I had just hit post on the last update when my phone rang. It was the appraiser for the car.

I’d been advised to not accept anything he said until I could mull it over, but there was no reason not to.

Damage to the rear end of the car is valued at $7,400. Value of the damage on the front end, $5,000. Total cost to repair the car: $12,400. I paid about $15,000 for that car; there’s no way those kinds of repairs aren’t a total loss!

The appraiser called around Lethbridge and got an estimate of $2,200 to have a new car set up for towing. He can’t go any higher than that. However, he is putting a note in the file that he recommends I be paid that much, but that I can come back with a bill later and get reimbursed if it costs more. That’s a compromise I can live with.

Now, the value of the car. I did some market research and determined that, depending on the condition and options, the car was worth $7,500 to $9,000. I was willing to settle for an appraised value of $8,500 because of the good condition and low mileage. The appraiser came back with a figure of $9,432.

Moreover, should I have to pay GST on the next car I buy, I can submit a GST bill of up to $471.60 (5% of $9,432). So I don’t want to hear anyone say that I should have hemmed and hawed before accepting. 🙂

I still owe about $4,200 on the car. So I should be getting about $5,000 once the loan is paid out and the paperwork is completed. I am so happy that I paid the ‘cash’ price for the car and got it financed at 0% otherwise there is a likely chance I would have still been on the wrong side of the loan at this point or that the car would have just been worth what I owe on it.

I’m not sure yet what I’ll be buying to replace the car, but I want something sturdier than an Accent and not brand new. That $5,000 should go a long enough way to getting something decent.

So now, I’m focused on getting this claim resolved and money in the bank in time to get me back on the road by next Thursday. Please keep all your appendages crossed!