ucmndd
Well-Known Member
Whatever you personally think is acceptable.
Of course, whatever you personally think is acceptable has nothing at all to do with the price of tea in China.
The market decides what something is worth.
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Market value for Plaid
- Thread starter Ash83
- Start date
Of course, whatever you personally think is acceptable has nothing at all to do with the price of tea in China.
The market decides what something is worth.
CapeOne
Active Member
You are mistaken about the degree MSRP plays in determining asset values by financial institutions, and especially guide books like KBB. KBB’s valuations can be quite wonky at times and obviously have no relation to a model’s original MSRP, even models of same year, mileage, etc.
umair239
Member
You will not have to worry about a totaled car because let me tell you no insurance company will total a Plaid at least in these trying times. Teslas are very resilient cars and barely suffer damages in crashes. Not to mention, the whole air bag deployed, and the car must be totaled is complete BS. I got in an accident a week ago, it was the other person's fault and they have accepted their fault. My car's front driver side got damaged and air bags got deployed with the hood and side fenders bent too. However, my insurance company thinks $15,900 will fix the car back up. So, nobody here has to worry about getting their car totaled anymore as I am told by my insurance company and the body shop that they no longer total a car unless the damages exceed 75% of the value of the car which in this case is around $66k. There is no way you can stack up 66k in damages unless you're in a serious crash with severe injuries. I'm also attaching picture of the other driver's car. Look at the difference, Teslas are built like a tank. Goodluck getting a total loss claim from insurance companies lol
Also, that is what GAP insurance is for. Everyone how owns expensive cars should make sure that they have GAP insurance, that way even if your insurance company values your vehicle at less than what you owe on it, GAP will cover the rest, so you don't have to pay out of pocket. Hope this helps
Attachments
There are different rules by state. For example, here in NJ, we use the TLF (total loss formula.) If the salvage value + the repair costs exceed the book value of the car, it's super likely to be totaled.
So let's say, for example, this thing sells for $42k: https://auctionauto.org/auction/lot/2022-tesla-model-s-67246403
And there's $30k in repairs.
Assume book value of $70k.
Boom, totaled. That's kinda the beginning and end of it. It's really that simple.
Lots and lots of cars are being totaled; not sure what your agent is telling you, but it's not true. Total losses happen every day and in fact, are on a huge rise. Here's some light reading about it: LexisNexis Auto Insurance Trends Report Highlights U.S. Auto Insurers’ Challenges in a Hard Market | LexisNexis Risk Solutions
It’s called capitalism. I’ve bought 66 new cars and trucks since 1970. Recently the market is really nuts.
I bought 2 - 2023 model Y’s in the last 9 months. The second one cost me $20,330 less or 30% less than the first after factoring in tax credits etc. I tell my wife it’s dollar cost averaging.
In 2020 I sold an 18 month old 2019 Ford truck to Carvana for 40% more than I paid for it when it was new.
In 2009 I sold a house and took a $100,000 loss. Aren’t houses supposed to appreciate?
You win some and you loose some. It just really hurts if you‘re upside down and have to come to the table with cash to dump an asset.
I bought 2 - 2023 model Y’s in the last 9 months. The second one cost me $20,330 less or 30% less than the first after factoring in tax credits etc. I tell my wife it’s dollar cost averaging.
In 2020 I sold an 18 month old 2019 Ford truck to Carvana for 40% more than I paid for it when it was new.
In 2009 I sold a house and took a $100,000 loss. Aren’t houses supposed to appreciate?
You win some and you loose some. It just really hurts if you‘re upside down and have to come to the table with cash to dump an asset.
umair239
Member
You are correct. I guess I am stuck with it because Kentucky and State Farm suck big time!
ucmndd
Well-Known Member
This makes no sense at all. Totaling a car or not has always been a purely financial decision for the insurance company and remains one today.
The state of the market in 2023:
* cost of cars (and therefore used cars and replacement value) is falling fast.
* cost of repair - labor, parts, and literally everything else - is rising fast.
There is no world where the overall likelihood of a total loss on a vehicle is lower under those conditions.
There are quite a few Teslas on the IAA website that seem to be repairable. Other Teslas are just too far wrecked to be rebuildable. When Tesla drastically lowers the price of new cars that forces the price of used cars down. Since the used car is worth less it is more likely to be totaled from an accident.
Pretty amazing if yours is only $15,900 to repair (I'm assuming we're talking about the white Tesla, not the grey car)... I mean, here was mine from June, impact in the same spot, airbags also deployed, but far less damage - no damage at all to the side fender, so mainly the hood, front bumper cover, and the headlamp (with the headlamp probably being the most expensive part by far).
But mine was declared a total loss, basically on the spot. I know they didn't even open the doors or hood to do any further inspection before having it towed straight to the auction yard (I know because with the pyro fuse blown, I tried but couldn't open either one to get my personal stuff out before it went to the auction yard).
Now mine was an older 2016.5 model, and not a Performance version. But still, they valued the salvage at about $15K (what it would have cost to buy the vehicle back), and even if mine was $15.9K to repair, they still paid me out more than the sum of those. Either that or repair labor rates are so much higher here in California than yours in Kentucky (probably true, but can't be THAT much more)
My bet is there's no way that's $15.9K to fix. It's all part of the game. The body shop will start tearing it apart, and once it's all in pieces and they have eaten up the $15.9K, they will hit the insurance with a surprise estimate of another $30K to fix the car. They.do.it.all.the.time.
Yup. If it were me and I thought the car should be totaled, I would authorize the repair shop for tear down and inspect only.
PR0FESSOR
Member
If you purchased your Tesla thinking that it would do anything other than vary widely in resale value, then you were not paying attention to the market. Elon’s mouth alone should have been enough to make you worry about depreciation… and his actions even more so.
I purchased my Tesla with absolutely zero expectations on future value. Like some others in this thread, it was worth what I paid for it when I purchased it, keeping in mind my zero expectations on future value, and it is still worth what I paid for it. Oh… and I purchased it in April of this year and, if I have done my research properly, it sells for $23,000 less now than I paid for it in April.
This said, GAP insurance is something I have never purchased, but I will definitely look into it now, thanks to this thread!
Joe
I purchased my Tesla with absolutely zero expectations on future value. Like some others in this thread, it was worth what I paid for it when I purchased it, keeping in mind my zero expectations on future value, and it is still worth what I paid for it. Oh… and I purchased it in April of this year and, if I have done my research properly, it sells for $23,000 less now than I paid for it in April.
This said, GAP insurance is something I have never purchased, but I will definitely look into it now, thanks to this thread!
Joe
umair239
Member
I wish you and @TLLMRRJ are correct. However, I do not have a way to sign the paperwork that only gives them the permission to only tear down the car instead of repairing it. The repair shop has sent me paperwork asking permission to start the "repair" and the insurance company has already issued a check for $15,900
ucmndd
Well-Known Member
If by “tank” you mean “return to pre-ridiculous” prices of the last few years, then yes I think that’s likely. It’s happening all over the auto industry. Can’t blame “supply chain” any more - readily available inventory plus high interest rates is going to keep downward pricing pressure across the board.
Expecting FSD anything to prop up prices would be pretty ridiculous. Even Tesla has acknowledged that $15k and the whole “appreciating asset” Elon fever dream was a giant joke.
The only hope for Tesla values to go up is some kind of artificial shortage again. That could happen if the current admin finds a way to accomplish their dream of $20/gallon gasoline or if you know who cooks up a fresh virus in his kitchen to shut down the factories again. If either of those things happen, I am selling all EVs!
Keep track of your issues and check the lemon law in your state.
We've had a dozen MS's and by all rights should have Lemon Law claimed on at least two of them (especially when they tried to repeatedly kill us), but instead just traded them in to Tesla and took a bath.
No more.
The trend I’m seeing in this thread is expecting new Tesla buyers to know everything about the car and all the ways owning one is different that a typical car. As if it’s not Tesla’s problem at all to market and explain their products in a straightforward way. I don’t agree with that, and I absolutely get why after experiences like this people decide to buy something else next time. Trying to pin the blame on these folks serves no purpose that I can see.
(I don’t take issue with this quote in particular, but it’s the most recent example of that trend I see).
