Author Topic: Should I fix my car? Expensive cosmetic-only damages...  (Read 1629 times)

Grif

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Should I fix my car? Expensive cosmetic-only damages...
« on: June 03, 2018, 01:39:39 PM »
So I ran into a major hailstorm recently.. https://imgur.com/a/XLs1SGJ
it was big enough to destroy both my windshields and left plenty of dents all along my cars body. I'm trying to figure out whether I should spend money fixing the dents or not. My main problem is I don't know how not fixing them affects the sellability of the car or if the dents would cause more problems like rusting or something over time.

Some stats:

2010 Honda Accord LX-P, 2.4L V4, ~61500 miles

I owner retained my vehicle and insurance still paid out a decent amount, about 7k.
There are dents everywhere but the main ones I was planning to fix were the top, hood, and trunk cover.
I have a painter friend who quoted me around 2.5k for replacing some easily replaceable parts and painting.
Other companies who would replace all the parts and etc quoted 4-6k for repairs.

The actual mechanisms of the car are all in good condition, and I don't drive much so its miles are low. I plan to drive it for several more years. By the end of those years though I don't know if my car would have any worth whether I fixed those dents or not.

Would you spend 2.5k on fixing dents? I'm leaning toward no, because I really don't care how my car looks. But then again I would want to at least be capable of selling it eventually. Insurance quoted its salvage value as $3100, if that helps any.

Let me know what you think, I appreciate any help!

nereo

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Re: Should I fix my car? Expensive cosmetic-only damages...
« Reply #1 on: June 03, 2018, 01:49:22 PM »
spending money in hopes to increase resale value makes no sense.  You'd be losing money now in the hopes of recouping some (or even all) later.

If any of the dents have gone through the paint and primer you should touch those up to prevent rust.  Otherwise, I'd pocket the $3100, carry liability-only insurance and run this car until you sell it for scrap.

Grif

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Re: Should I fix my car? Expensive cosmetic-only damages...
« Reply #2 on: June 03, 2018, 02:12:15 PM »
Yeah I agree with that sentiment! Really not a good $2500 investment if it probably won't even retain its value over time. That's how I thought of it but I keep fearmongering about being able to sell it eventually. I've had it a while but this is still my first car actually so no experience selling a car!

sokoloff

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Re: Should I fix my car? Expensive cosmetic-only damages...
« Reply #3 on: June 03, 2018, 02:13:41 PM »
Exactly.  The value of this car is solely in its utility function.

That will still be true 3, 5, or probably 10 years from now.

Invest the money; donít spend it on the car.

kpd905

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Re: Should I fix my car? Expensive cosmetic-only damages...
« Reply #4 on: June 03, 2018, 07:32:45 PM »
Keeps the dents and pocket the cash, the car is more aerodynamic now.  If you drive it until it dies then the cosmetic damage won't really affect how much you'll get for it.

terran

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Re: Should I fix my car? Expensive cosmetic-only damages...
« Reply #5 on: June 03, 2018, 07:51:20 PM »
spending money in hopes to increase resale value makes no sense.  You'd be losing money now in the hopes of recouping some (or even all) later.

Agreed. You just got to recoup $7k of depreciation with no loss in functionality. Sounds like a pretty good deal.

ender

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Re: Should I fix my car? Expensive cosmetic-only damages...
« Reply #6 on: June 03, 2018, 07:53:47 PM »
This is kind of the dream for most Mustachian folks.

seattlecyclone

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Re: Should I fix my car? Expensive cosmetic-only damages...
« Reply #7 on: June 03, 2018, 08:20:03 PM »
Do you work in an occupation where the condition of your car might have some plausible effect on your income? If not, keep the dents. A running car will find a buyer once you want to sell. One with dents will probably sell for a bit less than one without, but it won't make enough difference several years hence to recoup your repair costs.

Clean Shaven

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Re: Should I fix my car? Expensive cosmetic-only damages...
« Reply #8 on: June 03, 2018, 09:29:25 PM »
Herculiner the whole thing.

affordablehousing

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Re: Should I fix my car? Expensive cosmetic-only damages...
« Reply #9 on: June 04, 2018, 10:17:21 AM »
Yeah look at this as getting $7K literally falling from the heavens. Give us some warning next time there's a hail storm, I'd love to get that for having some dents in a car. I would fix the windshields, but the rest of it, forget it.

Grif

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Re: Should I fix my car? Expensive cosmetic-only damages...
« Reply #10 on: June 05, 2018, 10:23:09 AM »
Thanks you guys for the help!
Yeah it does seem to be a rather good situation after all!