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Old 04-27-2015, 12:12 PM   #22881
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Originally Posted by Andy M. View Post
If you don't fix it, you're driving around in a junky looking car for three years and when you go to trade it in or sell it, you'll get nothing for it as it's damaged.

If you fix it now, it will at least look good while you use it and the trade-in value will be higher. It may be "branded for life by Carfax" but the unfixed damage pretty clearly say "accident" without the need for a Carfax.
Thanks Andy,

I appreciate your input, I could use an accountant on this one.

The variable that I can't account for is the future value of the insurance money vs the future value of the repairs. My thought is that after 6 years I won't get much for the car, repaired or not. By banking the insurance money I will have approximately 20% of the current value of the vehicle that is free from future depreciation to use as part of the purchase price of the new vehicle.

These riddles always give me a headache, life was so much simpler when I was young and didn't have a choice.
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Old 04-27-2015, 12:16 PM   #22882
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Originally Posted by Aunt Bea View Post
...By banking the insurance money I will have approximately 20% of the current value of the vehicle that is free from future depreciation to use as part of the purchase price of the new vehicle...

With the crappy interest rates on savings accounts right now, your money won't grow much.

Also, you'll get a lot more from a private sale than from a trade-in, especially if the car looks good.
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Old 04-27-2015, 02:34 PM   #22883
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Quote:
Originally Posted by Andy M. View Post
With the crappy interest rates on savings accounts right now, your money won't grow much.

Also, you'll get a lot more from a private sale than from a trade-in, especially if the car looks good.
This sounds logical to me.
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Old 04-27-2015, 02:40 PM   #22884
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Andy's right that the insurance money won't grow much, but I think it depends on the extent of the damage. Unless the damage is extensive, fixing it might not make much difference when it's 6 years old. Either selling it outright or trading it in, they always want to give you less that it's worth.
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Old 04-27-2015, 02:48 PM   #22885
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Here it is 2:30 in the p.m. and I have zero energy today. I do have to let Rosie out of her corner so she can vacuum. I dropped a really small embroidery needle yesterday and I can't find it. I do know it is somewhere on the rug. I don't want Teddy to step on it. I have slippers with hard soles, so I know I won't step on it. (I never go barefoot.) I emptied her bin yesterday and cleaned her. So she is ready to go again. I just am not in the mood to hear her motor going. She is not real noisy, I am just cranky today.

I also need to order some medications today. Not my favorite thing to do.
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Old 04-27-2015, 03:01 PM   #22886
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If I was buying a six year old car with three year old damage, I would figure that the owner didn't care much about or for the car.

The damage might seem cosmetic, but will it rust? Will it let moisture into places it wouldn't otherwise? There could be other things that will deteriorate faster without the repairs.
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Old 04-27-2015, 03:48 PM   #22887
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Went to the doctor about the toe I broke in February. It's fine. It's healing, but slowly. The X-ray shows a fracture the length of the proximal phalange. Yes, it might be because of the osteoporosis medication. I've been taking it for 5-6 years, which is usually how long it should be taken for. I won't be taking it anymore. We'll do a bone scan in a year and see how the bones are doing.
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Old 04-27-2015, 04:26 PM   #22888
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Thanks folks!

I did some back of the envelope calculations and it would be cheaper not to fix it, but it really does not begin to pay in a big way until the vehicle is 10 years old. I will talk to the dealer tomorrow and most likely will have the car repaired.

Thanks again, B
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Old 04-27-2015, 04:26 PM   #22889
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I spent the morning with the insurance adjuster looking at my vehicle and preparing an estimate of the cost to repair the damage from Friday's accident. Now I have a dilemma, should I repair the three year old vehicle, or put the insurance money in the bank and continue to drive it with my dents and dings. The damage to the rear of the vehicle is purely cosmetic and fairly minor at first glance yet to fix it will cost approximately 20% of the value of the vehicle and once repaired the vehicle will be branded for life by Carfax. I'm thinking the best strategy is to bank the money and drive it until it is six years old then trade it in or sell it outright. I would appreciate your thoughts on how best to approach this. Thanks, B
If I am looking at a 6 year old car to buy I would be more interested in seeing the maintenance records rather than how it looked. Low mileage and a well maintained car would look okay to me.
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Old 04-27-2015, 04:31 PM   #22890
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If I am looking at a 6 year old car to buy I would be more interested in seeing the maintenance records rather than how it looked. Low mileage and a well maintained car would look okay to me.
That was my original thought. I only drive about six thousand miles a year and the vehicle is a small truck that I use to run around to the flea markets and garage sales. I thought maybe a young guy would want it as a "work" truck and not really be concerned with the cosmetic damage. Taxy's mention of rust does make me think it is best to get it fixed, our winters are really rough on cars. I will talk to the dealer tomorrow and see what they think.

Thanks, B
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