Tips on Buying Cars: SELLING A TOTALED CAR, 2005 dodge caravan, dodge caravan

Question
I HAVE A 2005 DODGE CARAVAN THAT WAS RECENTLY IN AN ACCIDENT. THE DAMAGE IS COSMETIC AND CONCENTRATED ON THE REAR PASSENGER SIDE. PER THE ESTIMATE TO FIX, THE INSURANCE COMPANY WANTS TO TOTAL OUT THE CAR. THEY SAY I CAN KEEP THE CAR AS WELL. THE VAN RUNS GREAT AND LIKE I SAID, THERE IS DAMAGE IN ONLY ONE SPOT. IF I KEEP THE CAR I'LL GET ABOUT 1500 LESS THAN IF I JUST TURN IT IN. WOULD I DO BETTER KEEPING THE CAR AND TRYING TO EITHER SELL IT FOR PARTS OR TRADING IT IN ON ANOTHER VEHICLE? OR SHOULD I JUST TURN IT IN AND TAKE THE FULL AMOUNT?

Answer
Well this is a tough one. I am not sure what you would get for it if you sold it for parts as a whole. My guess would be some where in the range of $1500. Now selling it other than for parts may be hard because it will have a salvaged title at that point and that makes it worth a lot less even if you had the cosmetics fixed.

I would say that this is really going to come down to doing a little research. I think if you were going to break out of it and only make the $1500 that it will take to keep it than it would not be worth it. If you can make a few extra dollars than go for it. Call around and see what offers you can get for it as a whole for parts. Also go to Ebay and do a little research on different parts being sold for vans like this. It could be profitable to take it a part piece by piece and sale the parts on ebay etc.

As far as trade, well it is not worth a lot to a dealer considering it will have a salvaged title and well that it is totaled. A dealer may be able to show you $1500 or a bit more for it but all they would be doing is discounting their car and showing it as allowance for trade.

Do your research and see what the numbers look like and then make a informed decision. Also if it is not worth the headache of parting out etc. then just let them keep it!

Brad
http://www.buyingacar101.com