I have a '92 that got some hail damage a few weeks ago and I finally have all the information that I need to be able to make a decision on whether to have it repaired or totaled. I'm looking for a little advice from the outside to make sure I'm not making a silly or emotional decision. I really like the truck, but I've had it for less than a year so I'm not necessarily emotionally attached to it...or if I am I haven't realized it yet. Ultimately, I am a numbers guy and I am very strategic with my vehicles in regards to using them as an investment. I am OK with spending money here and there, but funding definitely has its limits--or at least that's what my wife tells me.
Details about the truck:
Good
I have the truck insured for $7,500 with classic car insurance and $1,000 deductible. If the damage exceeds 75% of the value then they will total the vehicle. The initial PDR shop estimate and insurance adjuster estimate came in at $5,700 and $5,800, respectively, which is over the 75% mark (just barely). After discussing this with the shop, they would gladly do the repair for $5,600, which would be below the 75% mark. Insurance agreed to pay that amount, but they also left open the option for me to total the vehicle, with or without a buyback.
So, here are a few of my options:
Option #1
Fix the truck. PDR shop said they would cover my deductible which is a very nice perk. No money out of pocket, truck comes back straight, just like nothing ever happened.
Option #2
Total it. Get a check for $6,500, try to find another Land Cruiser. It will be hard to find another 80 series, even a 91-92, that I can get back to where I am with the current one for $6,500.
Option #3
Total it, buy it back from insurance. Insurance told me the buyback price is $2,600. So, I'd get the truck and $3,900. Insurance company said I would not have to get a salvage title based on the age/value of the vehicle. Insurance company would still give me full coverage but at a lesser value unless I got the damage repaired. If I go this route, I would probably only have the hood hail damage repaired (approx. $1,000 shop cost) and maybe the PS front fender ($300-400 shop cost). The other panels really aren't bad at all. The roof has some damage but you have to be about 7'-6" to be able to see the roof... That would leave me with about $2,500 to put towards more upgrades in the truck.
Option #4
Total it, buy it back from insurance. Buy another '91-92 in the $4,000 range. Transfer good parts from old truck to new truck (lift, interior, etc.). Part out and/or sell old truck. This seems like a ton of time/work and would require a lot of space. My wife probably wouldn't be too keen on the idea, but I could probably convince her to get over it if I had some compelling reasons...
So, does anyone have any words of wisdom? Do you think that $2,600 buyback price is reasonable and/or negotiable?
Thanks for the help!
Photos of the truck, just for reference...
IMG_3320 by Ben Schmitt, on Flickr
IMG_3818 by Ben Schmitt, on Flickr
IMG_8680 by Ben Schmitt, on Flickr
Details about the truck:
Good
- 1992 with desmogged 3FE
- Only 125,000 miles
- Pretty well baselined (both axles rebuilt, upgraded to bigger brakes, cooling system totally new, no oil leaks whatsoever)
- 2" TJM lift with Bilstein shocks
- Interior is 9/10, maybe even 9.5/10. It's incredibly nice.
- 4Runner wheels with brand new 295/75-16s
- TJM T17 bumper
- Some of the door bottom seams are rusting. Nothing in the outer shell yet, but the inner seam looks bad. I was planning to strip the doors down to treat/coat the rusty areas, then coat the bottom of the truck in Monstaliner. The PO slapped some rust treatment crap on the driver's side doors and it currently looks like crap.
- Chassis has some corrosion. Nothing terrible in regards to the frame or structure, but some bolts are totally corroded and would be impossible to remove without breaking. At some point I would like to wire wheel and clean up the chassis and treat/repaint. Will be a horrible, tedious job.
- Some rust in the DS floor pan area from sunroof/windshield leak. I have fixed the leaks and treated/coated the rust, but it's still there...
- Small spot of surface rust starting to show up below the rear hatch glass.
- No lockers since it's a '92
I have the truck insured for $7,500 with classic car insurance and $1,000 deductible. If the damage exceeds 75% of the value then they will total the vehicle. The initial PDR shop estimate and insurance adjuster estimate came in at $5,700 and $5,800, respectively, which is over the 75% mark (just barely). After discussing this with the shop, they would gladly do the repair for $5,600, which would be below the 75% mark. Insurance agreed to pay that amount, but they also left open the option for me to total the vehicle, with or without a buyback.
So, here are a few of my options:
Option #1
Fix the truck. PDR shop said they would cover my deductible which is a very nice perk. No money out of pocket, truck comes back straight, just like nothing ever happened.
Option #2
Total it. Get a check for $6,500, try to find another Land Cruiser. It will be hard to find another 80 series, even a 91-92, that I can get back to where I am with the current one for $6,500.
Option #3
Total it, buy it back from insurance. Insurance told me the buyback price is $2,600. So, I'd get the truck and $3,900. Insurance company said I would not have to get a salvage title based on the age/value of the vehicle. Insurance company would still give me full coverage but at a lesser value unless I got the damage repaired. If I go this route, I would probably only have the hood hail damage repaired (approx. $1,000 shop cost) and maybe the PS front fender ($300-400 shop cost). The other panels really aren't bad at all. The roof has some damage but you have to be about 7'-6" to be able to see the roof... That would leave me with about $2,500 to put towards more upgrades in the truck.
Option #4
Total it, buy it back from insurance. Buy another '91-92 in the $4,000 range. Transfer good parts from old truck to new truck (lift, interior, etc.). Part out and/or sell old truck. This seems like a ton of time/work and would require a lot of space. My wife probably wouldn't be too keen on the idea, but I could probably convince her to get over it if I had some compelling reasons...
So, does anyone have any words of wisdom? Do you think that $2,600 buyback price is reasonable and/or negotiable?
Thanks for the help!
Photos of the truck, just for reference...
IMG_3320 by Ben Schmitt, on Flickr
IMG_3818 by Ben Schmitt, on Flickr
IMG_8680 by Ben Schmitt, on Flickr
Are you really that concerned about aesthetics to let hail keep you from enjoying a perfectly good 80? Sheesh. Drive dented 80, pocket $4,000 or take a vacation or something.
I'm intrigued by the 'do-it-yourself' PDR kits. It looks incredibly tedious, but if I can save a boatload of cash I'm up for the challenge. I'm trying to see if I could possibly take option #1, but instead of having the shop do it maybe I can take the $4,550 ($5,550 max repair cost less $1,000 deductible) and do a selective home repair job. However, I don't know if the insurance company will want to verify the repairs after the payout... I'm not sure how that works or what power they have to dictate whether a shop does it or I do it. However, I know my work won't be anywhere near the quality of this shop. It looks reallllllllllllly tedious on YouTube and Amazon reviews of the kits aren't necessarily stellar. I think I'd get burnt out if I had to do the entire vehicle. However, if I can take the $4,550 and just do the hood and maybe take care of a few other bigger dents then I'm game for that...
