2007 GT3 Engine For Sale
08-27-2015, 05:26 PM
#31
Drifting
IMO it's very questionabe that car is a total loss. I'm a retired 33-year Automobile Claims Manager for a major insurer (actually, the company that handled this loss...) and I was shocked when I read the Copart detail sheet. It indicates the repair estimate was $440,449 which has to be a misprint. Even 10% of that figure seems high unless there is considerable hidden damage or damage that isn't evident in the photos. The accident did deploy the driver's airbag and that is big $$$ on a Porsche.
Georgia law provides for mandatory diminished value and that may have been a factor in why this GT3 was totalled. I am curious as to who prepared the estimate (the shop or the insurer's appraiser) and what local body shop would have done the repairs. There are a (very) few high-end shops in the Atlanta area that could do a proper "invisible" repair on this car. There is no hard and fast rule regarding the percentage of repair cost vs. the ACV (actual cash value) to total a vehicle but generally, it would take around 25% repair cost/ACV to render a higher end car like this an obvious total loss. Note that the latest the salvage bid is $38,250 which is approaching 50% of ACV - which is why I question if this car really should have been totalled. Good for the owner, may be good for the insurer if the salvage bids continue to escalate.
IMO this would be a great car to repair but unfortunately it will carry a branded salvage title for life which will forever adversely affect it's resale value.
Georgia law provides for mandatory diminished value and that may have been a factor in why this GT3 was totalled. I am curious as to who prepared the estimate (the shop or the insurer's appraiser) and what local body shop would have done the repairs. There are a (very) few high-end shops in the Atlanta area that could do a proper "invisible" repair on this car. There is no hard and fast rule regarding the percentage of repair cost vs. the ACV (actual cash value) to total a vehicle but generally, it would take around 25% repair cost/ACV to render a higher end car like this an obvious total loss. Note that the latest the salvage bid is $38,250 which is approaching 50% of ACV - which is why I question if this car really should have been totalled. Good for the owner, may be good for the insurer if the salvage bids continue to escalate.
IMO this would be a great car to repair but unfortunately it will carry a branded salvage title for life which will forever adversely affect it's resale value.
GA Diminished value laws were a major factor, as was my right to usage of a comparable vehicle for a reasonable period of time. Which would be quite $$$ for 3-4 months.
I was quite pleased with the eventual resolution.
08-27-2015, 06:47 PM
#32
Rennlist Member
08-27-2015, 08:23 PM
#33
Rennlist Member
And....I apologize for any feather ruffling that may have occurred as a result of my post. The point that I was trying to make was that Guest89's car wasn't an obvious total loss, so it would be a good "builder" for someone with the skills or connections to do a proper job for a reasonable cost. So, Mea Culpa.
I've been on the other end of the process a few times as well, the last time involved my then-almost brand new E36 M3 that was rearended and knocked down a ravine by an intoxicated wrecker driver. The owner's insurer was beyond difficult to deal with (Flo's people aren't as nice as she seems to be) and while I am not a litigious person by any means I ended up having to get a lawyer involved. The carrier stonewalled him so he ended up filing a lawsuit to effect a reasonable settlement.
The plethora of idiot drivers around here have resulted in me almost never taking the GT3 out for even a weekend drive. I've reluctantly decided that I am going to put it on the market very soon. I guess I'm just too OCD with the car to take a chance having what happened to Guest89 happen to me.
Dealing with insurance companies can be a major PITA. One reason for that is that there are very few claim representatives or managers in the industry that are "car people" and understand the nuances of doing what is necessary to satisfy the owner of a specialty or high-end vehicle.
I've been on the other end of the process a few times as well, the last time involved my then-almost brand new E36 M3 that was rearended and knocked down a ravine by an intoxicated wrecker driver. The owner's insurer was beyond difficult to deal with (Flo's people aren't as nice as she seems to be) and while I am not a litigious person by any means I ended up having to get a lawyer involved. The carrier stonewalled him so he ended up filing a lawsuit to effect a reasonable settlement.
The plethora of idiot drivers around here have resulted in me almost never taking the GT3 out for even a weekend drive. I've reluctantly decided that I am going to put it on the market very soon. I guess I'm just too OCD with the car to take a chance having what happened to Guest89 happen to me.
Dealing with insurance companies can be a major PITA. One reason for that is that there are very few claim representatives or managers in the industry that are "car people" and understand the nuances of doing what is necessary to satisfy the owner of a specialty or high-end vehicle.
08-27-2015, 09:08 PM
#34
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Like Jack above, I too just hate to take my car into traffic. Just so many "fender benders" I see all the time, and while defensive, alert driving can avert many incidents, sometimes there is just no way to avoid a collision. For me, I have so many open roads to explore, just have to worry about deer and other fauna. Like the lady on her phone who ran her stop sign yesterday; I only avoided a near head on accident by considering then acting when I saw here fail to slow.
I far prefer the open road when I want to enjoy our GT3. I also once had to deal with a recalcitrant insurance company over a loaner car when some old gent backed into the front of my then new '90 AWD Turbo Eclipse. When it was hard to get a new hood, the other guy's company only gave me a car for five days, no more. Now when my second TR8 burned in my army quarter's garage 33 years ago, USAA came thru with several thousand more dollars when I showed them it was more valuable than their adjustor's valuation.
All the best....
I far prefer the open road when I want to enjoy our GT3. I also once had to deal with a recalcitrant insurance company over a loaner car when some old gent backed into the front of my then new '90 AWD Turbo Eclipse. When it was hard to get a new hood, the other guy's company only gave me a car for five days, no more. Now when my second TR8 burned in my army quarter's garage 33 years ago, USAA came thru with several thousand more dollars when I showed them it was more valuable than their adjustor's valuation.
All the best....
08-27-2015, 10:30 PM
#35
Drifting
Thread Starter
I agree with you. If I can get it, I certainly don't plan to DD it after rebuild. In fact, I would be lucky to drive it once every few weeks for a short cruise around town. I enjoy the build and working on vehicles much more than actually driving them. Too many things can go wrong. You would understand this more if you ever owned a 996.
)
08-29-2015, 04:43 PM
#37
Drifting
Thread Starter
Without knowing more about the damage I would be hesitant to put much more than $30K into the initial purchase and its too far away to inspect in person. They should have taken the $40K. COPART sucks most of the time.
08-29-2015, 05:49 PM
#38
Drifting
It was a 40 MPH or so front end impact.
09-05-2015, 05:18 PM
#40
Drifting
Thread Starter
They have relisted the car again. The bids made it to $42K. Its obvious these idiots are not serious about selling this car. Another reason I hate dealing with Copart.
http://http://www.copart.com/us/Lot/...chId=235596121
http://http://www.copart.com/us/Lot/...chId=235596121
04-04-2016, 09:04 PM
#41
Drifting
I've had recent phone conversations with two members who've been interested in my old car.
Apparently the virtuous and forthright vultures at LA Porsche Dismantlers are severely misrepresenting the car. Neither member who contacted me knew about the nature of the accident, that the driver airbag popped, or that the interior is essentially ruined.
Happy to help out any members who may be contemplating the purchase of the car, nevertheless.
Apparently the virtuous and forthright vultures at LA Porsche Dismantlers are severely misrepresenting the car. Neither member who contacted me knew about the nature of the accident, that the driver airbag popped, or that the interior is essentially ruined.
Happy to help out any members who may be contemplating the purchase of the car, nevertheless.