It’s entirely possible I’m developing an unhealthy obsession with VW Buses, but I’m not entirely to blame: our beloved commenters keep encouraging me! It’s really not my fault!
FTGDHoonEdition sent in a tip to an article from the LA Times about a beautifully restored VW Bus that was recovered in a container bound for Europe. After a great deal of work, the Bus had recently emerged from a complete rebuild and restoration, and was being delivered to a purchaser in Europe. When US Customs agents ran the VIN, they discovered that the vehicle had been listed as stolen, and paid out by AllState insurance — back in 1974.
The article points out that it had been paid out for around $2500 back then, and was now worth around $25,000. Since it now belongs to the insurance company, this seemed like a pretty good deal. But that got us thinking: is it?
Regardless, it’s a pretty raw deal for the restorer, who is not a suspect in any way; he’s out the entire amount of the purchase and the cost of restoring it. But is it really all that great a deal for AllState? They paid out around $2500 in 1974. First off, that is the equivalent of between $12,000 and $18,000 in 2009 dollars. So perhaps they made out fairly well. If, however, they had just invested that $2500, back in 1974, it would be worth over $30,000 today — between $34,000 and $37,000 in fact, depending on the type of investment.
The only things we can say for certain about this story are these: when a vehicle is stolen, everyone loses, even if its recovered later; and that is one hellova nice BugBox.
[Source: LA Times]