Considering a buyback for my car?
I own a 2015 Chevy City Express that I use as my work van. Unfortunately, I got rear-ended, and now the back is damaged and the doors won’t open, but it still runs well with only 130,000 miles on it.
I filed an insurance claim, and they’ve offered me either $8,800 to let the car go or $6,800 if I decide to keep it. I’m wondering if it’s worth keeping the vehicle, given the only $2,000 difference. If I do keep it, would insuring it be more complicated since it would have a salvage title? I’ve included some pictures below for reference.
Deciding whether to buy back your car or let it go can be a tough choice, especially with the small difference in the offer. Here are a few points to consider:
Condition and Repair Costs: Since the doors don’t open and the rear is wrecked, you’ll need to estimate how much it would cost to repair it. If the repair costs are low and you can get it back to working condition, it might be worth it to keep.
Future Repairs: Given its age and mileage (130k), think about the potential for other repairs in the near future. A vehicle with a salvage title can be more prone to issues.
Insurance Considerations: Insuring a car with a salvage title can be complicated. Some insurers may not cover it, and others might charge higher premiums. It’s a good idea to check with your insurance provider about their policies regarding salvage titles.
Resale Value: If you decide to keep the car, be aware that it will have diminished resale value due to the salvage title. If you’re planning to sell it down the road, this could be a factor.
Usage Needs: If the vehicle still meets your needs for work and you’re comfortable with the potential risks and costs, it may make sense to keep it. Otherwise, considering the hassle and the safety aspect, letting it go could be the better choice.
Ultimately, weigh the costs of repairs against the offer you received and think about your long-term plans for the van. If you decide to keep it, just ensure you have a plan for insurance and any repairs needed. Good luck!