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#1
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How much is my SVX worth?
Okay, short version of the story:
My '94 Barcelona Red LSi is in the shop for a sand damage claim. Shop's repair estimate, $3400, is over 75% of the value that my insurance company says the car is worth... also "about" $3400. So, I'm wondering if my SVX is really that low in value, considering all the work that I just finished doing. Does anyone have some comps on a vehicle similar to this? - 1994 Subaru SVX LSi - 190,000 miles (ouch!) - motor runs like new (doesn't burn or leak any oil, recently checked out by an SVX expert mechanic) - tranny rebuilt by said mechanic, works great - new brakes all around (w/ StopTech slotted front rotors!) - new RF axle (the CV was torn when I bought it in Sept, and a new axle was cheaper than the labor to replace just the CV) - interior is immaculate, only the driver's seat has a tiny bit of wear... the rest is showroom - brand new paint, windshield, headlights, side markers, and grill (at least that's what the sand damage claim will repair) So, what's a car like that go for? Edmunds puts the TMV at $4500 for dealer retail, and $2500 for private party. So perhaps that blue book value from the insurance company isn't so far off... but blue book doesn't take into account the car's rarity. I certainly wouldn't sell it for only $2500 because I know how hard it would be to replace her w/ an equivalent car for that much. So if anyone can point me to some recent SVX sales (I looked in the For Sale forum and didn't find what I was looking for) you might be able to help me get my paint damage repaired! Thanks in advance.
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3 turbos, 28 cylinders, 96 valves, 18 cams, 1400hp/1600ftlbs: '09 Outback XT / '06 Outback Sedan / '02 WRX / '94 SVX / '01 F-250 SuperDuty |
#2
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Agree
I agree with the insurance company. That is about the maximum you could expect to get from an individual sale. The high mileage hurts it and unfortunately the things you have done to it do not really increase the value---just improve chances of sale.
The rarity of the car is not a selling point unfortunately, either. People who do not know what it is would be scared by the mileage. Those that know what it is know the value and what they are selling for. Lee
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SVXx2 92 SVX LS-L Silver 92 SVX LS-L Burgundy (structurally challenged with 2792 miles) 96 SVX LSi Red 92 SVX LS Pearl (Parts) 01 F150 4X4 Red (+6 with other members of the family) FREEDOM IS NOT FREE |
#3
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Re: Agree
Quote:
I understand what you're saying about the mileage scaring off uninformed buyers, but I'm sure on a site full of informed buyers, such as this one, I would expect to get closer to $5000 for the car. Which is basically what I'm looking for... examples of nice SVX's selling for higher prices.
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3 turbos, 28 cylinders, 96 valves, 18 cams, 1400hp/1600ftlbs: '09 Outback XT / '06 Outback Sedan / '02 WRX / '94 SVX / '01 F-250 SuperDuty |
#4
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Re: Re: Agree
Quote:
As for the rarity, it unfortunately doesn't increase the price. That's only half of the supply and demand equation. Since there's little demand, values are low. We'd all love for our SVXs to be worth a lot because they're rare. But the fact is that they're not. As for expecting people on this site to pay more than the 'average person' for a car we know a lot about, are you serious? You might be able to convince somebody who isn't familiar with the car that it's worth more, but we know what they're really selling for. Anyway, it sounds to me like you got in an accident with your car. I'm sorry to hear that. Hopefully everybody involved is okay. The insurance company will likely total your car now. That sucks, and I feel badly for you. I would be sad in the same situation. But I would also expect to get nowhere near what the car is worth to me.
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2005 RX-8 Grand Touring 2005 Outback 2002 Mercedes-Benz E320 wagon END OF LINE |
#5
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Re: Re: Re: Agree
Quote:
And yeah, I would think that people that know what's up with the car would be willing to pay more if the car's in good condition. People that are involved in "the scene" should know how much things like brakes, and tranny repairs, etc cost. They should know that the motor is pretty good at shrugging off the high mileage, whereas the tranny is made out of glass. So, I would think that people in the know would be willing to pay a bit more for a car that's already got those bad items taken care of rather than having to do the work themselves. They should know that high mileage isn't the end-all-be-all of car value. Now don't get me wrong, I'm not saying that spending say $2000 on a new tranny adds $2000 to the value of the car, but the car should certainly be worth more than one w/ a busted gearbox. Anyway, right now my options are as follows: 1) Total the car, give it to the insurance company and take $3400. 2) Total the car, keep it w/ a salvage title, take $2900. 3) Get the insurance company to recognize a higher value for the car, get the repairs done under insurance. 4) Get the bodyshop to work for a lower price (either reduce the repairs done, or hope they'll just work for cheaper), get the repairs done under insurance. 5) Drop the claim, live with the pitted paint and dim headlights. Options 1 and 2 aren't worth it in my book. The car is worth more to me as a cleanly titled daily driver than the value the insurance company will give me. Option 3 would be ideal, and it's the reason I'm hunting for comps. Option 4 is the most likely... I think if we don't bother replacing the windshield ($1500!), we'll be able to get the repairs down to a cost acceptable to the insurance company. And option 5 is what will happen if 3 or 4 don't work out.
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3 turbos, 28 cylinders, 96 valves, 18 cams, 1400hp/1600ftlbs: '09 Outback XT / '06 Outback Sedan / '02 WRX / '94 SVX / '01 F-250 SuperDuty |
#6
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Dilemma
Understand your dilemma. It might be best to drive it like it is if windshield is not too bad. You could always polish the headlights according to instructions on here. With this approach your insurance does not go up and the sale value does not change significantly. Clear headlight conversion is also an alternative. Side lights can be bought on Ebay for around $20 each. A good waterfall grill on Ebay is also not very expensive. I guess it really depends on just how bad the paint damage is.
The next best would be to get the repair shop to give a more realistic estimate and maybe even consider using some used parts. The $1500 for windshield replacement sounds a bit excessive by maybe $400-500. The last time I checked the dealer price for a windshield as slightly over $900 and a body shop would get maybe a 20 percent discount from that. A seal kit should be less than $100 and labor also around $100. Unfortunately, I do not know of any examples you could use with the insurance company to get them to increase the claim basis. I just bought an excellent shape 96 LSi with 142K miles for $2900. A 97 LSi with 52K miles just sold for $8000. You might check on AutoTrader (online) to see what people are asking for their cars, but I think few of them get what they are asking. My sympathy. Lee
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SVXx2 92 SVX LS-L Silver 92 SVX LS-L Burgundy (structurally challenged with 2792 miles) 96 SVX LSi Red 92 SVX LS Pearl (Parts) 01 F150 4X4 Red (+6 with other members of the family) FREEDOM IS NOT FREE Last edited by lhopp77; 02-11-2005 at 06:42 PM. |
#7
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I vote for number three, & another 190K!
The car with a new paint job & mint body will never be worth less than $3,000, assuming no major chunks of metal fall from beneath the car over the next few years. By that time a new round of cult car collectors may emerge, & the value could actually increase. And in three years, a new Hyundai Accent will be selling for 20K. Ron (will do anything to pump up the value of my '92).
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Good s**t happened. 69 was worth the wait. '92 stock semi-pristine ebony - 160K '96 Grand Caravan - 240K '01 Miata SE - 79K '07 Chrysler Pacifica - 60k - future money pit. |
#8
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Why not do option 2??
You get the 2900, do the repairs for less than that and spend the remaining money on more upgrades. Who cares about the title?? You should keep the car for a long time to come if it runs as flawlessly as you say, and as long as you have the whole story explaining the salvage title you should still be able to sell it for decent money down the line. Sorry to hear about your predicament and I hope it works out for the best. |
#9
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I was confused. I didn't understand that you hadn't been in an accident.
Honestly, I'd never try to file a claim like that with my insurance company, and I've never heard anybody doing it. That'd be like asking them to fix rust, as far as I'm concerned. If you love the car, that's great. Get the paint and headlights fixed and keep driving it. But I wouldn't ask the isurance company to pay for it. I would think you'd just be paying for the next five years with higher premiums anyway. Actually, the most important part of a paint job is the prep. You could save yourself a lot of money by learning to do that yourself. As for the headlights, I bet that using something abrasive enough you could strip the pitted plastic off them and then polish to a nice shine.
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2005 RX-8 Grand Touring 2005 Outback 2002 Mercedes-Benz E320 wagon END OF LINE |
#10
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#2
I'd do option 2 as well, you could probably get the windshield and lights for $1000 or less and if there is no body damage a good paint job shouldn't cost you more than the $1900 you'd have left.
Steve Last edited by Hohopirates; 02-13-2005 at 10:18 AM. |
#11
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number 3...no other choice ive seen the car..and anyways I like having another SVX around
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#12
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I would drop the claim, and do the work that has to be done. If the windshield is only pitted and not cracked, drive it until it gets some bad spots, then replace it. What will happen next winter? The area that you are in may put you into the same situation again and then what? I would live with the damage and do what you can to minamize it. The problem with these great cars is that we are the ones who recognize the value and care about them. If we have one (or more) already, we are always looking for "A Deal", not a high priced one that is in good shape with lots of miles. Good luck on your choice, and I hope you can keep it and enjoy many more miles.
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. Earl .... ... .... ><SVX(*> Subaru Ambassador [COLOR=”silver”]1992 Tri Color L[/COLOR] ~45K (06/91) #2430 1992 Dark Teal LS-L ~184K (05/91) #0739 1992 Claret LS-L ~196K (05/91) #0831 1992 Pearl LS-L ~103K (06/91) #1680 1992 Pearl LS-L ~151K (06/91) #2229 1992 Dark Teal LS ~150K (07/91) #3098 (parts car) 1992 White LS-L ~139K (08/92) #6913 1993 25th AE ~98K (02/93) #164 1993 25th AE ~58K (02/93) #176 1993 25th AE ~107K (02/93) #215 1993 25th AE ~162K (02/93) #223 1994 Laguna Blue Pearl LSi ~124K (1/94) #2408 1994 Laguna Blue Pearl LSi ~144K (10/93) #1484 1994 Laguna Blue Pearl LSi ~68K (10/93) #1525 1994 Barcelona Red LSi ~46K (02/94) #2624 1994 Pearl LSi ~41K (12/93) #1961 1995 Bordeaux Pearl LSi ~70K (02/95) #855 1996 Polo Green LSi ~95K (03/96) #872 1997 Bordeaux Pearl LSi ~55K (08/96) #097 2003 Brilliant Red LS1 Convertible ~29K (04/03) #8951 1999 Magnetic Red LS1 Coupe ~33K (04/99) #6420 My Email | Old Locker | New Locker | Picture of 15 of the 19 |
#13
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Thanks for all the advice everyone!
As far as the claim, it's a comprehensive claim, so this won't affect my insurance premiums. My insurance agent is a friend of mine and I trust his evaluation of the situation, and he was in fact the person to suggest filing the sand-damage claim. And FYI, sand-damage claims are very common here in Reno... in talking with the adjuster (who's also a pretty nice guy, and very understanding of the situation) he tells me that near the end of winter and start of spring, the vast majority of claims he's working on are due to the excessive use of sand on the roads out here. Those boys driving the plow trucks are really liberal with the amount of the stuff they dump all over the road. In fact the SVX got so hammered by it because some yahoo decided to drop a beach-load of the stuff just East of Auburn where it wasn't even wet yet! The sand was coming off the car's in front of me *in waves*! Anyway, everyone involved from the insurance company and bodyshop are all very sympethetic to the situation, and contrary to my previous insurance experiences, they are all doing what they can to get the car fixed up as best as possible, without going the salvage route. I'm currently talking to the bodyshop about revising my estimate, basically ignoring the windshield and going ahead with the rest of the work. I still don't have that estimate, so things aren't definate yet, but thinks are looking positive for Option 4. As far as protecting the car for next winter... if this works out, I'm going to clear-bra the headlights and the leading edges of the hood and fenders. I'm not sure if doing the front bumper will be cost effective, since it's probably cheaper to just pull it myself, prep it, and drop it off for paint in the future. As far as the rest of the car... well, I would just hope that new paint will stand up to the sand a bit better than the aged original paint could. Also, if the car's got new paint, I'm definately going to stay off the mountains if possible!
__________________
3 turbos, 28 cylinders, 96 valves, 18 cams, 1400hp/1600ftlbs: '09 Outback XT / '06 Outback Sedan / '02 WRX / '94 SVX / '01 F-250 SuperDuty |
#14
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Update!
I talked to the bodyshop. It sounds like there was a little negotiation that went on w/o my knowledge and someone convinced the insurance company my car was worth closer to $5000 than $3400, because my insurance company just gave the bodyshop a check for $3700! So, the car is getting paint, headlights, a '97 grill, and sidemarkers, but no windshield. So I'll have to do the glass on my own in the future, but the good news is that the windshield isn't really all that bad compared to the rest of the front end. Aside from the pitting, there's only one chip, and it's on the passenger side, so I'll be able to live with it. Now, I just can't wait to get the car back!
__________________
3 turbos, 28 cylinders, 96 valves, 18 cams, 1400hp/1600ftlbs: '09 Outback XT / '06 Outback Sedan / '02 WRX / '94 SVX / '01 F-250 SuperDuty |
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