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Long story short: I stupidly loaned my van to a friend last week to run to the grocery store and he got into an accident - 100 percent his fault, he was ticketed - and the van has extensive front-end damage. I only have PLPD insurance, so the other party is covered, but I'm not. He doesn't have much income but he's given me $300 so far and has a friend with a body shop who will do the work for free if he buys the parts. I also have a truck, so I'm not stranded.
Van is a 2001 Mercury Villager Estate with 154,000 miles. It is (was!) in very good, but not perfect condition. Minor, inevitable Michigan rust, is due for ball joints...otherwise everything works and it was straight, leather seats, power everything, etc. Brand new tires in October, brand new battery three days before the wreck. I bought it used for $2900 in June 2011, I estimate it's worth about $2500 on the private market, pre-accident.
Damage: will need a front clip, lights, radiator, bumper and various brackets. The frame is still straight, doors open fine, it starts right up and drives straight. If I can figure out how to post a photo, I will.
He's put a "wanted" ad on craigslist for a front clip, or an entire matching van that maybe has a blown motor or something. Have yet to locate a front clip at an used parts yard; don't want to buy parts individually because I don't want a multi-colored van! I think the parts will cost about $800, give or take.
My question: Is it even worth fixing? Does it make more sense to part it out and buy another van of comparable value? I'd rather get this van fixed - I like it and they are very dependable vans, it has a lot of miles left. On the other hand I don't want it to turn into a money pit during the repair process.
I see both sides. It doesn't make sense to put at least half the value of the van into a repair. OTOH it's the devil you know. Slap some parts on it and you're comfortable it will last a long time. What could you sell the van for as is, or get for parting it out? Is it worth your time to part out?
I see both sides. It doesn't make sense to put at least half the value of the van into a repair. OTOH it's the devil you know. Slap some parts on it and you're comfortable it will last a long time. What could you sell the van for as is, or get for parting it out? Is it worth your time to part out?
That's part of what I am asking I guess...I've never parted out a vehicle but this one has certainly got lots of serviceable parts - good motor and transmission, barely-used tires, new battery, the body (from the fenders back) and the interior are in great shape, it's got a nice after-market stereo system...as-is (scrap value) is maybe $400 at most. I'd for sure get more than that if I took the time to part it out on craigslist...but how much more, I really don't know.
I'm sort of leaning in the "get it fixed because it's the devil I know and has lots of miles left" direction but as you and City Guy point out, I (or rather, the doofus friend who crashed it) will end up spending close to a grand in used parts, plus labor, to get it driveable. Mind you, it won't cost me a penny. I'm accepting the stress and inconvenience as my "punishment" for being dumb enough to loan it out and I am fully confident that doofus friend will cover all actual costs for repairs.
On the other other hand, since I've become poorer than I used to be this past few years, I've made it a point to pay cash for vehicles and not get stuck with car payments. Although I would have no problem qualifying for a car loan...I just really like not having car payments! I don't have the money to buy another $2500 van right now; that will take me a few months. By which time the Villager will be back on the road, God willing and the creek don't rise.
Because the friend cant make things right for you now and you do have another car I would park the van (take the insurance off) and let him pay me each month until he has paid for it. In the mean time look for cheap fix it parts/another van etc.The problem is going to be actually getting your money back is a consistent manner.Him being at fault (you didn't say just what he did) means he shouldn't be cut a break.You need your money and maybe another friend. PS your insurance company isnt going to like what you did and there will be a price jump if they dont drop you all together.You are wise to avoid car payments . Protect YOUR credit .
Because the friend cant make things right for you now and you do have another car I would park the van (take the insurance off) and let him pay me each month until he has paid for it. In the mean time look for cheap fix it parts/another van etc.The problem is going to be actually getting your money back is a consistent manner.Him being at fault (you didn't say just what he did) means he shouldn't be cut a break.You need your money and maybe another friend. PS your insurance company isnt going to like what you did and there will be a price jump if they dont drop you all together.You are wise to avoid car payments . Protect YOUR credit .
Great advice. The van is currently in my driveway and I've already taken it off my insurance. part of the "long story short" in my OP is that the owner of the other vehicle had no insurance at all, and it is unclear whether the driver (who was not the owner) actually had permission to drive the vehicle. The police faxed a copy of the accident report to my insurance company but as of Friday, a week later (the accident happened Feb 1) they had not received a claim and I'm thinking they probably won't.
I am confident Doofus Friend will make good; I've been close to him and his family for many years. He's a handyman and capable carpenter...if nothing else I'll get a new deck built this spring; he'll work it off one way or the other. What he was ticketed for was failure to yield - he turned from a center turn lane into the path of the oncoming vehicle.
Believe me, I am TOTALLY kicking myself and feel very guilty over my lapse in judgement! However, I was nowhere near the proximate cause of this accident..I'm just trying to figure out the smartest strategy going forward.
I'd just keep looking for parts to fix it. You can paint it yourself, it's pretty easy. Not being in a hurry to get it back on the street makes it easy in my opinion. Keep checking the junk yards.
This may be a silly question, but dose your buddy have any insurance? Your insurance would be primary, but if he had any coverage it could cover your vehicle.
This may be a silly question, but dose your buddy have any insurance? Your insurance would be primary, but if he had any coverage it could cover your vehicle.
Nope, none at all. He does not currently own a vehicle. So my insurance is primary...and if there's a claim, he also owes me for the $1000 deductible.
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I bought it used for $2900 in June 2011, I estimate it's worth about $2500 on the private market, pre-accident.
