Insurance buyback question... (now with reply from ins. co)

[duc_fan]

Well, my bro is getting a decent price for the bike now. Not my place to say how much, but it was a reasonable market value.

Now for the part that affects me... they dropped the buyback to $1960.

It needs the following mechanical items:
--radiator
--coolant hoses to radiator
--radiator fan (maybe)
--throttle
--front brake lever + MC
--throttle-side switchgear
--rear brake lever
--clutch cable

To make it trackable it needs the mechanical list plus:
--track bodywork
--windscreen
--frame sliders

To return it to the street it needs the mechanical list plus:
--street bodywork (right side panel, front facia, rear seat surround, possibly bottom right side)
--windscreen ($30-$60 for aftermarket)
--headlight unit ($250 MSRP for just the housing, $300 real-world for complete assy)
--turn signals ($30 aftermarket will do)
--mirrors (cheap barend units will do)

I may be forgetting something in the Street finishing list, but you get the gist.  The mechanical list is complete, to my knowledge.

So whaddya think?  Is it worth $2k?  I'm leaning toward having my bro buy it back, then I buy it from him, and make it a track toy when more money permits.  If Dad, both my bros, and myself all go in together, they'll possibly want to make it streetable (but splitting up the costs makes it easier on all of us).  All agree its primary mission in life will be as a track toy, but they might want street capability so that Dad can continue riding with us. 

[NAKID]

Honestly, I can't say. But what I do know is the buyback on my S2R800 was less and needed less work...

[GLantern]

How much does the mechanical parts go for like the radiator etc.?  I dont have experience with buying back however i would think you could find a trackable equivalent for about the same amount of $ you are using to buy this back and fix it up.  And the one you buy would be ready togo right off the bat.  I would browse ebay a bit first and see what you find or checkout craigslist then go from there.

There might be a site that lists just track bikes but i don't know of any.

Bodywork alone is minimum $500
Frame Sliders $150+
Might want to consider barend and axle sliders as well.
Windscreen $80?

Of course since the CBR is an 05 its probably going to be a lot newer than anything else you find.  If you are doing the installs yourself that will save you a ton too.  I say do the math and make your decisions from there.

[Scottish]

I would price the needed parts to get a total figure for the rebuild, but it sounds reasonable to me.

[duc_fan]

Well, I told 'em I'm buying ti back, and my brother doesn't care what the rest of us do with it, since he'll get a new (leftover) 2007 CBR 600RR.

Buyback was $1960.

Dad and I went shopping for all the mechanical stuff it needs (radiator, throttle-side switchgear, etc), and if we buy new OEM stuff we're looking at around $900.  The radiator is almost half of that ($445 retail OEM).

The remaining stuff needed to make it track-specific (body + sliders) will run around another $900, and that's getting halfway decent bodywork (not the cheap $250 sets from fleaBay).  I can get a complete set of Armour Bodies for $850.  Or I can get just the peices I need (race upper, AMA lower, race tail) in Sharkskins for about $750 (which retains the stock tank cover since it's only lightly rashed, and the stock front fender).  I'd prolly leave 'em primer grey, to be painted eventually.

So... we're looking at around $3800 to make a track-only bike in primer grey.  To make it street worthy would run closer to $4k (depending on what plastics I went with).

Based on what I've found, that's a pretty good price.  I could find an SV650 setup ready-to-roll for that much, easily.  But... this is a 2005 CBR 600RR.    If I don't like it, can't afford it, whatever... it looks like I could sell it pretty easily for around $4500.  Add halfway decent paint and a handful of goodies, it's worth an easy $5k.  In street trim, a cleaned-up '05 600RR with a salvage title is worth $5k-$5500.

The other thing a friend pointed out... a lot of salvage title trackbikes you don't know the history on.  I know this CBR's history since new, I know how it was ridden, how it was damaged, etc.

Plus,. as someone said, I'll be doing my own labor.

It's an opportunity.  It's not a steal of a deal, but it's not in the red ink either, so I'm taking this opportunity.  I'll be taking my time, shopping for deals.  My focus now will be cutting the cost of that mechanical repair list as much as possible.  I'll be out at the track in September, and while I'm there I'll be asking around about leftover CBR takeoffs.  Then I'll watch eBay over winter and look for deals.  If I can cut the mechanical repair cost by a couple hundy, that'd be great (and I think it's possible, because a lot of the parts we looked up Dad wanted the OEM new prices on because of the possibility of riding it on the street... for my purposes on the track, I want stuff that works, it doesn't need to be pretty).

[GLantern]

Sounds like a good price to me best of luck with it!!

[duc_fan]

Wow... some parts hunting today resulted in a couple hundred in cost savings! 

That spendy radiator?  I found the same OEM new one at another supplier for over a hundred less.  At that same place (www.mrcycles.com) I found lower prices on several other ancillaries I'll need.  My total cost estimate for a track bike has gone from $3780 to $3560.  That still includes the bike buyback and complete Armour Bodies bodywork set.

Now, if I can find bodywork that's less expensive than Sharkskinz or Armour Bodies, but that's better than the crappy $250 sets on eBay, I'll be able to cut that cost even more. 

Of course, I'm still on the lookout for used parts for pretty much everything except the radiator.  If I can save money, I will.  The objective is to see how inexpensively I can build a decent CBR 600RR track toy (better than a fleabay blue-light-special, but only splurging in areas where it's worth it).

[bonfy]

Does anyone else have any more numbers for their buy back values?  I am duking it out with Dairyland right now.  My 2007 695 buy back was $1113.  My 2008 695, they are wanting $3200.  They said 35% of the value at the date of the total is customary.  After reading this thread, the percentage has ranged between 22% up to 41%.  I need more data points so I can feel better about the decision.  I already have the bike up and running and hate the idea of stripping parts back off if they are going to stay on their high number.

[NAKID]

Good luck with Dairyland. That's who I had when I had my accident and they were a pregnant dog to deal with. They were unwilling to budge on the buy back because "That's what the salvage yard will pay us for your bike"...

[bonfy]

Yup, I just finished with them and they said they had an offer for $5500 from a salvage yard on my retail $7995  695.  I asked if there was any way for me to verify that.  They generously offered to let me pay the $3215 they originally quoted me.      Somebody's making money here and it ain't us stuck with the salvage title anymore.

[NAKID]

Yeah, they suck bad. Tried to tell me they believed the other guys story before they even got mine. make the beast with two backs them, never deal with them again. I'm with Foremost now and paying about 40% less....

[bonfy]

I'm calling my agent tomorrow (not the Dairyland guy) and telling her to put me with someone else, as well.   I'll ask about Foremost.  I talked to Kingbaby today though who has seen a lot of the insurance scenarios because he managed PJ's in Albuquerque for awhile.  He said over the last year, the buy back value has been going up dramatically.  The salvage yard's must have links to rebuild shops or are parting them out at a huge profit.  Thanks for the input, Nakid. 

[derby]

The salvage yard's must have links to rebuild shops or are parting them out at a huge profit. 

there's a lot of money to be made parting a bike out.