of Sums and Depreciations

[HolyPaladin]

Is it just me or is a vehicle worth less than the sum of its parts? I was involved in a car accident a week or so ago (It was his fault, by the way.), in which my truck took some modest damage to the front driver's side quarter panel, which bowed enough to cause some even more modest damage to the edge of the adjacent door, and the bumper was dented in (It took the bulk of the impact.). Repairs are estimated at between $2000 and $2500, just to fix some cosmetic damage to a truck that went for around $7000 when I bought it just over two years ago, and surely would sell for less today.

Houses increase in value, over time, unless you work at ruining it, but it's amazing how little time it takes an automobile to plummit in value. You could pay $15,000 or $20,000 for a new car today and it might sell for $8000 in a couple years. Buy a house for $80,000 today and it might sell for $120,000 ten years down the road.

[speed stick]

Just fix the truck and keep it in storage for 50 years and then take it out and make it work, sell it and you'll be a happy man.

[The Dude]

Cars do not hold their value for shit. The day you buy a car is the day it starts it starts decompose. If your buying a car buy it to use it, not store it and hope it goes up in price.

I drive my car because to me its just really expensive toy. Dont ever count on getting back what put into it when you sell your car.

[goku2057]

True that. Another reason I'm haveing trouble dumping 30k into a car, no matter how much I want it.

[HolyPaladin]

The guy that hit me didn't want his insurance to go up, so he pleaded with me not to report it to the insurance place in favor of him paying me for the damages. The damages were estimated at around $2000, so the guy wrote me a check (which I've cashed) for $2000. The repair place then warned that it might cost more than estimated, since they could find more stuff wrong with it and they might have to use new parts where they had figured for reconditioned (or something like that) parts, but the guy doesn't like the idea of shelling out any more than the two grand that he already sent me. I have half a mind not to even bother fixing it at all and just keep the two thousand bucks for something else.

I can buy a lot of new games for $2000....

[The Dude]

Screw the guy, I would have told the inscurence company, anyone that messses with your car is not your friend. You really should have called your insurence company. Last accident I was in it was almost 3 grand to fix the body.

[Xer0]

First things first, at least u weren't hurt

Now, yeah cars do depreciate really really quickly but thats because they aren't hard to find. Houses go up because, with the continually rising population of the US, they are getting harder and harder to find.

Next, on to your question, yes and no. The reason that the parts were worth, maybe, more then the truck was that they were brand new. But if you were to repair them and then sell you would definetly not get 2k extra on the price of the truck sadly. See how much your truck goes for these days and if you can manage it, sell and put the 2k in a new one of the same year. Otherwise the only thing that you can do is fix it.

[goku2057]

I'd say fuck the car, and save the 2 grand for something else...like a cruise.

[Kevin]

You should always tell the insurance company.

[Lammie]

Yeah cars aren't a good investment.

Why would the guy prefer to shell out 2 grand instead of going to through his insurance co? he probably wasnt insured.