2004 Honda Accord Totaled by Insurance - Take the Money or Repair?

Asked by alisadro Jan 14, 2015 at 03:51 PM about the 2004 Honda Accord EX

Question type: Maintenance & Repair

Hello  I have a 2004 Honda Accord EX (4Cyl) with 132K miles. The insurance
company is totaling the car because the hood, grill and headlights were damaged.  A
vehicle had into the car.  Two questions:  Should I take the money and simply repair
the damaged areas.  There is no structural (ie: frame) damage. I like to keep it for
another 4 years.  The 2nd question is if I take the money, the car will get a "salvage"
title. For a 15 year old car (projecting 4 years into the future) would the salvage price
be very different than the car of similar mileage and age without a salvage title?  I am
thinking the car would have depreciated enough where the price difference would be
minimal. Thank you for any feedback.

4 Answers
13,095

JP1956 answered 9 years ago

Take the money from the insurance company and run, unless you plan on fixing the car and running it into the ground yourself and then junking it. If you were to resell it in another four years with a salvaged title you would get next to nothing for it. Just do the math, at 12,000 miles a year on an already 11 year old car, it will be 15 years old with 180,000 miles on it. Unless someone is very stupid, you would be very lucky to get a couple of hundred dollars for it by then, if that much.

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rmilks answered 9 years ago

Yea, unless you can get an accurate, acceptable quote to make it drivable for you....and you plan on just junking it after another four years, total this car out and get a replacement. I wouldn't buy it in 4 years with a salvage title.

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