Replacing family car - advice needed

[Wintergreen25]

Hello, MMM Forum members. We're a family of five - 3 kids and 2 parents. Our very non-Mustachian  Honda Odyssey was just smashed by parking pole by oldest kid. The repair is about $6,000 - so more than car is worth. It is still drivable. We could:

1: Report it to insurance company (still have comprehensive) and they would probably pay us some amount for totaling it, but that would likely raise our insurance rates even more with teen driver.

2. We could sell damaged car to salvage (?) and buy a new (used) car. If we do that, what type of car for five tall people do you recommend?

We can pay cash. Thanks for any advice. We suddenly have a lot of decisions to make and I want to cover all angles.

[bobechs]

I don't know about the height requirement, but the street furniture won't stand a chance next time... (and there will be a next time.)




http://www.milweb.net/classifieds/view_large.php?ad=79961&cat=1

[Gin1984]

Why do you have comprehensive if the car is not worth much?
Your current car is not bad for the amount of people you have, I'd get something similar but the kid needs to go back to divers ed/have hours with a driving instructor.  Running into a poll is not normal teen screw ups.

[Wintergreen25]

As someone who has also run into a pole in a parking garage, I can't give him too hard a time! Having comprehensive is a legacy from when car was newer. I probably should have canceled it but it is about $8/month. Wondering if it's worth it to put in the claim. I think we'd get about $1500 after deductible. But that might raise insurance rates another $50/month or more  for some years to come.

[RWD]

The repair is about $6,000 - so more than car is worth.

I think we'd get about $1500 after deductible.

Your deductible is $4500? My insurance doesn't even give me options above $2000.

How much do you expect to be able to sell the vehicle as is? And how much if the damage is fixed?

[Wintergreen25]

I figure the insurance company wouldn't give us the $6000 because the car is only worth about $2000-3000 blue book. They'd just "total" it and give us the amount rather than paying for repair.

[RWD]

I figure the insurance company wouldn't give us the $6000 because the car is only worth about $2000-3000 blue book. They'd just "total" it and give us the amount rather than paying for repair.

Ah, gotcha. So your two primary options look something like this:

Have insurance total the vehicle: $1500 net
Sell the vehicle as is: ~$??? net

I'm guessing you'll get more by going though insurance.

[lbmustache]

How bad is the damage and where is it? Is it just a door busted or is it REALLY totaled, aka:



I'd probably opt OUT of insurance. You'd get $1500 for the car and insurance will go up ~$50/mo for about 3 years (or that's how it works here). Just to make it easy, $50 for 36 months is $1800.

I'd sell it for scrap if it's really bad, part it out if you know how, or see if you can sell it as is on craigslist. Even $500-$1000k will be better than going through insurance.

[Wintergreen25]

The damage is all on one side, really the whole side including the automatic sliding door panel. It's actually pretty low mileage for its vintage (2003) - about 100,000 miles - and in good shape otherwise.

We'll do some more research on how much we'd get for it as is.

Appreciate all the advice. Thanks!

[tobitonic]

I'd just get another minivan, and I wouldn't worry about it being "Mustachian." MMM has one child and at least two vehicles, one of which is already a minivan; he has no experience whatsoever with parenting three children while sharing one vehicle.

[abhe8]

Five tall people? I'm assuming these are adult size people? Not sure you would be comfortable in something smaller. Or have space for any reasonable amt cargo. I'd go for another used mini van. And more driving lessons.

[mountains_o_mustaches]

I would say to think about the type of driving you do most.  Are you typically driving all 5 people around at the same time.  If yes, then it makes sense to look for another minivan to fit everyone (but make sure to look for the most fuel-efficient used model).  However, if your teen is going to be driving on his own - maybe have him keep using the wrecked minivan and look for a smaller, more fuel-efficient vehicle for the rest of your family?  Just a thought.  Again, make the decision that works best for how you will most use the vehicle.  Good luck!

[chemistk]

Echoing others on here, I would definitely not go the insurance route and instead try and sell it on Craigslist As-Is. You could probably get at least $500-$750 for it, especially if it can be driven away. Alternatively, you could scrap it by either selling it or donating it - a scrap yard would love to have those parts in its inventory and they'll come and haul it away for free.

As for the replacement - you really have two options. Option one - you get another used minivan. Growing up in a family of 5 (3 boys, my parents), I can say that the minivan does offer the most utility when it comes to hauling people and stuff. Option two is to shop around for cars with a higher roofline and a deep backseat - a (used) Mazda5, Prius, PriusV, most Subaru wagone, etc. With a minivan, you have all the versatility and space you need, but with the smaller car you are getting more "mustachian".