In Reply to: why did you put $6K into a 1992 car with 160K mi? posted by eom on September 23, 1999 at 08:19:26:
I drive a lot of miles and I needed a reliable, safe car that I could drive all those miles in. I also felt comfortable driving a car that already had a few door dings on it than worry about driving my new E46 into strange cars. The car was already paid for (1992 525i) and I did a cost/benefit analysis and I thought for a few more years, I would be better off by fixing the car up and putting another 80K miles on it than buying a
new one and taking the rapid hit on depreciation. The only downside to my plan was if the car got stolen or destroyed and unfortunately, that is what happened.
No lease would be cost efficient to put 40K miles a year in. So I have a new E46 to drive locally and on weekends.
: : My old car got hit (thank god it wasn't my new E46) and it looks like the car will be a total loss. The problem is the car (1992) is in great condition (new head gasket, suspension, a/c compressor, belts,
: : radiator, tires, brakes, battery, etc.) but the mileage is 160,000.
: : Insurance will likely only pay book value and adjust downward for the high mileage. I'm screwed because I just put in $6,000 to recondition the car in top shape and
: : I'm still going to get less than book value because of the car's hi miles.
: : What can I do?
: : 1) Can I force insurance to pay me full book value w/ no downward adjustment for the miles since I replaced/repaired everything?
: : 2) Can I accept the lowball offer from insurance and attempt to recover any portion of the $6,000 I spent in the above repairs/improvements?
: : TIA