Hi all,
I've been reading the forums for a long time and am coming out of lurk mode for your help with some car advice!
About 3 weeks ago I was rear-ended in my 2003 Subaru Legacy. It has 118,000 miles and was in good mechanical condition and ok cosmetic condition (some minor dents/scrapes/rust spots) prior to the accident. The guy was looking at his phone while driving and hit me pretty hard on the rear passenger side (luckily, neither of us were injured). The accident dented my bumper and caused it to partially detach, dented the quarter panel, and bent the car enough that the trunk and gas lid will no longer close. It's still drivable, and mechanically feels normal to me when driving. I'm not super comfortable driving it right now though since the bumper squeaks ominously every time I hit a bump, and with the trunk and gas cap not secure I don't want to park it downtown for work.
The guy's insurance company gave me an estimate of $2,273 for the visible damage and said that it was likely there was more internal frame damage, so they have decided to total the car. They are offering $4,147 if they take the car, and $3,493 if I keep the car (so a salvage value of about $650).
Other pertinent info:
-I do need a car, although it's not an emergency. I could get by for a few more weeks without one but not months.
-My car has some upcoming maintenance requirements. Mostly, it needs a new catalytic converter and oxygen sensors (quoted at $1300) before I renew my registration next March so it will pass emissions testing. It also needs a new battery. There are some less urgent items on the list like new shocks/struts and repairing the weatherstripping.
I'm not that knowledgeable about cars, the last time I bought a car was 13 years ago, and I've never dealt with this situation. I'm hoping to get the best value out of it and hopefully not get screwed in the process. What would you do?
1. Sell the car to the insurance company. Buy a new (used) car relatively quickly.
2. Keep the car with a salvage title. Figure out how to cheaply secure the bumper, trunk, and gas lid so I can keep driving it. Shop around for a used car before March. Sell my salvaged car to the dealer or wherever I can get a good price.
3. Keep the car with a salvage title. Have it repaired just enough to get by. Keep driving it indefinitely.
I'm leaning toward option 2, because this would give me some time to shop around for a good deal and hopefully I could still sell my car and recoup some of the $650 at the end. Option 1 would leave me needing to find a car quickly and Option 3 seems like it could become a money pit.
Also, would you try to negotiate the insurance offer? KBB value for my car is averaging $2500 for private party. Based on this, their offer came in higher than I was expecting. I'm finding similar cars for sale in my area for $3-4k. Is there other information I could use to negotiate this higher or are they giving me a good price?
Thanks fellow Mustachians!