Here I am

Wrecked my truck - Should I buy it back?

Attention: TDR Forum Junkies
To the point: Click this link and check out the Front Page News story(ies) where we are tracking the introduction of the 2025 Ram HD trucks.

Thanks, TDR Staff

BriteBoxer's Beware !!!

Valve stems

Status
Not open for further replies.

Loren

TDR MEMBER
*** I hope this is the right forum for this. If not, I’m sure our moderator will move it. ***



Well, I did the unthinkable. I wrecked my truck. I REALLY wrecked my truck. Not the older 1995 truck either, the 2000 with all the accessories.



I lingered too long checking my right-side mirror and when I looked back, the semi in front of me was stopped. He had slammed on his brakes to avoid the car in front of him that had stopped suddenly for a yellow light that the semi driver was intending to go through. I rear-ended the trailer.



In keeping with the Thanksgiving season, I have a lot to be thankful for. The worst injury of the accident was to my dog, who broke his tail when he slid forward into the front of the bed cap. He was riding on the top of the 100 gallon bed-mounted fuel tank, which bulged the front of the bed into the back of the cab, creating even more damage. The dog’s in pain, but is feeling better every day. I suspect it will take a long time for his tail to heal.



The trucker and I were both okay. My neck was sore for a few days after the accident, but it’s feeling better every day. The x-rays didn’t show anything broken.



Damage to the semi consisted of a bent trailer bumper. My truck is a different story.



The insurance appraiser told me just today that the damage is estimated at $14,500 and that the insurance company intends to total the truck. I will probably go round-and-round with the insurance company about how much my truck was worth prior to the accident. I doubt that they will give me full value for the $16,000 worth of accessories I had on it. The most expensive accessories were the stereo system, the custom bed-mounted fuel tank, the Rickson wheels and Toyo tires, the U. S. Gear exhaust brake, the U. S. Gear overdrive, and the fiberglass cap.



The engine was basically okay, although the water pump may be damaged and the fan clutch and fan are definitely toast. Basically none of the body is usable, with the exception of the tailgate and the rear lights.



After we haggle out a value for the truck I will be offered the opportunity to buy it back for its salvage value. I can then take the accessories off at my leisure and part out the truck. I figure that it will probably bring more than the few thousand the insurance company will charge me for it. Any comments on this idea? Is it smart to buy it back?



I’ll almost certainly be replacing it with a new 2008 truck, and very few of the second-generation accessories will mount on a new third-generation truck. Even my new CIPA mirrors won’t switch over. And some accessories, like the exhaust brake, aren’t necessary since the 6. 7 liter engine has one built in. Since I can’t use many of the accessories, can I expect to get my money back from the parts and accessories I can take from the 2000 truck? Will it be worth the work? For example, the leather seats should bring a decent amount, but who’s going to buy them and come get them in southeastern Indiana?



What’s the consensus among members about my plan to buy back the truck?



Loren
 
I'd buy it back...

Definitely... but I am kind of a tinkerer. Best move I did when one of my previous trucks were totaled (Ford Bronco), and it gave me the time to remove what I wanted, and what I wanted to sell. At the time, I lived in a suburban neighborhood, but the truck wasn't there long. It took alot less time to do what I had planned, and instead of handing the truck off to a salvage yard when I was done, I sold it outright to a private party. The move did not hurt my pocketbook any.



Besides, I would buy your leather heated seats, controller, harness and switches, etc. and I would find a way to just have it shipped. There are companies who will crate/box stuff and drop ship. It has worked in the past for me for some strange/bulky/heavy items.



If you don't feel like tinkering, and are satisfied with what the insurance pays, let 'er go. The salvage yard will make their buck if the truck is complete, and they will still make a buck when it's stripped.
 
Try to get them to pay for the " add on's "
May cut you a better deal on the salvage price,

You got the receipts, Yes ???
 
I would probably buy it from you and drive from Iowa to get it if you dont want to tinker with it. Find out a buy back price and Ill add to that amount to make it worth your time. PM me with a price.



Chris
 
Glad your ok. My dad had a 2001 buick park ave. catch fire. Even though it had 95k on it, the insurance company cut him a check for 9600. KBB valued the car @ private sale for 6200.
 
I have bought back before and made money on both by back . Check to find outwhat parts is in all junk yards that you can get . See what you can save on your truck that you can use!
 
Thanks guys. I thought it made sense even though I won't be able to use most of the accessories on a new 3rd generation truck.



Yes, I DO have the receipts for almost all of the accessories. Some, like the air horn, were gifts (from a really good friend who knows how much I like my truck), but I did keep receipts for the really expensive items. I'm hoping that this will jack up the check I get from the insurance company.



I haven't called the insurance company yet today. I'll probably put that off until tomorrow. I think I'll go look at new trucks today.



Loren
 
You might be suprised how cheap you can get it on buy back. After our suburban got totalled(hit a Sable,power pole and brick house), we were unable to get the insurance to agree to the added value of 454, hd package, silverado trim and overall excellent cond. They would only offer about $5,000(the value of a base 350 1/2 ton) on a $7,000 truck. I finally got them to agree to $5500 but on the stipulation of a $750 buy back. If my body shop had not turned out to be a crooked I could be driving it right now. I will be in a few months after my rebuilders license comes through anyway. If you do get it back I would be interested in the gear vendor and transfer case after Christmas (if you still had it).
 
I had an accident two miles from home the last time I totaled a truck. I had the tow truck drop it in my driveway. After the appraiser came by, I stripped the accessories off and then let the insurance company have it. Possibly you could go to the tow yard and remove what you can if it comes down to letting them have it.
 
IMO, Buy the truck back, strip your accessories. Then you can sell them, or whatever. I wouldn't rule out buying another truck of the same approximate vintage, then put all your goodies on that.

A new truck is nice, but I wouldn't buy one with a new engine until the bugs are worked out, 3-4 years.

Glad to hear you and your buddy are ok! :cool:
 
first i would check blue book and news papers-dealers to see the value of the truck. repalcement value is a point to argue. see what their offer is and what you can buy it back for and what you can salvage. make your decision then. my . 02 robert
 
The insurance company called yesterday with numbers. My truck is officially totaled. They value the truck at about $19,300. This valuation does not allow anything for the accessories. As I said earlier, I have over $16,000 in accessories on my truck. I told them that I’d have to think about it.



The buy-back offer was pretty good though. They are willing to sell me my truck back for only about $3000. Another good thing – If I want to keep it, it won’t have a salvage title. That really won’t matter, though, because if I do keep it I don’t intend to fix it. My son-in-law wisely pointed out that I would never be happy driving a truck that had been fixed after a wreck this bad. He’s right, too.



I like the buy-back, but their estimate of what this truck is worth is waaaay too low in my opinion. I realize that I can’t expect much for the accessories, but I did expect something. I am going to spend some time today reading my policy to see what it says about such things. On the day of the accident I told the body shop guy that I wouldn’t have taken $25,000 for the truck the day before the accident. I probably wouldn’t have taken $30,000. Not only does this truck have all the value of those accessories, but it also represents the hours and hours of work installing them. I did almost everything myself so I could be sure that the job was done right. (I hate ScotchLock connectors. )



The insurance guy said that I could forfeit the truck and still take the accessories, but I would have to restore the truck to its previous condition. If I take out the Clarion stereo, for example, I have to re-install the factory stereo. This doesn’t make too much sense to me, since I figure that there are a number of guys who will want the Clarion system and some other guys who will want the factory stereo, but almost no one who wants to buy a whole wrecked truck to get them.



It looks like we will be haggling over the value of the truck but I’ll almost certainly buy this one back. I agree with most of you that there is still just too much value in it to let the insurance company have it for $3000.



For those of you who have posted an interest in particular parts, I’ll keep a bookmark to this thread and come back to it once I start tearing the truck apart. You’ll be the first to be notified.



DodgeWarlock – I intend to keep the U. S. Gear overdrive (possibly the best accessory of all of them) and install it on my next truck. The transfer case will probably be available.



Pete – I know what you mean about not buying the new engine, but I’m between a rock and a hard place. I really don’t want to drive my 1995 for several years and also don’t want to spend a huge amount of time repairing a truck. I don’t mind installing accessories, but I know I won’t like doing repairs. I’ll probably buy a new one.



Thanks for all the input.



Loren
 
Loren, you have to remember, unless you have a stated amount of value on your policy, accessories do not count, only OEM stuff. Heck, over 19k for it, I'd take the buy back and part the thing out. There are some people out there buying new trucks for around 35k right now. Since I use the '03 for work I have it valued at $30 k right now. My 2 hot rods in the garage ( '70 Chevelle and 87 Turbo Regal) I have valued at 25k each.
 
Loren, you have to remember, unless you have a stated amount of value on your policy, accessories do not count, only OEM stuff.



MMeier,



That is exactly what I just found out. I thought that the truck was covered, but the insurance guy told me that if I want the accessories covered I have to get a "specialty vehicle" policy. I guess that those policies are for a specific amount.



My mistake, I suppose. I guess I don't have enough accidents. If I crashed my trucks more, I'd know this stuff. When I start throwing accessories on my new truck I'll be sure that they're covered.



Loren
 
That's cool. Only wanted transfer case to make sure I got everything to mate the gear vendor. Don't blame you for keeping it. As for the money on the truck, that's almost what we payed for our 01 and 90 combined at the Dodge dealer. They probably won't offer up too much more for the truck, but try getting them to come down on the buy back. My experience is they can usually be way more flexible there than anywhere else. They originally wanted more for the buy back on our suburban and I had no trouble talking them down. They usually prefer a hard $ offer to the risk of the auction. Don't think they'll give it to you though, a wrecked cummins can bring good money on the block.
 
I re-read my insurance policy last evening. It USED to say that the actual cash value included, "... model year, and equipment... "



Now it says, "... model year, body type, and options... "



They changed "equipment" to "options". I suspect that they did this to prevent people like me from taking them to the cleaners with accessories. I can't blame them. They need to know what they are insuring in order to charge a fair premium.



Given the wording in my policy, I intend to take their offer of about $19,300 for my truck with a buyback of about $3000. With my $500 deductible, I'll get a check for about $15,800 and I get to keep my truck.



That will be a nice start on buying a new truck, but it still leaves me about $20,000 short, and that doesn't count any accessories I'll install on the new truck. Maybe I'll take my time with those and spread the payments out.



Thanks for everyone's input. You have helped me make what I think is a good decision, considering the lousy position my inattention has put me into.



Loren
 
Status
Not open for further replies.
Back
Top