I had a car crash and freaking out regarding the next steps

[TSLA Pilot]

OP... get a trade in quote from Vroom or Carvana.. that will give you a rough idea as to how much the car is worth. All you need is the VIN or license plate, options and mileage.

I recently purchased a Model 3 SR+ for $37,990 plus taxes and fees for a total of around $42K. I got an offer from Vroom for $36,500. As you can see I already lost over $5K in value in less than a month.

This is the nature of the car business in the US.

In the end it doesn't make a difference if you leased or purchased the car. The depreciation is the same. The value of the car after X amount of time will the same either way, which means that you lose the depreciation amount lease or buy.

This is an APPLES to ORANGES comparison.

If you purchase an identical vehicle from Vroom or anyone else, you will ALSO have taxes and fees . . . which you have failed to include in your calculations.

You did NOT lose "over $5k in value . . . ." AND your vehicle is NEW. The vehicles on Vroom are USED; these are NOT the same vehicle as a used vehicle has a history!

(Jeesh people, this is basic consumer math.)

 

[AlexP]

This is an APPLES to ORANGES comparison.

If you purchase an identical vehicle from Vroom or anyone else, you will ALSO have taxes and fees . . . which you have failed to include in your calculations.

You did NOT lose "over $5k in value . . . ." AND your vehicle is NEW. The vehicles on Vroom are USED; these are NOT the same vehicle as a used vehicle has a history!

(Jeesh people, this is basic consumer math.)

I bought the car brand new from Tesla. The number that Vroom gave me is a guaranteed offer buy to MY car, not for me to buy one THEIR cars. If I sold it to them I would definitely lose around $5K.

I'm not looking to sell the car. I was just wondering how much I would get if traded it in.

I believe my math to be completely correct.

You may want to look into how Vroom, Carvana and CarMax work for selling/trade in vehicles.

 

[TSLA Pilot]

I bought the car brand new from Tesla. The number that Vroom gave me is a guaranteed offer buy to MY car, not for me to buy one THEIR cars. If I sold it to them I would definitely lose around $5K.

I'm not looking to sell the car. I was just wondering how much I would get if traded it in.

I believe my math to be completely correct.

You may want to look into how Vroom, Carvana and CarMax work for selling/trade in vehicles.

Sigh.

What you paid Tesla, and what you would pay for a USED vehicle are different.

If you're going to beat yourself up, or the OP, for buying a new Tesla, then I'd suggest that buying used is the best path forward for you. Or, better yet, you could live in an off-gird yurt and not even have a car . . . whatever floats your boat. But please at least make honest comparisons so as to not freak the OP out. A used car is often worth far less than a new one--this is news? A used Tesla isn't as badly affected by this, so buying a Tesla new, and then wrecking it, is hardly the end of the world.

For the rest of us, and the OP: Just relax! It's a friggin' car--they make them at the rate of over 1k Teslas a day now, and your car will either be fixed or totalled. If fixed, fine--it's a lease! If not, then you'll likely get a new one at some cost, as there is a penalty to be paid; we'll find out what that's going to be soon enough.

What's the problem?

Get the loaner rental car and just wait your turn. This will likely take over a month to resolve. Why stress over it? You have insurance and THIS IS WHAT THEY DO FOR A LIVING.

 

[Redbrick]

Newbie question here...what are these 'white lines' measurements I keep reading about here? Does not sound like the follow distance settings right? I usually keep it at 7...but even that's too close for my comfort. I like Lexus three bar distance setting...perfect distance.

 

[AlexP]

Sigh.

What you paid Tesla, and what you would pay for a USED vehicle are different.

As you would say... this is basic reading!

Where did I say that I'm beating myself up? I said very clearly that I'm not looking to sell or trade in the car. I just wanted to get an idea as to much I would get IF I traded it in... but then again you don't seem to be able to read that.

Let me repeat... the number that Vroom gave me is what they would PAY to BUY MY CAR (Tesla Model 3 with 300 miles) or to take it as a trade in... guaranteed. I'm not looking to buy any of their cars. Get it now?

 

[AlanSubie4Life]

I usually keep it at 7...but even that's too close for my comfort. I like Lexus three bar distance setting...perfect distance.

People were just referring to lane line markers on the road (the number would depend on speed of course).

Agreed that 7 is too close in light traffic scenarios. I would like Tesla to allow settings up to 15, which is what would be required to reduce rock chip damage. It would of course also improve safety.

The Highlander I have has the 3 bar setting too which is definitely more reasonable, but generally lacks the desired granularity (and of course the lane assist is inferior).

 

[Travelandlive]

Omg you guys are crazy here.
So many tangents and scenarios that don't even apply to this guy.

Yes, he is at fault for the accident. He was simply just saying that he couldn't have avoided the accident with how it was. Yes, he could have been further away. So in that way, he is saying he wasn't at fault. He isn't trying to make the guy in the pick up truck pay for the accident or whatever.
Some of you are smoking crack or something.

So many of you are talking to him like he has GAP insurance. HE DOES NOT HAVE GAP INSURANCE.
So who cares about the down-payment.

 

[Redbrick]

People were just referring to lane line markers on the road (the number would depend on speed of course).

Agreed that 7 is too close in light traffic scenarios. I would like Tesla to allow settings up to 15, which is what would be required to reduce rock chip damage. It would of course also improve safety.

The Highlander I have has the 3 bar setting too which is definitely more reasonable, but generally lacks the desired granularity (and of course the lane assist is inferior).

ah...gotcha thanks for the explanation....that puts things into more perspective...three bars now sounds waaaayyyyy too close....jeez...practically tailgating.... If you can read the license plate? ...you're waaaayyytoo close! I agree Toyota has the settings right but definitely needs more details..

 

[Daniel in SD]

So many of you are talking to him like he has GAP insurance. HE DOES NOT HAVE GAP INSURANCE.

He does have gap insurance.
I had a car crash and freaking out regarding the next steps

I just want to see the video! Maybe we can discover the truth and exonerate him.

 

[jeffbco]

He does have gap insurance.
I had a car crash and freaking out regarding the next steps

I just want to see the video! Maybe we can discover the truth and exonerate him.

Exonerate him from what?

 

[Daniel in SD]

Exonerate him from what?

From fault in the car crash of course. The TMC accident investigators will find the truth!

 

[dmurphy]

So many of you are talking to him like he has GAP insurance. HE DOES NOT HAVE GAP INSURANCE.
So who cares about the down-payment.

Tesla’s leasing finance company provides the gap insurance, so he doesn’t have to worry there.

He does not have it bundled with his liability insurance which is fine — the car’s already covered.

 

[jjrandorin]

He does have gap insurance.
I had a car crash and freaking out regarding the next steps

I just want to see the video! Maybe we can discover the truth and exonerate him.

I clicked "like" on the "he does have gap insurance" part of your statement. FWIW I find the "I want to see the video to exonerate him" statement extremely funny.

 

[Daniel in SD]

FWIW I find the "I want to see the video to exonerate him" statement extremely funny.

Hey, it's the truth. It would be much more satisfying to find some improbable explanation for the accident. I'm not saying the video is likely to exonerate him!

 

[Travelandlive]

Tesla’s leasing finance company provides the gap insurance, so he doesn’t have to worry there.

He does not have it bundled with his liability insurance which is fine — the car’s already covered.

Let's say he does, he still couldn't get the car without doing the down-payment, like he said.

So the whole gap insurance and down-payment discussion is moot.

He wouldn't have the car if he didn't do the downpayment.

I think you guys are adding confusion and anxiety to him/her by adding in unnecessary things like that.

 

[TSLA Pilot]

As you would say... this is basic reading!

Where did I say that I'm beating myself up? I said very clearly that I'm not looking to sell or trade in the car. I just wanted to get an idea as to much I would get IF I traded it in... but then again you don't seem to be able to read that.

Let me repeat... the number that Vroom gave me is what they would PAY to BUY MY CAR (Tesla Model 3 with 300 miles) or to take it as a trade in... guaranteed. I'm not looking to buy any of their cars. Get it now?

Why bother?

Seriously. Vroom would offer you a WHOLESALE price for your car.

This is LESS THAN RETAIL, or what you could get if you private party-sold your car.

Regardless, I hope the OP isn't too scared by your post.

 

[cerealzealot]

I just received an email from Tesla Insurance and I don't understand it. They said this:

A payoff will be calculated based on the date of loss. You are not responsible for payments after the date of loss.

The insurance will be provided the letter of guarantee including the payoff amount. Once the funds have been received, you will be refunded any payments made to invoices after the date of the accident. Please note that if the insurance company offers a settlement that is for less than the payoff, you will owe the difference up to the amount of your insurance deductible. This will be deducted from any refund you are owed.


If the insurance company settles for more than our payoff, the excess will be refunded to you once we receive the check.


Down payments are non-refundable. The payments paid upfront reduced the amount agreed to pay to lease the vehicle.


==> Down payments not refundable, what does that mean exactly. Does it just mean "You won't get back 100% of it, we'll calculate based of what the insurance pays us back". I'm lost.

 

[Glamisduner]

Hi everyone,

So the last few days have been hard for me because I'm looking for answers and the people from Tesla are not helping me at all.

On Sept 17th I had a car accident on the freeway (I hit a car in the rear, and not because I wasn't paying attention or speeding or not maintaining distance). Airbags went off, car started catching on fire. Me I'm fine. But the car is most probably totaled.

It was a Model 3 on a lease that I just got in June. I have the Tesla Insurance (as they force you to take it, full coverage). I called them as soon as I could, and they are on the case (but extremely unresponsive to my emails or questions, and they never pick up the phone).

Can anyone reassures me and tell me how does it work when you total a car you have on a lease? Tesla insurance is gonna give back money to Tesla directly? Will I get back my down payment or will Tesla just give me a new car directly? Or for whatever reason is there a case where I'm not going to get back anything, neither my down payment or a new car? (I'm freaking out thinking of this possibility).

This is my first car accident and I'm lost, please if someone can help me and reassures me a little bit.

I'm going through a tesla insurance insurance claim myself. Getting ahold of someone was absolutly difficult. Just keep calling them every day 2 and 3 times a day if necessary