I was recently involved in an accident in my 1987 Volvo 240 DL (somebody hit me from behind). After the accident, I noticed a rattling noise, especially at higher speeds. A couple weeks later, as I am driving down the freeway, the rattling noise becomes much louder and I hear pieces coming off the car. I take the next exit, and the car dies and starts smoking a bit. I have it towed to the shop, after which the insurance adjuster comes out. He declares the vehicle a "total loss."

I have the two options:
(1) Take the value of the vehicle and have the insurance company reimburse me for the value of the car ($1879.75).
(2) Keep the vehicle, and have the insurance company give me the value of the vehicle minus $200, leaving me with $1679.75.

I'd rather not have it towed to a shop, pay a mechanic, etc... only to have them tell me that it's a lost cause. What would you all choose? Would anybody pay more than $200 for it as a "parts" vehicle? Would it be worth trying to make it run again in order to trade it in to the government's "cash for clunkers" program?

Thanks in advance for your help.