Buying a Flooded McLaren P1

Because Florida is a hypercar mecca, and it was swept out of his garage. I saw pictures of a flooded koenig seg rigera.

Hi, guys. Welcome back to the channel. As many of you guys know, there has been a dramatic hurricane that happened in Florida. 150 miles an hour, one of the strongest September hurricanes to strike the Us. In decades.

It's been very devastating. Obviously, there's millions of people without power. There's damage everywhere. But I'm sure you guys have seen the video of the mclaren P One floating around in the streets of Florida. It was a very crazy thing to happen.

I mean, the car was in the guy's garage, and it was swept out of his garage through the door, including his phantom, and onto the streets. Now, obviously, what happens after a hurricane is widespread damage, and a lot of people don't realize how many of these cars get flooded. Now, if you guys remember a little bit farther back, I actually purchased alexis lfa from Hurricane Sandy. Now, the orange one, it was flooded, but it was a very I don't want to say it was a very light flood, but it only lamps about the carpet of the car. This car, the P One and many others were almost fully submerged.

I mean, it was to the windows of the car. That car happens to be a hybrid, and a very expensive one at that. Now, typically in mclaren P One, the batteries are between 200 and $300,000, and they need to be replaced kind of often, not like every other week, but in due time. This was a 300 miles car. I mean, the guy that purchased it had just recently bought it.

And how devastating, right? I mean, I hope he had his insurance on that car, because I heard that he would only have it for ten days. Now, most likely he did. When you have a hypercar, myself included, gamble a little bit on insuring the cars for just a little bit less, right? Now, if you take a loan out of them, some people just take an insurance policy on the loan value and not the retail value, because with cars that are over X amount of dollars, they are covered usually by actual cash value policies.

They're covered by stated value policies. Now, that's very important because on your, let's say, BMW Five series, that car's value changes all the time. On hypercars, they don't move as much, right? You're looking at a $2 million car, and it could go up to 2 million, 202,000,300, and then maybe down to 1.8, depending on the sales, up to auctions. But typically, they stay pretty stable.

So those policies are written as stated value. Now, I have in the past insured my cars for less than they were worth because you don't drive them that often, right? And imagine paying six, 7810, $15,000 a month for car insurance and using your car twice or three times a month it feels like you're getting robbed. So I typically insured my cars for less just because I wanted to save a little bit of insurance money and I was okay taking that risk. So hopefully that's not the case in this particular situation.

But if it is, that car is 100% totaled. Now, I thought during this hurricane there's going to be a lot of big cars because Florida is a hypercar mecca. I saw pictures of many midengine ferraris 488, F eight, a lot of hurricanes. I saw pictures of a flooded koenigsegg reguera. Now, that one has my interest the most, because as you guys know, I'm a very big Koenig supporter with my ccx and aguera.

I would love to add another Koenig to the garage, but these cars are really hard to repair. Now, we saw the Fire sheron sell for over a million dollars at copart with a Florida title of destruction, so it cannot be re registered under a rebuilt title. Now, I know a lot of you guys out there want to fight me on that, but if it can, it can be done in a gray area and not in the clear. It's much different to do that than getting a salvage title. Now, Florida is one of the only states that does this parts only title thing.

And so I'm afraid that many of the cars coming out of the Florida insurance claims are going to be as of part only title, but it's up to the insurance company at the time. So the P One, what would be the value of that car if it was indeed totaled, which we know it is, and if they were to go and resell that car at auction, right, how much would you think it would be worth? Now, P One is worth about $1,500,000. Now, the yellow and all the other colors, and they can be ranged in prices, but typically under 500 miles. Car is about a million five.

Now, they used to be about 950 prior to the Pandemic, so they've gone up quite a bit. So right now, a million five. Let's call that the number the insurance company is going to want to get the most back for that car because they're going to pay if the value stated on the insurance, whatever it was, they're going to pay that claim and they're going to want to get that money back. So I think the car being a flooded car with a hybrid system is worthless. Literally worthless.

Whoever buys that car, I doubt mclaren would even support replacing everything. I mean, when I rebuilt the flooded Bugatti, which you guys will see eventually, right now, we're in talks with a major network to view this as an on TV documentary. You know, I have a lot of very good content, and I don't necessarily think YouTube is the best place to put it. I'm not saying anything yes or no yet, but I've been approached by many different TV networks to put this on that platform versus YouTube, because it is a nostalgic and one of a kind issue that I've repaired. But while repairing that, every single wire, not, not little, not like three of them, every wire, every door switch, every actuator on the windows, every single electronic component in that bugatti was replaced.

Every one of them, every fuse, every ecu, every body control module, every single thing, the radio, speakers, everything that was a not carbon fiber was replaced. Now, if you think about what goes into a hybrid system, there's high voltage components, there's obviously the regular radio and screens and clusters and all that as well. That would be monumental to replace. So I think in this case, the value is probably close to 200,000 to 500,000, maybe one third of its value for someone that wants to rebuild it. But when you really look at those numbers, let's just say you got a salvage title.

You could assume you could get 65% of a retail car. Let's say you paid 400 grand for the cart auction, which is unlikely because there's a lot of people out there that don't understand what they're getting themselves into and bid higher. But let's say we did 400. I spent over $800,000 fixing the flood bugatti. So that was no hybrid, that was no technology.

bugattis have no screens in them, right? So you got to think, wow, 800,000 here, going into a p one, where we know just a battery alone is going to be 300 grand, not to mention every cable connector and everything else along with it. That probably ends you over the point to where you can't put that car back on the road for more than retail value, right? So I think anybody that wants to buy that car has to want to change it to either a full crazy race car where it's maybe just a motor itself and it runs on a standalone brand new stuff. You replace the door modules, the body control module, the interior harness, the screen to get all that stuff working.

But when it goes into the hybrid system, I mean, you're going to have to take that into consideration to say, hey, is this worth building? Is this worth replacing? I personally wouldn't pay more than a couple of hundred grand for that car. Now, it's obviously worth 200 grand to put on your wall, right? For someone who has the funds or that kind of money that would want to put a p one on the wall, that would be worth it as art.

But to replace it, I don't think that that's a good plan. The Koenig Seg is even worse because the Koenig Seg, those parts are insanely expensive. I mean, insanely expensive. And that technology is already relatively scarce, right? I mean, they made well, they probably made about the same number of p one as Riguera's.

I think actually they made more p ones than riguez but koenigsegg is a small company versus mclaren is a lot bigger company. So the parts availability would be much less. So I think the koenigsegg has to be even crazier, right? Like, you got to buy the regera to want to put in, like, a manual gearbox and straight crazy standalone ecu. The reguera has a fully automated door actuation, engine, lid actuation, front actuation.

So all of that is not going to work in a flooded car. So you got to take that into consideration also. And to open the doors, you actually use the screen. There's, like, not buttons inside. So that system has to be completely replaced.

These are going to be pretty wild rebuilds, right? Any of the ferraris or hurricanes that are a little simpler that you can buy parts on ebay are much more attainable to purchase. So if you guys out there watching the video want to rebuild a flooded car and you want to get into that, I definitely recommend taking your chances on some of the cars versus taking a million dollar car and trying to gamble and buying parts from the manufacturer. And those guys, they take it personal. They don't want to see these cars on YouTube, right?

It took me a lot of time to convince Bugatti to let me rebuild this car. Like, I didn't just buy it and call the dealer and was like, hey, man, I need this parts list. They were really picky. I had to sign huge amounts of paper contracts and what I was allowed to film, what I wasn't allowed to film. All that stuff had to be described.

And every single part that I purchased from the manufacturer had no warranty. So they were real picky with that. Like, if I installed it incorrectly or anything, I was just shit out of luck, kind of. To sum this video up, right, if you guys were trying to get into rebuilding a flooded car, definitely don't go for the big boys first because you could walk yourself into a really, really big financial problem. So I know this video is all about the cars and the effect on the cars and all the crazy things that are going to happen in the next coming months with the car world and all the cars coming from Florida.

But I don't want to take light away from all the people that are devastated by the hurricane, displaced out of their homes and and basically put into a really bad situation, because that's the more important thing, right? I mean, we've got millions of people out there in Florida that have much larger issues than a flooded car. So please, guys, if you can support them, we've got the links in the description for the Red Cross. Don't need a little bit of money. We want to get the word out there.

We want to get money there. I mean, our government does basically nothing for all of these people. We put more money out of this country than into this country. And that's really sad. So we here, as part of our country and our community, need to step up and step in where the government doesn't do anything.

All right, guys, thanks for taking the time to watch this video and hope to see you in the next one.