Bought an old BMW M3, filled with regret...

From the brief research I've done already, if I buy it back as salvage after they write it off then yeah, but if I take payment in lieu (if available) then they simply wash their hands of everything and give the amount to get the car repaired and everything is considered settled.
This has risks in cases where further damage might be found after this route is taken, as all costs after that are on you. Since my car has no further damage. Assuming the bmw estimate is lower once discounts are applied, the insurer may agree to a lower settlement figure. It might mean I have very little pocketable change, which kinda sucks. Yet buying it as salvage, less the repair costs might leave me with more change, but with the car being cat c on paper (which isn't a big issue to me I figure).

I need to weigh up the options in more detail once I hear from the insurer tomorrow and have spoken to bmw afterwards to see what they can do for me as it all depends on the settlement they end up offering.
 
Selling on a Cat C isn't ideal- The value will be rock bottom regardless of visible condition.
So if you do buy it back you will need to keep it a long time to make it worth while.
 
Thought this may happen :(

The only issue is that they have provided a bill of £9000 and as far as the insurers are concerned, the car is only worth £10k. I know BMW are saying that they can play with the numbers etc, but unless they are applying a 50% discount to this quote, I can't see this going any other way than a write off. Doesn't stop you trying to convince them though, which I thoroughly recommend you do.

Luckily all of the parts damaged are quite easily replaced and no panels that are difficult to repair are damaged, like the rear quarter panels.

This is the problem with having an old car, with notoriously expensive parts, and pouring loads of time and effort into it. With one mistake by someone who you have no control over, it can all be wiped away :/
 
S2KIP said:
mrk, it's really not worth it.

You found the car before, you'll find one again.

There are guys on the Evo forums in similar situations that have stripped cars for parts, they say never again. Spreadsheets coming out the ying yagn with details of who has paid, addresses, which parts etc etc. Take the cheque from the insurers and look for another car. In fact, start looking now.
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+1 , take the money and move on to something better
 
I really don't want to leave the car you see, that's my issue. I know this car inside out now, I know where its faults lie (the important part) and know its history. Getting another car up to that same stage will take just as long as it did this one (over half a year).

If all else fails, I know at least now that my local body shop can do the work at much lower costs, and I can source the parts myself. But that's the last resort option if BMW's number jiggling doesn't pay off in a favourable settlement.

In short, I'd much rather have it repaired and declared cat c, than have the massive hassle of buying a new car, hoping it doesn't end up being a lemon and bringing it back to the same level bit by bit over the course of another year :(

Okay it might mean I have some change pocketed over by finding a new car, but the time and energy put in has a value on it too.

Let's see what both BMW and Admiral come up with tomorrow and go from there.

Edit*
Oh and guess what? Tonight I had to roll my window down and tell a woman her headlights were not on (she gave way to me on a narrow road). She replied "oh god thanks!". Is there something in the air or what.
 
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Absolutely feel for you mrk, a horrible position. If I were you I think that if they don't either repair or offer cash in lieu then I'd probably walk away. You may think the Cat C marker is ok now, but you never know if/when in the future you'd need to change car, and it'll make it more difficult. I believe insurance will also be more expensive on a cat C, and should you ever be involved in another accident, even more likely to be declared a total loss.
 
At least this thread can serve as a testament to the legitimacy of the car's life to any potential new owner :p

On a more relevant note, I didn't know that the insurance would increase on a written off car? Can't find a source for this!

It's a shame, because the damage is in reality minimal, it would still be a cat c based on the market value of the car and the repair costs in total - Even though in reality the car would otherwise be worth much more than that market value in the condition it is in had it not been in the accident.
 
Most insurers don't even ask if it's cat d/c - makes no difference to policy price.

Had an r32 gtr worth £10k, they paid out £8k and we kept the car. Spent £2k repairing it and it was as good as new. Sometimes it works out as a blessing in disguise :)
 
mrk said:
I mean, assume I did take a decent offer and not buy it back, what do you guys think of this one:

http://www.autotrader.co.uk/classif...sedcars&sort=default&price-to=11000&logcode=p

It has a rare option on the seat too, the bolster button is something I've never seen on the convertible, it's standard on the coupe.
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Pretty sure that button is just the lumbar support which your current one will also have? If the bolster adjustment is anything like mine it's a 2 button rocker switch located in-front of the circular bolster button.

mrk said:
I've never look at a Phoenix Yellow E46 and thought I'd hate to drive that, I think it would be a great topic of banter too :p
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GFs neighbor has a Phoenix Yellow E46 M3, she hates it but I love it, is an iconic E46 colour and would happily own one :D
 
The 4 way button is the bolster support isn't it? If not then I wonder what it is! It is certainly not one I've seen on a convertible, it's stand at on the coupe though for sure.
 
Ah yes, so it is lumbar support. Seems it is optional on the convertible, standard on the coupe (along with the bolster pillows button).

Some talk of it being just a harness and switchgear retrofit, though maybe that's on the coupe only. Ah well, no biggy.

That Cutters M3 looks alright, the extended leather is amazing. But it's priced high, is higher tax bracket, and needs quite a few cosmetic and paint repairs done too as well as de-coilover. Not a fan of that wheel finish either so there's at least a couple of grand's worth of near OEMing to be done to it. It's not at the same state as my car was for sure.At least not for that money!
 
I don't see the point buying it back, frankly. You are going to spend a whole load more money on repairing a car that will have less value in it after completion. There will be cars just as good out there, you just need to take time finding them but they are out there and my approach would be to start again and write off what you have spent. To retain any value your car needs to be straight with a solid history and good maintenance record. Add a write off to that and the value becomes different and the competition significant. Though you say today you will want to keep it for ever, you won't. I had 2, they are great cars, but lots of better more interesting stuff out there to tempt you away.

Get the money, regroup, buy again.
 
Housey said:
I don't see the point buying it back, frankly. You are going to spend a whole load more money on repairing a car that will have less value in it after completion. There will be cars just as good out there, you just need to take time finding them but they are out there and my approach would be to start again and write off what you have spent. To retain any value your car needs to be straight with a solid history and good maintenance record. Add a write off to that and the value becomes different and the competition significant. Though you say today you will want to keep it for ever, you won't. I had 2, they are great cars, but lots of better more interesting stuff out there to tempt you away.

Get the money, regroup, buy again.
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Very sound advice and don't rush like a headless chicken into buying one asap.
 
Housey said:
I don't see the point buying it back, frankly. You are going to spend a whole load more money on repairing a car that will have less value in it after completion. There will be cars just as good out there, you just need to take time finding them but they are out there and my approach would be to start again and write off what you have spent. To retain any value your car needs to be straight with a solid history and good maintenance record. Add a write off to that and the value becomes different and the competition significant. Though you say today you will want to keep it for ever, you won't. I had 2, they are great cars, but lots of better more interesting stuff out there to tempt you away.

Get the money, regroup, buy again.
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I agree with the above, it just makes sense.

Besides, you might find one that isn't a convertible ;)
 
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