By Martin Alva - March 27, 2019
Written-Off Classic Cars: Are They Worth The Buy?
At the outset, cutting out rusty panels or bent metalwork and replacing it with new ones might not sound like a lot. To the common ear, this might sound like a crashed classics worth the buy, which is true only if you know what you are getting yourself into. Believe it or not, an awful lot of classic cars are written off every year either by salvage experts or at specialist auctions.
Hence, if you are planning to buy a written-off old classic this is your go-to guide.
There are numerous classifications of what makes up a written-off car. The term is best describes a vehicle that in the eyes of an insurance company does not warrant repairing, either due to age, value or administrative hassle. A widely accepted practice is where insurers write off cars if the estimated cost of repairs exceeds 65 per cent of its market value.
It should be noted that a car does not have to be smashed up to be ‘written-off’. We have come across cases where vehicles are stolen and recovered by insurance companies with little or no damage. These can make for the excellent buys.
However, usually the biggest lingering worry is whether the car was abused (especially sports cars) and what’s now missing. Apart from this, another type of car that is often written-off is the one inflicted with flood damage. While a lot of them would look fine on the outside, it may hide a host of latent problems. In the motoring world, cars that were subjected to freshwater floods are the ones that successfully see the dawn.