Wondering what to do with my convertible...

I had been renting a garage down the street from my house to store the 'vert. About a year back, the owners had some unlicensed contractors reroof the three garages behind their complex (by now you may already start to see where this is going...) and my garage was the one at the low point of the roof where everything drains. Long story short, the garage flooded after a heavy rain, followed by a week or so of near record heat. Due to a series of unfortunate events, I wasn't able to get back over to the garage for about 2 months. When I did, the place was floor-to-ceiling mold and the interior (factory leather) and portions of the paint where the water leaked in (rusty water, mind you) were basically trashed. The insurance company totalled the car and I was able to recoup about $6,000. The problem I'm not having is what to do with the car. As far as I can tell, it basically just needs an entirely new interior and maybe the hood and fender reshot (paint). I'm not sure if there was any additional, undiscovered damage, but it is definitely possible. It ran when I parked it, but I didn't correctly prep it for long term storage. I would say that with probably about $2,500-3,000 and some time and elbow grease, this thing would be cherry again. The problem is that I don't think I have time or energy to do it.

This brings me to my ultimate question, and that is: What do you guys think this thing is worth in it's current condition? At this point, the parts are probably worth more than the whole, but the last thing I want to do is part it as it is a complete, original, unmolested convertible and would be a perfect candidate for restoration. For those who don't know, it is a 1990 IROC Convertible, factory 5-speed, (one of about 500, AFAIK, built that year and one of the last IROC's to roll off the line), Black on Black with what was once Gray Leather interior, loaded with options (I think about the only option that this thing doesn't have is the factory CD player). Spent about $6k in body work and paint in 2004, body is completely straight, car needs tires, interior, new top. The only modification to this car is Alston/TDS subframe connectors, which are a must if you've ever driven a convertible on twisty roads.

I'd be open to anyone's opinions as to the value, I do have some pictures of the damage but suffice it to say that the interior is pretty much going to have to be completely stripped out of it to make it right.


Thanks!

 

It's hard to say without seeing any photos. My guess is that there was enough water damage to ruin the entire interior then the floor pans will probably need to be replaced or at least patched due to rot.

 

Well maybe, maybe not. Hopefully the floors are still alright. If they are I'd say it would be worth fixing. How did the water get in the car anyways? Was the top down?

 

The thing that would bother me is, since it has a salvage title (or rebuilt title, whatever your state issues), not only will the value be hurt but I know here in Missouri you can't get full coverage insurance on it. And being such a rare car with desired options, and the best year (in my opinion), I wouldn't want to put a lot of money into it and not have the safety of full coverage insurance. It wouldn't be worth it to me.

 

Some follow up to the responses: NO water actually leaked inside the car, the garage had a thick carpet on the floor (why? I don't know- it was there when I rented it and I didn't figure that water intrusion would become an issue later down the road) that essentially soaked up all of the water that made it in to the garage. The top was up, but the windows were cracked about an inch. However, anyone who owns one of these knows that they aren't the most air tight of convertibles and when it got hot after the rain, the humidity in the garage got so great that that entire garage turned into a science experiment, floor to ceiling. It doesn't take a whole lot of moisture for leather to start molding, especially in a dark, uninsulated garage that probably exceeded 85-90* for several days once it got hot. The floor pan seems fine, the problem is more with the interior being totalled and possible fuse block/wiring problems, which got just as moist as everything else.

In California- you can still fully insure a salvage title vehicle as far as I know- my insurance company continued to fully insure mine for several months after the damage, until I cancelled the insurance on it. While the salvage title is definitely a blemish on the potential value of the car, it was not because of extensive frame/body damage or being involved in a wreck, it was because the insurance company did not want to replace an entire leather interior, top, steering wheel, etc. etc. I realize that to the value, a salvage title is a salvage title is a salvage title, but knowing that it was not involved in a wreck does make it a better candidate for restoration (IMO).

 

I feel your pain I had a similar experience with a camaro I owned. Another reason insurance companies don't like dealing with flood cars is electrical gremlins as wiring gets wet it will get rusty and connections will not be as good and they can deal with these for many years and there may be no end in site. At least that's what the insurance adjuster told me. It sounds like you really love the car (as you should it's a nice car). But you will grow to hate the car as all kinds of problems could pop up. I think this car is probably worth between $1000 and $1500, since before I would feel comfortable with this car I would need to replace all the wiring. So I would get what you can for it and sell it to a person who will fix it (if you were closer I would buy it in a heartbeat) and not junk it.

I guess the main question is are you looking for monetary value or what's best for the car? I'm assuming you are looking for both but if you want what's best for the car I think the answer I gave would be best.

 

I'd save it. If the car only needs an interior, tires, and a top its definitely worth it, especially considering its a 1990 IROC convertible with a 5-speed. Didn't you say insurance gave you $6 grand? Have someone else fix it if you don't have the energy. Post up some pictures of the damage. From the sounds of it, my 1991 Trans Am vert has seen more work hours from me (and counting)... and it hasn't been through what yours has been, although New England winters and sitting in a forest for a few years might be comparable.

And did you talk to the owners of the garage? I think they owe you compensation...