How much do you think I will get for my wrecked 88GT from insurance?

[Cutter1024]

Got into a accident, and the other guys insurance co. said it was a "total loss". Just liability, and since it was not my fault, his insurance is paying. How much should I expect to get back for my 88GT with 94k original miles? It was in good shape minus a tiny bit of rear fender well rust the size of a half dollar.

I paid $3500 for it last year, and it does have a few mods. Mac headers, GT40 upper and lower, upgraded T5 with hurst shifter, king cobra clutch, FPR, flowmasters with X pipe, MSD ignition, 373s in the rear, weld wheels, some other small things.

I looked at the NADA value since KBB doesnt go back to 1988. NADA's range was from $4600 in low condition, and $9600 in top condition. $4800 being in the middle. What should I expect? Also would it be worth it to buy back the car from insurance and part the car out? I figure the weld wheels and tires are at least $500 for the full mint set. I hope I can get at least the $3500 back that i paid.

Thanks

 

[5.0Droptop]

HArd to say... Im with State Farm and they use NADA to determine fair market value.

 

[Cutter1024]

This guys insurance is infinity. I never heard of it, but they are decent to work with. I have/had progressive when this happened, and switching to state farm.

 

[5.0Droptop]

You can rest asured they are going to offer as little as possible. I would be on craigslist and ebay looking at comparable cars and printing them out. If they low ball you then you can show them all the ads. You can go on ebay and search the completed listings for same year etc etc and see exactly what they are selling for.

 

[5.0Droptop]

ebay link to completed auctions wont work
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clik this link and look for the see completed listings near the top

3-4 k for basically stock cars with 70-140000 miles on them looks to be average

http://motors.shop.ebay.com/Cars-Tr...m194&ssPageName=STRK:MEFSRCHX:SRCH&_rdc=1

 

[5.0Droptop]

Has paint issues and a little rust went for 4k

http://cgi.ebay.com/ebaymotors/1988...9609097?pt=US_Cars_Trucks&hash=item2c5b41f089


this one is a little rough went for 3500

http://cgi.ebay.com/ebaymotors/Quic...5383045?pt=US_Cars_Trucks&hash=item19c3932605

 

[Cutter1024]

I finally got it out of him. I called and he said they valued my car at $4655 and thats what i will be getting. they are just waiting because they need to talk to the other driver that hit me to get his side of the store. Then they can accept liability and write me the check for $4655. I paid $3500 so i guess everything will work out. I can buy the car back, get a salvage title and part the rest, or do a quick fix, or sell it as it is.

I think I could get $1500 for it the way it is with some of the mods. The upgraded T5, the rear with the 373's, headers, exhaust, and MSD ignition is worth that. Plus the car has 94k original miles.

 

[5.0Droptop]

If they dont know what mods are done to it I would yank them all off and put stock crap on it.

How much can u buy it back for?

 

[Cutter1024]

They said I can buy it back for salvage price. He said thats usually no more then a few hundred.

 

[stykthyn]

I would buy it back, strip it and put the parts on a roller.

 

[5.0Droptop]

yep I would too... then sell the rolling chasis for the salvage price you paid

 

[Mustang5L5]

Take the check, buy it back and then part the hell out of it.

Might walk away with $5500-6000k after everything is gone....that could get you a 99 Gt

 

[jrichker]

In March 2008, a hit and run driver sideswiped the front of my 89 GT and totaled it. He tore off the driver's side front bumper, fog light mounting bracket, bent the fender and radiator support and tie rod. The insurance company totaled the car and gave me a check for it. At that point, the car became their property. I intended to buy it back ($200 or so) and repair it myself or have some shop do the body & paint. The insurance company said they would not insure the car, and I could only use it off road or for parts. That translated into not being able to get a valid license plate or renewal sticker for the car.

I bought the car back with a scrap/salvage title. In Florida where I was living at the time, that means the car is basically for parts only. I removed all the parts I thought I would use and had the wrecker carry the shell off for free. No wheels, no transmission, no rear axle, no electronics inside the car. All that was left in the car were the seats, a worn out 5.0 engine, the hatch and doors. The wrecker had to use an empty 20 gallon propane cylinder under the stripped shell to roll it up onto the wrecker bed. Every small thing of value was removed and stored away. The Tremec 3550, King Cobra clutch, and aluminum driveshaft has already found a home in the replacement 89 LX 5.0 hatch that I bought later in 2008.

 

[Cutter1024]

A guy at my work said he would give me $1500 cash for the car as long as there is no frame damage. Here in PA, you can apply for the salvage title, and then fix it and get it inspected. If it passes, it gets a Reconstructed title. At least thats what I think... Then it has to pass the PA safety inspection.