Considering buying back my car?
I have a 2015 Chevy City Express that I use as a work van. Unfortunately, I got rear-ended, and now the back is damaged and the doors won’t open, but it still drives well and only has 130,000 miles.
I’ve made an insurance claim, and they offered me either $8,800 or $6,800 if I keep the car. My questions are: is it worth it to keep the car with just a $2,000 difference, or should I let it go? If I do decide to keep it, will it be complicated to insure with a salvage title? I’ve included some pictures below.
Deciding whether to keep your 2015 Chevy City Express or accept the insurance payout can depend on a few factors:
Condition of the Vehicle: Since the van drives fine and has relatively low mileage (130k), it might still have some value. However, you need to consider the cost of repairs for the rear damage. If the cost to get it fixed is significantly less than the insurance payout, it might be worth keeping.
Resale Value: With a salvage title, the resale value of the van will drop considerably. If you plan to keep it long-term for work purposes and can manage the damage, it could still serve you well.
Insurance Complications: Insuring a vehicle with a salvage title can be more complicated and potentially more expensive. Many insurance companies may require a special inspection before providing coverage or might offer limited options for comprehensive coverage.
Future Repairs and Maintenance: Consider how much more you might have to invest in repairs down the line, especially with the rear damage that might affect the functionality of the doors.
Financial Impact: If you need the cash more than the van and can use the payout for purchasing a different vehicle or saving towards a new one, that might be a better route. But if you think you can make the City Express work for your needs, keeping it might be the way to go.
In conclusion, if the 2k difference feels worth the potential hassle and you see future value in keeping the vehicle, it might be worth holding onto. If the insurance process and potential future repairs seem overwhelming, taking the payout could be the simpler option.