Is all that worth $22k though? I've always wondered if the part out option is worth it in a situation like this.

 

If you have the space, tools, and time to afford...yes.

 

They are giving him around $18.5k for the car. His salvage he can buy the car for is apparently around $4,800. Yeah, its totally worth that. Motor and trans with 41k are worth almost that alone...

 

EDIT: Please dont read this post I bumped my head and lost my senses.

Ok, so he sells the motor and trans. He is still $18,500 in the hole and is only left with a shell. How is this worth it? Not to mention the time it would take to completely part it out.

 

He would get a check for $18500 - Deductable - $4800. Assuming a $500 deductible that's a check for $13200 and he still owns the car. It would not take much work to get $4800 back on the sale of parts plus some.

When I wrecked my miata, insurance offered for me to buy it for $2000. I did and turned around and sold the whole thing to a miata specialist junker for $2800 so got $800 for holding onto the car for an extra week and a little negotiating.

 

Thanks for the update.
I knew it would be totaled and from the pics figured the entire frame would be twisted/bent. The damage rippled through the car and I'm sure just about every panel is off - drive-train off etc. Glad they totaled it.
Get yourself another low mile one while prices are respectable. I picked mine up last spring for 17.5k with 56k miles and a very clean car. I would not let it go for less than 20k now. The dealership here already offered me that to sell to them!
As you said above - these are now classics.

Good luck with the insurance - remember don't take their first offer!

 

Just want to point out that the $4800 salvage value was not actual - it's a budgetary number the adjuster used to evaluate whether the car was totaled or not. The actual salvage value will be determined by bids *after* USAA has the title and will obviously be driven by the condition of the car. Since this got crunched in the back at 41,000 miles, there's a ton of very good stuff there, as you all have pointed out - a good interior, HVAC, engine and transmission with all the ancillary bits, headlights, fenders, front suspension, glass, etc. The actual amount paid by a salvage co. for this *specific* car could (IMHO) easily be more than $4800.

I'd be tempted to make my own offer, except that I really don't have the time, have a short driveway, and no garage (to my dismay, the best I was able to do for my car before the crash was a premium car cover). Close-in houses in many of the major East coast metro areas are like that until you get into seven figures ...

 

Consider if you were going thru your normal life would you seriously want to buy a wrecked car to sell used car parts on forums and such? Its not something I would ever do. I've got too much going on in my life to take on something like that. If this every happens to me - and apparently I am at substantial risk given I am driving around in an 02 - I'll be taking the insurance money and moving on with life. Having said that - if you do decide to buy it and part it out - I sure could use some good ap2 headlights!

I'm really sorry this happened to you. It must be a huge bummer.

 

WTF did I write? Not sure how my brain got it into my head that you either get the 18.5 or have to pay 4800, not that you get and 18.5 and pay. Im going going to go sit in the corner and think about what Ive done.

 

Thats always been my thought. I understand what people are getting at when they say part it out, but not everyone has the space or desire to disassemble a car and then have to sell and ship a bunch of parts.