Insurance buy back value

[Ianmc]

Just heard that a friend of a friend has been given a buy back option for his written off Z3 2.8 auto 1998 of £1600.00.
Don't know the exact damage, but somebody went into the back of him at low speed so guess bumper, boot lid, rear panel, possibly rear wings and lights etc will need fixing/replacing.
Do we think the buy back price is in the right ball park? Don't know what "breakers" sell for?

 

[t-tony]

If they want that much for it I can’t see it being that badly damaged tbh.

Tony.

 

[Woodsta888]

Buy back £1600!

They are trying to negotiate a price between the breakers/salvage and a but back. Tell him to offer them £500 max. They wont get that much for it off a breaker. They are just getting some of their insurance loss back from the policy holder - cheeky gits! What did the insurance company pay out?

 

[Lucky@lemans]

I went through this several years ago with a Vauxhall Vectra. The car was written off as Cat D, they said it was beyond economical repair. It needed a front wing and indicator light. I asked about buying it back and they wanted £750 to start with so I said no. I pointed out that is was "beyond economical" repair and offered £250 which after a bit of argument they accepted ! A used, bolt on wing from ebay painted the right colour £25 and a £15 indicator and back on the road. Took about 1hour !

I would suggest your friends friend offers £500 with the argument that you can buy an undamaged example for around £1000

 

[Ianmc]

Thanks guys, will pass the advice on!

 

[Andyboy]

Buy back should be a small percentage of insured value. So I bought one car valued at £2000 back for £350 in 2007 and with another car - a 1995 318Ti - they wrote it off and sent me a cheque for £750. They were glad that I wanted to keep it.

But currently, Z3's such as a running working 2.8 are making strong money as salvage. This one is at £1200 with four days to go and will make the thick end of £1500 if not £2000.

You may be able to negotiate down to £1000, but the insurance bods know what they have. Bear in mind a really good single Vanos 2.8 engine is £700+ and a 2.8 will break to £3000+ with ease.