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Author Topic: Code 2, Code 3?  (Read 817 times)

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Offline michnus

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Code 2, Code 3?
« on: January 20, 2007, 07:18:13 pm »
Please tell me what is a code 2 or code 3 car or bike? A code 3 is write-of ,rebuild and re-registered?

Offline Adventurer

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Code 2, Code 3?
« Reply #1 on: January 20, 2007, 07:57:43 pm »
A code 3 is any one of the options you listed, if done correctly, no problem, but normally sold at a much reduced price, and difficult to re-sell.
If you can keep your head in the midst of all this confusion, you don't understand the situation!
 

Offline michnus

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Code 2, Code 3?
« Reply #2 on: January 20, 2007, 08:26:40 pm »
but then what is a code 2 vehicle then?

Offline Miena Moo

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Code 2, Code 3?
« Reply #3 on: January 21, 2007, 10:28:03 am »
Code 1 is brand new.
Code 2 is second owner or second hand.
Code 3 STAY AWAY. Rebuild or been in very bad accident.
I work in the insurance industry and you also will not get finance on code 3.
MOOOOOOOOOOOO  
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Offline CaMojo

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Code 2, Code 3?
« Reply #4 on: January 25, 2007, 09:56:22 pm »
Agree, Code 3 can not be finaced, therefore the lower price.

The Insurance Industry Have NO hard and fast rules as to when a vehicle or bike is made a Code 2 or Code 3,

I have seen bikes with purely superficial dakage, i.e plastics and it ends up a Code 3. And then you will find a Bike with broken front forks, bent frame, and it ends up a Code 2.

Same with cars, some cars with Airbags activated (So the Dash is Destoyed) and theys still end up Code 2.

Always be very careful. a Code 3 can be a real option as you can buy a bike that is in perfect condition for a lot less than book value. especially if you want to keep it for yourself long term.  Just make sure you know who did the work on the bike.  It is also a lot more difficult to hide things on a bike.

Cars are a lot more suspect as there are a lot that the eye can not see.

Common sense prevails.

If it is too cheap to be true, it mostly is suspect.
 

Offline Ned_da_biker

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Code 2, Code 3?
« Reply #5 on: January 26, 2007, 08:23:47 am »
Jip check out my Code3 bike....


Code 3 aint alwys that bad!
ome mistakes are too much fun to only make once. :-)
 

Offline michnus

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Code 2, Code 3?
« Reply #6 on: January 26, 2007, 09:14:43 am »
Thnxs for the info, I have no gripes buying a code 3 if it is still in good nick, I was confused on the way they classisfied it and the meaning.

Offline IceCreamMan

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Code 2, Code 3?
« Reply #7 on: January 26, 2007, 09:19:54 am »
Quote from: "Miena Moo"
Code 1 is brand new.
Code 2 is second owner or second hand.
Code 3 STAY AWAY. Rebuild or been in very bad accident.
I work in the insurance industry and you also will not get finance on code 3.


Nope , code 2 is not second owner or second hand.

cheers
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Offline Lito

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Code 2, Code 3?
« Reply #8 on: January 26, 2007, 09:43:09 am »
Yep, thats what I thought. Code 2 means sumfin else. Like water damage or something I think
 

Kev

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Code 2, Code 3?
« Reply #9 on: January 26, 2007, 10:28:32 am »
Quote from: "Ned_da_biker"
Jip check out my Code3 bike....
Code 3 aint alwys that bad!

 
Not that bad? That is AWESOME pic Ned... of a bloody good looking bike. :thumbleft:
 

shark_za

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Code 2, Code 3?
« Reply #10 on: January 26, 2007, 11:03:19 am »
Quote from: "IceCreamMan"
Quote from: "Miena Moo"
Code 1 is brand new.
Code 2 is second owner or second hand.
Code 3 STAY AWAY. Rebuild or been in very bad accident.
I work in the insurance industry and you also will not get finance on code 3.


Nope , code 2 is not second owner or second hand.

cheers


Yes it is actually.

If a car is not deregistered and is 2nd hand, it becomes a code 2.
Once you scrap it it becomes Code 3.
Code 2 are registered as used vehicles, whereas Code 3 are registered as a rebuilt vehichle.



The big issue involves insurance companies not scrapping cars on the system and leaving them as Code 2 after they have been written off.
So a vahichle that was scrapped but never made code 3 is great for the panelbeaters, they fix and keep the code 2 papers.



Edit: Quote - Johan van Vreden (Motor Industry Ombudsman): 'A Code 1 is a new vehicle and a Code 2 is a used vehicle and a Code 3 is a so-called written off vehicle. And if that written off vehicle is restored, it can never appear on the road again as a Code 2.'
 

Offline IceCreamMan

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Code 2, Code 3?
« Reply #11 on: January 26, 2007, 11:12:30 am »
Quote from: "shark_za"
Quote from: "IceCreamMan"
Quote from: "Miena Moo"
Code 1 is brand new.
Code 2 is second owner or second hand.
Code 3 STAY AWAY. Rebuild or been in very bad accident.
I work in the insurance industry and you also will not get finance on code 3.


Nope , code 2 is not second owner or second hand.

cheers


Yes it is actually.

If a car is not deregistered and is 2nd hand, it becomes a code 2.
Once you scrap it it becomes Code 3.
Code 2 are registered as used vehicles, whereas Code 3 are registered as a rebuilt vehichle.



The big issue involves insurance companies not scrapping cars on the system and leaving them as Code 2 after they have been written off.
So a vahichle that was scrapped but never made code 3 is great for the panelbeaters, they fix and keep the code 2 papers.



Edit: Quote - Johan van Vreden (Motor Industry Ombudsman): 'A Code 1 is a new vehicle and a Code 2 is a used vehicle and a Code 3 is a so-called written off vehicle. And if that written off vehicle is restored, it can never appear on the road again as a Code 2.'


ahhh i stand corrected.... did the google thang and its interesting to read that some vehicles which are "structuarally" sound but costs are to high to repair remain code 2's and are not scrapped and made code 3's..... code 3 is deemed to be written off and stucturally unsound......
Born to lose, live to win!!
 

Offline Miena Moo

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Code 2, Code 3?
« Reply #12 on: January 26, 2007, 12:26:09 pm »
Quote from: "Miena Moo"
Code 1 is brand new.
Code 2 is second owner or second hand.
Code 3 STAY AWAY. Rebuild or been in very bad accident.
I work in the insurance industry and you also will not get finance on code 3.


Normally insurance company's I won't name them I was a claims speclialist with various companies work like this:

If the damage to the vehicle/bike exceeds 70% of the value they deam it a write off.The insurance company will have it removed to their salvage dealer and scrap(Code3) it with the registering authority.These scrap vehicles get's sold at an auction for next to nothing.

If the person that buys the item then fixes the vehicle and wants to put it back on the road they needs a roadworthy and can be reregistered as a rebuild but remains a CODE 3.

So the vehicle might have a value of R70 000 and minor damage but the air bags popped,damage 65 000 therefor written off(Made code 3)

Yes there are vehicles/Bikes with minor damage however you will not get finance and battle to get insurance.I work for ABSA and we do not finance code 3's.
MOOOOOOOOOOOO  
Proud owner of a F650GS WITH A CENTER STAND
 

Offline Maverick

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Code 2, Code 3?
« Reply #13 on: January 26, 2007, 01:52:05 pm »
Quote from: "Ned_da_biker"
Jip check out my Code3 bike....


Code 3 aint alwys that bad!


You dropped your sunglasses boet.....they going to be code 6 if you step on them innit :)
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Offline Lito

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Code 2, Code 3?
« Reply #14 on: January 26, 2007, 01:53:48 pm »
Ned how much did you get her for? Your bike that is...  :D