bk2w: (Miata)
[personal profile] bk2w
Finally heard back from insurance company regarding the Miata. Now I need to figure out what we're going to do.


We've some sentimental attachment to this car, so the waters are somewhat muddied. I've no desire to do the repair work myself, since I've got 3 other vehicles that want attention. My goal is to get back to having 2 reliable daily drivers.

The repair shop has estimated about $3300 to repair the car. It needs a hood, bumper cover, AC condenser, left headlight assembly, left turn signal, left radiator fan assemble, and upper tie bar (welded in beam across the front of the engine bay just above and in front of the radiator).

Insurance considers the car a total loss, so they won't pay to repair it, instead they'll pay me $3955 if they keep the car, and $3134 if I keep the car. There's "guaranteed bid" from a salvage yard to buy the car in the next 60 days for $700. The Hard Dog M2 Hard Core roll bar (installed in October of last year) is considered to add no value to the car. [livejournal.com profile] tshuma has already covered the $250 deductible.

I can see a couple of options:
A) Settle and walk away with the money. Go buy a late model car with the money as a down payment. This nets me non-trivial car payments for several years, and the least hassle.

B) Settle and retain the damaged vehicle for ~$800. Remove and sell the roll-bar ($535 new), then sell the car to a salvage yard for at least $700 (I'd inquire with the Rancho Cordova one in particular). Go buy a a late model car. Still get the car payments, have to deal with removing the bar and selling the bar and car, but likely to extract a bit more money than A.

C) Settle, retain vehicle, and have the body shop repair the car. I end up paying $200-300 past the settlement to get the car repaired, but I end up with our Miata still drivable, albeit with a Salvaged title.

D) Settle, retain vehicle, and sell it to someone interested in repairing it for driving or racing.


Arguments for keeping and repairing the car:
- the car figures prominently in a lot my time falling in love with [livejournal.com profile] tshuma and has a great deal of sentinental value because of it;
- it's an extremely fun little car to drive, very zippy and responsive;
- convertible driving in good weather is fabulous;
- no pressure to buy a replacement car;
- no additional monthly expenses in the form of a car payment (and I get to keep my savings balance instead of using those funds to decrease car debt);

Arguments against:
- the car has already suffered another hood impact under our ownership and suffered a rear-end collision significant enough to impact the trunk metal prior to our buying it;
- the transmission has a slow leak, and had been getting progressively shifting harder and at poorer RPMs than in the past (it likely needs to services, possibly to the extent of overhauling)
- it's not a comfortable car for long distance drives, thanks to the level of noise even with the top up, and limited cabin and trunk space;
- the cruise control system is flaky, giving up after 30 minutes or so of driving and needs repairing;
- it's 15 years old and that age is going to keep showing up in more and more systems.

I'm sure there's more on all sides of the argument that I haven't seen yet.

Need to decide in the next handful of days what I'm going to do.
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September 2009

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