly attractive buy.It is an elegance spec as well which helps a lot.Plenty of them were sold in 2007 anyway i suppose...

L-M

Zonda999 wrote: »

I would be trying to get most of those parts second hand.Another friend of a friend is able to source parts from scrap yards all over the country so hopefully i wouldnt have to buy much new.Official VAG parts are expensive even when i can get them at cost price...There are indeed a lot of costs but i will try as much as possible to weigh all of these up before i do anything at all.I will try and have a very comprehensive look as soon as i can.

Lol a friend of a friend isn't going to give alot of his time for nothing. He takes time and money to source and collect parts. I'm sure you'll factor him into the equation, and all of the other friend of friends as well.

Best of luck with it. I don't think there much point discussing further because atm the info you have is all you have. Find out more, get a few pics, then we can talk again.

Zonda999

Thanks for the replys.Theres certainly a lot to think about.I'll try to have pics and a lot more information by tomorrow...