Looking to buy back my car
I own a 2015 Chevy City Express that I’ve been using as my work van. Unfortunately, I was rear-ended, and while the back is badly damaged and the doors won’t open, the vehicle still drives well and has only 130k miles on it.
I’ve filed an insurance claim, and they’ve offered me either $8,800 or $6,800 if I choose to keep the car. Now, I’m wondering if it’s worth it to hold onto the vehicle, given the $2,000 difference. If I decide to keep it, will it be complicated to insure with a salvage title?
Here are some pictures for reference.
Deciding whether to buy back your Chevy City Express depends on a few factors. Here are some things to consider:
Value of the Vehicle: If the car drives fine and has only 130k miles, it may still have some value despite the damage. Check the market value of similar vehicles in your area, factoring in the damage, to see if keeping it is worth it.
Repair Costs: Consider how much it would cost to fix the rear damage. If repairs are relatively inexpensive compared to the buyback price, it might be worth keeping. However, if the cost of repairs is high and the vehicle may still have issues later on, it might be better to let it go.
Insurance with a Salvage Title: Insuring a vehicle with a salvage title can be more challenging, and may result in higher premiums or limited coverage options. Contact your insurance provider to see what they offer for salvaged vehicles and if any special requirements are in place.
Long-term Use: Think about how much longer you plan to keep the van for work. If you rely on it heavily and it’s still reliable otherwise, it might be worth the hassle of keeping it.
Financial Consideration: Factor in your budget and financial situation. If the difference in payout is only $2k, and you see potential value in keeping the vehicle, it might make sense to take the buyback option.
Ultimately, weigh the repair costs and your potential needs against the offers from the insurance company. If you think you can manage the salvage title and feel comfortable using the vehicle in its current state, it could be worthwhile to keep it.