Considering buying back my car?
I have a 2015 Chevy City Express that I use as my work van. Unfortunately, it got rear-ended, leaving the back damaged and the doors inoperable, but it still drives well and has only 130k miles on it.
I filed an insurance claim, and they offered me either $8,800 or $6,800 if I decide to keep the car. I’m wondering if it’s worth it to hold onto the car for just a $2,000 difference, or if I should just let it go. If I do keep it, will it be difficult to get insurance with a salvage title?
I’ve included some pictures below for reference.
It sounds like you’re in a tough spot with your Chevy City Express. Here are a few things to consider:
Value of the Van: Since the difference is only $2,000, you might want to think about the long-term usability of the van. If it still drives well and meets your work needs, keeping it could be a practical choice. You might also consider how much it would cost to repair the damage versus the $8.8k insurance payout.
Repairs and Maintenance: If you keep the van, do you think you can get the rear damage fixed affordably? Even if it’s not a requirement, having functional doors can be a significant convenience.
Insurance and Title: Insuring a salvage title vehicle can be more complicated. Not all insurance companies will insure it, and those that do may charge higher premiums or limit coverage options. Be sure to check with your current insurer about their policy on salvage titles.
Future Resale Value: Keep in mind that a salvage title can affect the vehicle’s resale value down the line. If you plan to keep it for a long time, this may not be a concern, but it’s worth considering if you plan to sell it in the near future.
Ultimately, weigh the potential repair costs and the need for a reliable vehicle against the insurance payout and complications with insuring a salvage title. It might be worth assessing if you have the budget and willingness to manage any fixes, along with understanding your insurance options. Good luck!