Need some quick advice - buy salvage?

[BrettB]

Hi guys, would like some advice on whether or not to purchase back my bike for the salvage value. I was stupid, going a little too fast and riding a little too close and rear-ended a pickup truck coming up on a stop light. I'm OK, never even went down, but the bike did. Basically all plastics are toast. Its on '08, A, with 37k miles (all mine). Insurance company wants $1633 for salvage. I am definitely buying another FJR, either an '07 or '08. So, a couple of things I really want back off the bike are the factory heated grips (~$300) and the Fuze-block ($85) and the Cal-Sci Large windshield ($200). Would re-sell the Yamaha comfort gel seats that I bought on here for $225. So that's about $700 of the $1600 in value back to me, at retail/new pricing. Im not sure it makes sense for the other $900. I mean all mechanics are in great shape, the frame is straight, some pieces would be salvageable, like the gas tank has zero damage, tail pieces are as new, good engine, tranny, final drive shaft, etc. but I'm not sure how valuable or marketable those items are, and keeping extra mechanical bits in my garage for a bike that has had zero mechanical issues?? I rode the bike home, and then to the shop (had to quit looking at the windshield pointed about 30 degrees off and ride by feel, but other then that it still rode fine).

 

[Geezer]

I assume you don't want to try to fix it up on the cheap rather than replacing it.

I guess it depends on how much work you want to do and whether you have a place to store it. There is normally a market for good spare wheels, and an occasional call for an engine. Lots of other parts would sell over time.

 

[BrettB]

I have a friend with a bike with a salvage title, and I don't think they are worth the work to try and make it as stock as possible. I have thought about the possibility of making a cheap fraken-bike, but I'm not sure of how to do things like hang the battery and the headlight, and really, I don't have the time for that kind of project. I could store stuff, but my wife already complains about the amount of crap in the garage

 

[charismaticmegafauna]

Hi guys, would like some advice on whether or not to purchase back my bike for the salvage value.

My advice (after reading what you've posted) is: Take the money and run. Try to make a deal with the insurance adjuster for the (your) stuff you want off the wrecked bike -- they're pretty accustomed to dealing -- usually, in their favor...).

Rebuilding a wrecked bike for fun and profit hasn't been such a good deal, IME (especially in a down economy). If the motorcycle industry were going great-guns, maybe?

Desireable used m/c parts (to sell) are body-work from the front of the bike -- no help there. I once had a m/c salvage guy tell me he had to scrap a bunch of engines -- just no demand for them and he didn't want them sitting around anymore.

Good luck.

 

[DJB]

If you were closer I would send you the money and pick it up from you and do the work. The engine is worth about 1K, the tires and rims if sound are $600. The saddle bags are at least 400. The main harness and the front forks. Not counting the seat and windshield. Look on ebay and see what people are selling. I bought my replacement fuel injection for $125. That saved me about $1400 form the dealer cost. Think hard and if you have the time take the bike and part it out.

 

[FJayR]

For what its worth, there's salvage '08 on Ebay now listed at $4500. Been there a while

 

[LancasterFJR]

Buy it. Repair it cheap (DIY), and ride the hell out of it. It'll probably cost around $1500 or so, unless the damage is more extensive than described. I assume the insurance co. gave you a decent amount for the bike, so you will also make a decent profit. Been there, done that and never regretted. Sam

 

[blassoff]

I'd buy it in a heartbeat (if you weren't 3000 miles away).

A 2008 with 37K on the clock has to be worth 8000 if clean. I'd expect you could double your cost just to flip it on Ebay. Unless the damage is more extensive than noted, it'll cost you $1500 to repair. That's 2700 total for an item worth two to three times that.

Also....I've never totalled a bike. If the insurance company agrees to pay you the value of the bike because the repairs would exceed actual cash value, why do they get to take ownership of the wreck? It's insurance. They pay you for your insured loss. If they deem it a total loss, the object that was insured doesn't automatically transfer to them. They aren't buying the bike from you, they're paying out on a policy.

The residual value of the wreck seems immaterial. Isn't the policy for the total value of the needed repairs or the value of the bike before the accident?

I don't mean to hijack the thread, but I'm not understanding something here?

Barry

 

[SkooterG]

$1500?!?! Where do you guys get $1500 to repair? Do you have any idea how expensive it is to buy parts for these things? Even from discount vendors? My first two wrecks on my 04 which I rode away from were both $5000+ claims. $1500 is just a few parts. And there is ALWAYS more damage than initially thought.

That being said, it all depends on how much damage and what you are willing to do yourself. If you really love your FJR, you can fix it yourself, and the damage isn't too costly, then the buyback price is pretty good and I would be tempted to do that IF I was going to keep it. Forever. Trying to sell a bike with a salvage title will be difficult and you will only get bottom dollar.

As for blassoff, if the bike is totaled, they insurance company pays you the market value for your bike and then they take possession. You don't get the cash and get to keep the bike. They are paying you for the loss, not to keep it.

 

[wheatonFJR]

Exactly...SkooterB.

What are you guys thinking? Haven't you wrecked your Skoots before??

 

[Checkswrecks]

I'd take the money, less the deductible and salvage value, rebuild it, and ride it till something else came along.

But then, I enjoy working on them.

Checks

 

[madmike2]

$1500?!?! Where do you guys get $1500 to repair? Do you have any idea how expensive it is to buy parts for these things? Even from discount vendors? My first two wrecks on my 04 which I rode away from were both $5000+ claims. $1500 is just a few parts. And there is ALWAYS more damage than initially thought.

That being said, it all depends on how much damage and what you are willing to do yourself. If you really love your FJR, you can fix it yourself, and the damage isn't too costly, then the buyback price is pretty good and I would be tempted to do that IF I was going to keep it. Forever. Trying to sell a bike with a salvage title will be difficult and you will only get bottom dollar.

As for blassoff, if the bike is totaled, they insurance company pays you the market value for your bike and then they take possession. You don't get the cash and get to keep the bike. They are paying you for the loss, not to keep it.

EXACTLY!

All front plastic including the nose piece.

Headlights.

Front stay.

Windshield.

Forks (replaced or straightened).

Unseen: Electronics damaged in nose? Instrument cluster? Windshield motor and assemblies? Radiator mounts? Radiator? Triple trees? What else may have been damaged or shaken loose on impact?

Before I'd decide to buy it back I'd want a more detailed estimate on what needed doing to bring it back to pristine (assuming that's what you want).

To make it a "rat bike" or modern cafe-racer is a completely different story.

All of the above depending on the owners abilities and willingness to see the project through.

To simply buy it in hopes one can sell some parts for enough to recoup the original outlay to the insurance company..... :dntknw:

Dang! I wasted a valuable post number to respond to this.......

 

[BrettB]

The estimate for repair (to put it back to original, at the dealer) was near $12K. I broke enough that the battery box even is broken. Front stay is slightly bent, from there the frame is fine. I'm pretty sure the forks and triple tree are fine, though I'm not 100% sure (and haven't seen the full written estimate, just some things the shop manager has told me, or things I observed myself). The instrument cluster is fine. Not sure about the windshield motor, or headlight assembly within the fairing, which I know is toast. I could only see keeping it for two reasons:

1) part out the mechanical bits and salvage the things I really want (esp. the factory heated grips, fuzeblock and Cal Sci windshield) - however, the retail value of the parts I really want are less then the salvage price, so if that was the only reason and recourse to recoup cost, then that would not make sense - I'd need to be able to sell the engine, transmission, drive, wheels, the small amount of plastic bits that aren't bad (the saddle bags are scratched, but not too bad), etc.

2) Turn it into a cafe racer / rat bike. I think its a great candidate for that. I've never done one, but have a friend who has. That said, I am not at all sure I have the time. complexities like how to hang the instrument cluster, headlight, etc.

At this point I'm leaning towards just letting the junk man take it. But, not listed above is that in tearing apart a wrecked bike I would learn a lot, and be able to be that much better of a wrench on the replacement. Compared against the annoyance of the wife for having more broken crap in the garage...

-Brett

 

[allrider]

I've done this a few times over the years where i was paid the value of the bike minus the salvage value and ended up with the bike and "salvage" stamped on the title.

Here's what I would consider:

The bike will never be worth top dollar again because of the salvage title. If you don't have the time, effort, experience and room to do this kind of thing, and more importantly, if the wife isn't going along with it, it may be too much of a PITA. After you get er fixed up you will also need to have it inspected by the State to make it legal and register it again.

You can part it out, but I would expect someone will give you more than you paid to take it off your hands even after you take what you want. I would shop it around the forum and ebay and see what you can get.

If my wife was agreeable I would make you an offer right now, but that ain't happenin.

Take the money and start shopping. So many bikes, so little time...

 

[dcarver]

I'd say buy it, store it a freshly bought waterproof shed (out of the garage) then sell parts to FjrForum peeps!

 

[charismaticmegafauna]

The estimate for repair (to put it back to original, at the dealer) was near $12K.

The dealer personnel who do the estimates try very hard not to miss anything -- it may cost them $$$ if they do (sometimes they can get the Ins. Co. to go for missed stuff...?). And, too, they put down stuff on the estimite for minor damage. And, sometimes, bikes can be saved from being 'totalled' if some minor damage is accepted by the owner.

But..., a $12K estimate -- probably puts it all out-of-reach?

At this point I'm leaning towards just letting the junk man take it.

It's hard to beat the system, especially nowadays -- Ins. Cos. have contracts with salvage outfits who "play the numbers/percentages". If it costs way to much to repair from a dealer/Ins. Co. perspective? -- then it probably won't pencil-out for the owner/private rebuilder to come-out on it either?

Maybe if it was a more boderline estimate...?

 

[BrettB]

Of course, Fairlaner's thread in classified (https://www.fjrforum.com/forum//index.php?showtopic=134883) right now makes an interesting combination...

Grrr, decisions decisions.

I'd just gone though my head that even if I only spent $1500 on parts (I didn't add up all the parts in that thread), plus the $1630 salvage, I'd be into it just over $3k and I don't think a salvage title bike would ever go for more then $5k, if that much and less if its a rat bike/cafe racer with salvage title... I think it would only make sense to ride the hell out of it, knowing you were upside down pure $ - wise

or if folks on here wanted enough of the good bits to be more then $1600 and part it out...

I also want to say THANK YOU for all who have responded with input as I think this through

 

[Doug from WI]

As charismatic posted in #4 above, try to deal with the adjuster on the parts you want to keep, then let them keep the rest.

 

[DonRed7]

The $1630 is a number that they came up with by laying out some cards on the lunch room table as the bike IS essentially written off and they would rather get it out of the system(paper work)and be done with it. They would rather you have the salvage if they think it makes you happy (read..-staying with them as a customer and making sure you pay for the claim over the next 10 or so years). Offer them $1000 if you want to spend the time making connections with people and running to the Post Office, Many here will appreciate your efforts, but don't do it unless the time is available and your sure the #'s will work. It would be fun tearing an FJR to bit's as well??...Oh,... but you kinda allready did that

Cheers

Don