Is it worth repairing my totaled car?
I own a 2016 Ford Mustang V6, and unfortunately, I was in an accident on the highway yesterday. My car hydroplaned, causing me to veer into another lane, where I was struck on the rear passenger side by a Chevy Express van.
I received a citation for “failure to maintain lane.” While my Mustang is driveable, I had to have it towed home because the battery died—a problem I was already planning to address that afternoon with a new battery purchase.
I’ve contacted my insurance company, and they will be picking it up for assessment at a staging center. The agent mentioned that the photos I submitted suggest it may be a total loss, but we won’t have a definitive answer until the adjusters evaluate it.
I’m starting to accept that it may indeed be totaled. I checked Kelley Blue Book, and my car’s value is estimated between $8,000 and $10,500. The good news is that it’s been paid off for quite some time.
Based on the information you’ve provided, it sounds like you’re in a tough spot. Here are a few factors to consider when deciding whether to repair your totaled car:
Insurance Assessment: Wait for the insurance company’s complete assessment. If they determine that the cost to repair your Mustang exceeds its value (which seems likely since they mentioned a potential total loss), you’ll be compensated based on its market value, which is in the $8k-$10.5k range.
Repair Costs: If you receive a quote for repairs that is significantly lower than the car’s value, it could make financial sense to go ahead with the repairs. However, ensure you factor in any hidden damages that may arise after a thorough inspection.
Your Plans for the Car: Reflect on how much you rely on your Mustang. If you’ve enjoyed driving it and plan to keep it long-term, investing in repairs might make sense. If you’re ready for a change, it may be better to take the payout from the insurance and consider purchasing a different vehicle.
Future Resale Value: Keep in mind that a car that has been totaled and repaired might have a lower resale value down the line. If maintaining its value is important to you, this is something to consider.
Personal Finances: Finally, think about your financial situation. If you can afford to fix it without the stress of loans or debt, and you believe in the car’s long-term reliability, it might be worth repairing.
In short, wait until the insurance assessment is complete for a clearer picture. Then weigh the emotional and financial factors before making a decision. Good luck!