Water got into my BMW - should I repair or write-off?
My seven year old, 125k miles BMW 530d suffered water ingress last week. The insurer's garage won't take the engine to bits and have costed £13k for a replacement power unit - so it's a write off.
The Total Loss people wrote to me saying: 'Should you wish to proceed on a total loss basis the offer is £7000 subject to excess and sight of relevant documents. However should you wish to retain the salvage a deduction of 30% would apply, in this case this would equate to £2100 giving a residual settlement figure of £4900 subject to excess deduction'.
My excess is £400. I like the car. My independent BMW specialists (whom I trust) think it's probably repairable (guessing a bent con rod) for about £2000. But if it needed a new secondhand engine it could cost twice that. I know that it'll be declared a previous write off but I could be prepared to keep it and run it into the ground.
Do you think it's worth it or should I take the £7k?
The Total Loss people wrote to me saying: 'Should you wish to proceed on a total loss basis the offer is £7000 subject to excess and sight of relevant documents. However should you wish to retain the salvage a deduction of 30% would apply, in this case this would equate to £2100 giving a residual settlement figure of £4900 subject to excess deduction'.
My excess is £400. I like the car. My independent BMW specialists (whom I trust) think it's probably repairable (guessing a bent con rod) for about £2000. But if it needed a new secondhand engine it could cost twice that. I know that it'll be declared a previous write off but I could be prepared to keep it and run it into the ground.
Do you think it's worth it or should I take the £7k?
Asked on 4 December 2012 by Bill Oldfield
Answered by
Honest John
That's a decision I can't make for you. The repair may work, or may not. But you'll be heavily into the cost of the repair BEFORE they find out you need to source a second-hand engine that may itself need work. So more fruit for thought.
Be sure to use a member of www.fer.co.uk, not just any old local garage.
There are more crooks in the second hand engine business than there are in prison.
Be sure to use a member of www.fer.co.uk, not just any old local garage.
There are more crooks in the second hand engine business than there are in prison.
Tags:
water ingress
flood damage
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