2002 LX470: Wreck it or restore it?

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S

Stuckinthemud

10 Year
Joined
Jan 16, 2013
Threads
13
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Last week I crashed my 2002 LX470. The insurer wants to declare it a total loss. Damage is cosmetic but significant: front bumper, driver’s side light complex, crease in hood, running board bent under, windshield shattered, and a dent in right rear passenger door. It does not have any frame or other structural damage that I am aware of. Bringing it back will cost c$12k (mostly covered) provided there is no underlying damage I am missing (mentally I am thinking I should be prepared to add 30% to this estimate).

When I bought it from a Lexus dealer 2.5 years ago it still had the plastic covering on the stereo and running boards, the odometer sat on 24, 000 miles and it had been serviced religiously every 6 months. I continued the dealer maintenance regime and it now has about twice the mileage. It is (was?) an awesome rig.

If I go the repair route and take the LX back from the insurer I run the risk of being wildly off base on the repair cost estimate and paying considerably more for the repairs. The fact that the LX has been declared a total loss will also influence resale value. That said, I have no intention of selling it and don’t see why I can’t run this great rig for a long, long time (I know I am preaching to the choir on this site). Also, I might be able to use this ‘opportunity’ to make the mods I have wanted to undertake for some time.

So I am interested to know what you would do in my position given the above: repair it or move on? Thanks for your thoughts.
 
Keep it for sure. Do steel bumpers, sliders, etc.


Sent from my iPhone
 
what does it cost to buy it back from the insurance company?
 
Muddy Bean said:
what does it cost to buy it back from the insurance company?
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I am still working on that!

The one thing I was never totally sold on was the colour but given the condition decided I did not care. I saw this rig for sale a few years back same colour as mine but built. Always thought it looked great - the best of beige! If I keep it mine this is the direction I would go with it. Same sorta use too: fire roads to get to fishing spots.
 
Stuckinthemud said:
Last week I crashed my 2002 LX470. The insurer wants to declare it a total loss. Damage is cosmetic but significant: front bumper, driver’s side light complex, crease in hood, running board bent under, windshield shattered, and a dent in right rear passenger door. It does not have any frame or other structural damage that I am aware of. Bringing it back will cost c$12k (mostly covered) provided there is no underlying damage I am missing (mentally I am thinking I should be prepared to add 30% to this estimate).

When I bought it from a Lexus dealer 2.5 years ago it still had the plastic covering on the stereo and running boards, the odometer sat on 24, 000 miles and it had been serviced religiously every 6 months. I continued the dealer maintenance regime and it now has about twice the mileage. It is (was?) an awesome rig.

If I go the repair route and take the LX back from the insurer I run the risk of being wildly off base on the repair cost estimate and paying considerably more for the repairs. The fact that the LX has been declared a total loss will also influence resale value. That said, I have no intention of selling it and don’t see why I can’t run this great rig for a long, long time (I know I am preaching to the choir on this site). Also, I might be able to use this ‘opportunity’ to make the mods I have wanted to undertake for some time.

So I am interested to know what you would do in my position given the above: repair it or move on? Thanks for your thoughts.
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Can you post some picture of the damage, maybe some of the member can help identify what you maybe missing? I would personally repair it because it seems that the vehicle has had great maintenance history done by you, and if you are not planning to sell, then who cares what is the value of the car after the accident. This sounds better than buying new vehicle with unknown maintenance history. Obviously this also depends how much can you get the car from the insurance company.
 
Buy it back, you could make some coin and help other members of the board by parting out. My 80 has actually been totaled twice. :hillbilly: The damage doesn't sound THAT bad, but it's hard to tell without pics.
 
Depends on how much time, energy, and space you have. On one hand finding another 2002 with under 50K miles on it for $12K will be nearly impossible (assuming that's what the insurance co will pay you). However, buying it back and dealing with the repairs on your own may cost you more time and money than it's worth. Not to mention you'll need to store this vehicle for some time and find another DD (assuming its your DD).

If it was me, I'd take the check and look for a clean '03+ with zero accident history. If I had the time, energy, and space, I'd buy back the '02 and part it out to recoup some additional $. But I don't have the time, energy, or space. Good luck, hope it all works out for you.
 
in another former life as a side deal I built (rebuilt) salvage 3 series bmws... late model usually front end damage, so i have never been afraid of "fixing" a damaged vehicle, from what you describe... everything you have is bolt on... might have to pull/align the radiator support... but I believe you could source the parts needed for around $1200 plus the windshield ... so 2k in parts 1k in paint & body...
if it was me I'd be thinking... 16k and I keep the truck... that is the number I'd toss at the insurance co and think that is more than fair...
 
Thanks for your feedback. I agree with the idea that damage does not look THAT bad but I am not a body work expert and the feedback I had from one experienced and reputable guy was based on photos only so could go higher (will try and post something later). The idea of declaring it a total loss is largely based on the cost of replacement parts, not the fact that it is totally hooped, IMHO. It has to be repaired well otherwise the insurance company will not recertify as road worthy.

Finding a good '03+ for a reasonable price is not going to be an easy prospect given some of the prices I have seen for what look like pretty average vehicles. That said I did it once so perhaps patience (not my strong suit) and persistence will pay off.

I will make a call before the New Year. Meanwhile thanks again for your thoughts and taking the time to comment.

I wish you all a very merry Christmas!
 
I've no experience with this situation, but I wonder if the fix it vs. total it decision is negotiable with the insurance co.? If they would fix it (maybe with some additional $ from you?), could that be a good outcome?
 
Keep in mind, impact while operating is never good on move internal components. That said these are tanks, if impact not that bad I'd keep and build it. Provided numbers workout, net insurance to you.

I looked at keeping my sons IS300 to part out. Not worth fixing due to air bag cost, so was going to part-out. Would have made a few $K but time and work just decided to let go.

Pictures?
 
hovers said:
Buy it back, you could make some coin and help other members of the board by parting out. My 80 has actually been totaled twice. :hillbilly: The damage doesn't sound THAT bad, but it's hard to tell without pics.
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I vote this. You get to come out ahead this way in my opinion. Not many 100s being parted so you will likely sell a lot of it fast. Mini truck guys or Toyota based buggy guys love the v8. Once you are all set, buy a new 100 with the money you came out ahead with.

Cheers
 
A. unless it is really bad I'd never put the time & effort into "parting it out" B. It's your call with the insurance co. IF big IF if the damage was NOT your fault you are in a much stronger position to "DEAL" you need to be made WHOLE that is the value of the truck BEFORE damage and loss of time/use since damage... a really nice truck like yours is easy to document a value of 15-20k easy enough to find published asking prices in that range from dealers across the USA...
pull em up and print em off and present em to the adjuster... " all I want is a truck equal to mine that I'm comfortable with" oh and I loved the color mine was.... so that has "value" THEY must make you whole and they want to settle fast... when it gets down to it they really won't argue that much over $1k if everyone is in the same ball park

these trucks are pretty stout... and parts are not that expensive... from the list of "damaged parts" you posted... most are easy to obtain and pretty cheap... even if you have a tweaked front end/radiator support that should be less than $300 at a frame shop to pull back into place... ( a port-a power, tape measure, and level in my world) a hood, fender, headlight, 1k max... maybe a door or a body guy to fix it... the front bumper is cheap from all the guys who have gone to steel, the running boards should be tossed anyway.. imho... and an afternoon bolting it all on... a trip to a local bodyshop and 1k top end for paint... and your windshield $$... easy to see 3k or less in the repairs...
wish it was my truck is all i'm saying and i would think Christmas came early....
 
Buy it back from the insurance company. Then buy another totaled 2002 LX470 on Copart. Find one that's been wrecked such that all the parts you need are intact. Strip off all the parts you need to fix your rig, then resell what's left of the donor vehicle to the junkyard. Profit.

bpe3
 
Just went through this...(state laws may vary)

Insurance company will have their total loss department determine value of vehicle before loss. Can be adjuster or even the body shop. That's the first number you want to get as high as possible.

Then they get the $12k repair estimate, and probably add 20% to cover hidden damage, unless that was included in the $12k. I'm surprised they are talking total, unless they are using a real low market value. Salvage is probably in the $10k neighborhood for them. My 2007, excellent condition LX470 salvaged out $12k, if I remember correctly. Mkt value was $27k+, for reference. Damage was $18k, plus hidden unknowns.

They then will get a quote from a couple of the national auction/salvage outfits. They will normally use the higher value, but if a third party is libel for damages and your company is going to get reimbursed then they may agree to lower of two estimates increasing your cash recovery, if keeping truck. FWIW my quotes from the same companies when called directly were $8-$10k less than what insurance company gets.

Those are the three numbers in play.

Some states have a threshold of market value to be considered a total. The insurance company can decide to declare it a total because it makes financial sense, but you could still keep the car and get the difference between salvage value and market value, AND with no change in title, because it doesn't meet your states definition of total, e.g., 80-100% of market value.

Bottom line you can make it work, but it's more a quality of life question as noted above. The hassles of fixing it or parting it out vs just take the money and shop for a new one. I kept mine, but it was a long slog, getting it right without breaking the bank with the cash I got back with the truck.
 
Well now that you let them salvage it, it will be worth considerably less, and it will be tough to get full coverage insurance on it. If you don't want a vehicle totaled you need to tell the adjuster. They will write it up for you for the maximum they can without totaling it if they are nice about it and I have had a adjuster do this for me.
 
Was the A pillar bent? If not, wondering what broke windshield?

If A pillar bent, I would be more hesitant to rebuild than if just a bent radiator support.

I hear these 100s rust around the windshield? You may want to have the body shop doing the repairs pull the windshield, clean up any rust, and then install new windshield.
 
PabloCruise said:
Was the A pillar bent? If not, wondering what broke windshield?

If A pillar bent, I would be more hesitant to rebuild than if just a bent radiator support.

I hear these 100s rust around the windshield? You may want to have the body shop doing the repairs pull the windshield, clean up any rust, and then install new windshield.
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I went through a couple of highway signs and one of these did the windshield for me. Impact was not sufficient to even deploy the airbags so I am not concerned about the pillar issue. I think damage is purely cosmetic.
 
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