Repair Collision Damage or Junk it?
Well our pristine lemonzine got wrecked Thursday. Damage mostly underneath and the rear quarter panel. 1995 Crown Vic LX. 79,763 miles. Naturally the cost of repairs exceeds its value. Prior to the wreck the car was between 'good" and "excellent" condition judging by the questions on the Kelly Blue Book site. So let's say it would have been worth $2500. Conventional off-the-cuff wisdom says junk it and buy sumthin else. Maybe.
Here's my analysis based on approximate reasonable estimates:
Insurance company pays me 2500
I buy it back for salvage for 500
Have it repaired for 6000
Rebuild rear brakes for 500 They were scheduled for next month.
Re-smog, re-license re-register etc for 500
Total outlay $7500
We again have a good to excellent low mileage car. (For us - we can neglect the fact of the wreck)
It still looks like a modern car - good lines etc.
If cruising at 75 and you need 95 it's there right now.
Big V8 climbs our mountains like they were hills.
It's 15 years old - the yearly licence and fees are negligable.
It's got 2 electric seats - very important to us.
It will get driven maybe 2000 miles per year - half highway.
We are 77. Probly never get another car.
My wife's memory is going; learning another car would be tough. Real tough.
Gotta decide by Monday they tell me. Could we possibly buy an equivalent car for $7500?