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How much is my Bronco worth??

73azbronco

Contributor
Bronco Guru
Joined
Nov 11, 2007
Messages
7,796
I was looking at buying a very nice BMW m3, but it had a salvage title. I did not really care as I knew the repair was good. After a few calls to USAA, they said they would insure no problem, but if it was ever damaged, the previous payoff and salvage title would mean they would refuse to pay for any damages to the vehicle, they would only pay liability to other vehicles damaged in a wreck. So I did not buy it.

I'd say you need to revin the vehicle with a frame/vin of a non wrecked Bronco to regain full value.
 

sprdv1

Contributor
REBEL
Joined
Mar 8, 2007
Messages
81,734
Nope--insurance is no problem. I have it ensured for 50k. It's a "classic car" policy or something of the sort, since we drive less than 1000mi per year and only use it for recreation stuff. I chose the coverage amount too. The premium goes up or down depending on how much I want it insured for.

The difference between insurance and a loan is that the bank is stuck with the asset once if you default. If it's not worth anything they are stuck with a bad loan. Insurance doesn't really care so long as you're paying the premiums. For them it's just a simple risk analysis for total loss.


I'm sure whomever picks it up would take on that responsibility... long as you're clear w/them. And bring cash :)
 

kyle

Contributor
Bronco Guru
Joined
Nov 2, 2001
Messages
2,199
I was looking at buying a very nice BMW m3, but it had a salvage title. I did not really care as I knew the repair was good. After a few calls to USAA, they said they would insure no problem, but if it was ever damaged, the previous payoff and salvage title would mean they would refuse to pay for any damages to the vehicle, they would only pay liability to other vehicles damaged in a wreck. So I did not buy it.

I'd say you need to revin the vehicle with a frame/vin of a non wrecked Bronco to regain full value.

This is my understanding too.
 
OP
OP
J

Jc.av8r

Sr. Member
Joined
Jun 3, 2014
Messages
399
This is my understanding too.

Well, with that post I will call my insurer (Statefarm) to confirm coverage and terms with a recon title.


I've decided we will keep the Bronco. Long story short, a car I sold in 2014 is for sale again and I considered trying to get it back, but it would necessitate selling the Bronco.

My emotional reactive brain has calmed down, and rational brain is back in control again. For now. :p
 

green61bug

Contributor
Sr. Member
Joined
Mar 25, 2018
Messages
923
Loc.
Greensboro
Well, with that post I will call my insurer (Statefarm) to confirm coverage and terms with a recon title.


I've decided we will keep the Bronco. Long story short, a car I sold in 2014 is for sale again and I considered trying to get it back, but it would necessitate selling the Bronco.

My emotional reactive brain has calmed down, and rational brain is back in control again. For now. :p

I totally understand that feeling! Glad you are keeping the bronco...
 

BamaBlue'67

Full Member
Joined
Jan 3, 2008
Messages
336
How many people finance a classic Bronco?

Exactly what I was thinking. I doubt many banks would even consider loaning 50k on a 50 year old vehicle. Not to mention most states don't even require a title on a vehicle that old.
It is a beautiful rig. Sell it in a state that does not require a title on a older vehicle and you will walk away just as happy as the purchaser.
 
OP
OP
J

Jc.av8r

Sr. Member
Joined
Jun 3, 2014
Messages
399
Clarified with insurance. Title doesn't matter since it's fully restored.

We are insured for $50k but cannot exceed 3,000mi per year and also must meet these terms:

All of the following must also be true about the antique or classic vehicle:

· It has historic interest.

· It has been restored with exceptional workmanship, has been maintained and preserved in its original condition, or is undergoing a restoration by an antique automobile hobbyist.

· It has not been driven or has been used on a very limited basis, such as for infrequent pleasure driving, parades, club activities, or similar functions of public interest.

· It has not been used regularly for personal, pleasure, or business purposes.

· It must be kept inside of an enclosed building.
 
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