18 Model S 100D Totaled

[Kush Plank]

Recently involved in a car accident that led to my 18 S to be deemed total, happened just a few days ago so i dont have the settlement value yet, according to kbb 2018 Model S go for around 60-70k. It had less than 25,000 miles.

I need help as the value is completely screwed up, I paid roughly 112k plus sales tax for the 100D back in 2018, i know i can get a similair 2020 S long range for about 85k now including fsd.

So I put about 50k down, so we finaced around 67k to the bank, we still owe 42k. So if the settlement is around 60-70k im down so much money as we will only get 18-28k back in cash after my insurance pays the bank.

This accident was deemed the other parties fault by the police, my insurance, and his own insurance.

So what i am asking is, is there anyway to recover the 40k or so extra that was lost during the 2 and a half years of owning my 100D?

Im hoping if the insurance offerse a low offer, i can argue that i had EAP which is 5k, premium interior which cost 5k back then, 3500 for the black interior color of inside, 1500 for midnight silver metallic, and free unlimited supercharging, which i hope can get more money so i won't have lost 40k of driving the car for two years.

I know that i can get a new 2020 S long range for 85k now compared to 112k when i bought but i feel this is insane how i lost so much money due to my car being totaled.

EDIT: is it possible to get back the sales tax i paid for the vehicle? in my state for 112k car it was around 6-7k of taxes alone.

 

[AMPd]

If insurance offers you 70k I say take it and run! I mean come on do you realistically believe your vehicle has only depreciated 15k in value over the last 2 years? Really?


Also sorry for your loss, I too went though a similar situation and that’s when I learned to put down as little as possible and get GAP insurance. That way if it’s totaled you Walk away with minimal financial hit.

 

[Kush Plank]

If insurance offers you 70k I say take it and run! I mean come on do you realistically believe your vehicle has only depreciated 15k in value over the last 2 years? Really?

Ya but thinking 70k vs 112k i paid 2 years ago, thats over 40k in depreciation, thats a lot dont you think?

 

[AMPd]

Ya but thinking 70k vs 112k i paid 2 years ago, thats over 40k in depreciation, thats a lot dont you think?

That’s definitely a lot but a lot of it also was done by Tesla. When they lowered the price they essentially depreciated your vehicle.

Believe me I know your pain. Especially when it wasn’t your fault and now you’re out of a ton of money because someone else was negligent. Sucks.

 

[Ostrichsak]

I doubt that this is going to be what you want to hear but new cars generally lose 50% of their value in 3 to 4 years regardless of the manufacturer. Some slightly better, some slightly worse but it only swings a few percent in either direction. So you saying that you're down 40 grand in 2 years on a $112,000 car isn't too far off of about what I would expect it to be worth. This is exactly why I don't buy new cars and it doesn't matter who the manufacturer is. The hit you take in depreciation on a brand new vehicle is one of those painful things that most people simply turn a blind eye to. Personally, it's exactly why I buy used cars that are about 4-years-old. It seems to be the sweet spot on getting a nice newer and well cared for car that has already taking the largest decline in value in terms of depreciation rate. It's still going to lose value but at a much slower rate. There's a reason why the wealthiest people alive tend to not buy new cars and if they do they just keep the same one for 10 or 15 years. Meanwhile, the family down the street for me gets a new car every 6 months and then does nothing but complain about their debt and bills every time I see them.

 

[Kush Plank]

That’s definitely a lot but a lot of it also was done by Tesla. When they lowered the price they essentially depreciated your vehicle.

Believe me I know your pain. Especially when it wasn’t your fault and now you’re out of a ton of money because someone else was negligent. Sucks.

Is it possible to sue to recover some of the money that was lost besides the settlement for the total? for not at fault ofcourse

 

[FatherTo1]

If insurance offers you 70k I say take it and run! I mean come on do you realistically believe your vehicle has only depreciated 15k in value over the last 2 years? Really?


Also sorry for your loss, I too went though a similar situation and that’s when I learned to put down as little as possible and get GAP insurance. That way if it’s totaled you Walk away with minimal financial hit.

I agree with @AMPd. With a 70K settlement, you're basically able to get a 50-mile odometer inventory Long Range Plus, an arguably better Raven car than the 100D. The continued S advancements and price reductions over the past two years just kills the resale value of a 2018 car. It sucks that an inventory LR Plus costs less than the Standard Range I bought just 10 months ago, but cest la vie -- that's Tesla life.

Hope there were no serious injuries and sorry for your loss.

 

[SoCal Buzz]

Recently involved in a car accident that led to my 18 S to be deemed total, happened just a few days ago so i dont have the settlement value yet, according to kbb 2018 Model S go for around 60-70k. It had less than 25,000 miles.

I need help as the value is completely screwed up, I paid roughly 112k plus sales tax for the 100D back in 2018, i know i can get a similair 2020 S long range for about 85k now including fsd.

So I put about 50k down, so we finaced around 67k to the bank, we still owe 42k. So if the settlement is around 60-70k im down so much money as we will only get 18-28k back in cash after my insurance pays the bank.

This accident was deemed the other parties fault by the police, my insurance, and his own insurance.

So what i am asking is, is there anyway to recover the 40k or so extra that was lost during the 2 and a half years of owning my 100D?

Im hoping if the insurance offerse a low offer, i can argue that i had EAP which is 5k, premium interior which cost 5k back then, 3500 for the black interior color of inside, 1500 for midnight silver metallic, and free unlimited supercharging, which i hope can get more money so i won't have lost 40k of driving the car for two years.

I know that i can get a new 2020 S long range for 85k now compared to 112k when i bought but i feel this is insane how i lost so much money due to my car being totaled.

EDIT: is it possible to get back the sales tax i paid for the vehicle? in my state for 112k car it was around 6-7k of taxes alone.

Who is your loan with, and do you have gap insurance? I haven’t done research recently, but thought gap was fairly standard (Tesla lease includes gap). Edit... I guess gap only covers difference between fair market replacement value and outstanding loan, if negative. So it doesn’t make up for deprecation or what you’ve already put into payoff. But you do benefit from lower cost to replace with new now.

Regarding the valuation, I agree with others and you are especially impacted by substantial Tesla base price decreases in early 2019.

 

[AMPd]

Is it possible to sue to recover some of the money that was lost besides the settlement for the total? for not at fault ofcourse

I have no idea, I didn’t even look into it.

 

[AMPd]

Who is your loan with, and do you have gap insurance? I haven’t done research recently, but thought gap was fairly standard (Tesla lease includes gap). Regarding the valuation, I agree with others and you are especially impacted by substantial Tesla base price decreases in early 2019.

With 42k left on the loan I don’t think GAP will be coming into play.

 

[Kush Plank]

Who is your loan with, and do you have gap insurance? I haven’t done research recently, but thought gap was fairly standard (Tesla lease includes gap). Edit... I guess gap only covers difference between fair market replacement value and outstanding loan, if negative. So it doesn’t make up for deprecation or what you’ve already put into payoff. But you do benefit from lower cost to replace with new now.

Regarding the valuation, I agree with others and you are especially impacted by substantial Tesla base price decreases in early 2019.

I had a great APR of 1.49% with Alliant credit union in 2018, but as others have mentioned the cars value should be above what I owe which is 42k , and I do remember seeing gap insurance in my loan

 

[CapeOne]

Recently involved in a car accident that led to my 18 S to be deemed total, happened just a few days ago so i dont have the settlement value yet, according to kbb 2018 Model S go for around 60-70k. It had less than 25,000 miles.

On a totaled vehicle, Insurance companies typically give fair market value (and potentially sales tax and/or registration, depending on state) for a comparable vehicle – miles, option, etc. So, if it is determined that you can get a similar car for $70k then you may end up with around $75k including taxes, registration fees.

You cannot expect to get anything more than that and gap insurance would only come into play if you owed MORE than the payout e.g., if payout is $70k and you owe $75k, gap insurance would cover the $5k difference.

 

[2101Guy]

If insurance offers you 70k I say take it and run! I mean come on do you realistically believe your vehicle has only depreciated 15k in value over the last 2 years? Really?


Also sorry for your loss, I too went though a similar situation and that’s when I learned to put down as little as possible and get GAP insurance. That way if it’s totaled you Walk away with minimal financial hit.

Not 100% sure, but I dont think gap works in the way you are thinking...

 

[puresurfr2]

40K is not too bad, my 2017P100DL cost about 178K out the door and now 3 years later, it is worth about 70k, thats over 100K depreciation in 3 years. If Elon keeps reducing prices, the resale value of the S and X will continue to fall drastically.

Sorry for your loss but hopefully you did not suffer any injuries !

 

[2101Guy]

Insurance companies usually use some third party evaluation service. There usually is minimal wiggle room in their offers, is what I've found. The next option is to get a third party evaluator to provide their evaluation, but that evaluation is at your cost. Then you usually are forced to mediation before any form of court suit agains the INS company.



But when in doubt? Check your policy.

 

[AMPd]

Not 100% sure, but I dont think gap works in the way you are thinking...

Ok, do explain what you think my thinking is and how gap works.

 

[rjscoder]

If you go to sell the car today you'll be down more than what insurance is offering...Take the deal obviously

 

[2101Guy]

also, there appears to be an assumption that the INS offer will be at least 70k. If Im reading correctly, no insurance offer has been made yet...

 

[craigger]

Recently involved in a car accident that led to my 18 S to be deemed total, happened just a few days ago so i dont have the settlement value yet, according to kbb 2018 Model S go for around 60-70k. It had less than 25,000 miles.

I need help as the value is completely screwed up, I paid roughly 112k plus sales tax for the 100D back in 2018, i know i can get a similair 2020 S long range for about 85k now including fsd.

So I put about 50k down, so we finaced around 67k to the bank, we still owe 42k. So if the settlement is around 60-70k im down so much money as we will only get 18-28k back in cash after my insurance pays the bank.

This accident was deemed the other parties fault by the police, my insurance, and his own insurance.

So what i am asking is, is there anyway to recover the 40k or so extra that was lost during the 2 and a half years of owning my 100D?

Im hoping if the insurance offerse a low offer, i can argue that i had EAP which is 5k, premium interior which cost 5k back then, 3500 for the black interior color of inside, 1500 for midnight silver metallic, and free unlimited supercharging, which i hope can get more money so i won't have lost 40k of driving the car for two years.

I know that i can get a new 2020 S long range for 85k now compared to 112k when i bought but i feel this is insane how i lost so much money due to my car being totaled.

EDIT: is it possible to get back the sales tax i paid for the vehicle? in my state for 112k car it was around 6-7k of taxes alone.

That really sucks, but unfortunately it's part of financing a new car. If they do offer $70K, the way I look at it is you paid $22K to use the car for 2 years (50K down minus 28K settlement after payoff). The payments you made the past 2 years pretty much went to the privilege of using someone else's money (also known as interest).

From a financial perspective - it always makes sense to buy 2-3 years old. That being said, I bought my MS new since I wanted to be on the latest tech and wanted to spec it out exactly like I wanted.

-craigger.

 

[Bill_75D]

@craigger - You are forgetting that he likely paid $1000+ per month in loan payments in addition to his 50K down? He's in for much more than $22K