I remember reading a post saying he/she was offered $58k for his MYP with less than 1000 miles on it. (please correct me if I am wrong).
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Total loss 22 MYP
- Thread starter Tuccing
- Start date
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- accident crash total loss
You provided only half of the info. What is Carvana trying to sell a similar car for?
ScoobyDoo82
Member
It’s irrelevant. If I’m being offered to sell my car that I’ve used for the past 2 years and come out of it with an extra $16k in my pocket I could care less about the market/comps.
fstop11
Member
If nothing else, this is a good example of why "gap" coverage may be a good investment. I paid $400 for the duration of my loan.
ScoobyDoo82
Member
Maybe now, yes. But last year I flipped two model 3P’s on Carvana and made enough to pay off my personal ‘21 Model Y. Made me happy.
Now Tesla won’t let you flip vehicles this way anyhow, so the Carvana route is a moot point. Last year was different. I didn’t take them up on their $16k over (pure profit for me) deal because my accountant told me to stop doing the flips to avoid an IRS issue come tax time. In my state I could only flip a limited number of cars without a broker/dealer license.
sleepydoc
Well-Known Member
Last year was most definitely not a normal year when it came to the car market - I most definitely would not assume things to continue holding in even a similar fashion.
As for how much you can get today, historically, companies that buy used cars (including car dealers) are known for quoting an overoptimistic price with an asterisk then quoting you something completely different when the time comes to close the deal. The only thing that matters is how much the check is made out for when you walk out the door.
Regardless, if the market is normalizing it's a good thing - it means supply is catching up with demand and that means lower prices for everyone.
As for how much you can get today, historically, companies that buy used cars (including car dealers) are known for quoting an overoptimistic price with an asterisk then quoting you something completely different when the time comes to close the deal. The only thing that matters is how much the check is made out for when you walk out the door.
Regardless, if the market is normalizing it's a good thing - it means supply is catching up with demand and that means lower prices for everyone.
EXOTIC1
Member
Neck is good, a little whiplash but not bad.
I was getting nervous because I ran the Carvana price last night and it came back $54,900. I then received a payout number on the car from insurance this evening and it’s $70,450. Pleasantly surprised it was that amount. Now with that being said, I still couldn’t buy a new MYP out the door for that price. Just checked and my car optioned the same would be right under 75k. I would then get the windows tinted and aftermarket mats so a little more expense added to it. I haven’t settled yet and will continue researching my best approach from here. Thanks to all who have given advice.
I just went through a total loss on my 6mo old MYP. My insurance (Connect) paid very close to the cost of a new replacement and also covered 100% of my PPF/ceramic/tints. Highly recommend insuring those extras as an amendatory endorsement.
These settlements are absolutely negotiable so do your research and back up all arguments with real data and they will take care of you. Glad you are ok as that is what really matters.
These settlements are absolutely negotiable so do your research and back up all arguments with real data and they will take care of you. Glad you are ok as that is what really matters.
thats crazy. Carvana offered me $11,500 for my 2011 Toyota Tundra CrewMax and I sold it a few days later for $19,000 cash to a guy that didn't even want to test drive it, just handed me an envelope with the cash in it and drove off.
ScoobyDoo82
Member
ScoobyDoo82
Member
Gap coverage is a must. Most financial institutions require it now. It’s insane to finance a car without it.
CyberGus
Not Just a Member
Silicon Desert
Well-Known Member
uh, sounds like you think insurance adjusters will value his car based on used car prices in the same condition, but according to the wife that did this for 35 years says that is not how it works. And yes, in ANY state, the person that rear-ends you are almost always at fault with some exceptions.
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VinayRaju21
Member
Would you recommend Connect? (you go through Costco with that I assume?) Looking into it, sounds pretty solid if they were able to take care of you like this...
Highly recommend them. They handled the claim very well, and were prompt and professional. The settlement was more than fair. And yes, this requires Costco membership.
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