Totaled Car - replacement value
- Thread starter Sawdusted
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Originally Posted By: Sawdusted
For those of you who argue that repairs don't count toward value of the vehicle, Consider this scenario: Would you pay "market value" of a vehicle with everything in good working order, with many parts recently replaced. Or would you rather pay the same price (dollar amount) for the same make & model, but with worn out and broken suspension parts and needs engine/brake work?
Depends. If it was a car to just get me around, I might pay top dollar for all the repairs. Maybe not, since I'd want a good deal.
If it was a car I wanted, I'd probably want to pay low dollar for the one needing work--that way I'd know the work was done to my standards. All stretch bolts replaced, anything marginal replaced with better designed parts; and perhaps a few upgrades, if I knew exactly what those upgrades would do (say stiffer shocks, or a better grade of tires, or maybe a brake upgrade, whatever).
For those of you who argue that repairs don't count toward value of the vehicle, Consider this scenario: Would you pay "market value" of a vehicle with everything in good working order, with many parts recently replaced. Or would you rather pay the same price (dollar amount) for the same make & model, but with worn out and broken suspension parts and needs engine/brake work?
Depends. If it was a car to just get me around, I might pay top dollar for all the repairs. Maybe not, since I'd want a good deal.
If it was a car I wanted, I'd probably want to pay low dollar for the one needing work--that way I'd know the work was done to my standards. All stretch bolts replaced, anything marginal replaced with better designed parts; and perhaps a few upgrades, if I knew exactly what those upgrades would do (say stiffer shocks, or a better grade of tires, or maybe a brake upgrade, whatever).
Originally Posted By: Sawdusted
...Basically, she is getting a lot less than what the market value of the car, especially after she sunk in almost $4K in repairs over the last few years...
There's no such thing as a single dollar amount that represents "the" market value for a given vehicle.
Originally Posted By: Sawdusted
...The ins co claims that any repairs done is not claimable...
A claims rep with my insurer (Progressive) recently stated this same thing to me when I asked during my recent claim process. I even positioned it as preventive maintenance instead of repairs and was politely told to go pound sand as it was completely irrelevant because it had no bearing on their methodology used to assess value. This insurer uses a vendor to provide values based on a mash-up of various data sources and other "market-specific research" and so the insurer isn't really calculating anything themselves.
Originally Posted By: racer12306
I would look at dealers rather than CL or eBay. ...
Well, considering that Craigslist is absolutely crawling with dealers (including curbstoners/flippers), especially in the "by owner" category, your advice may be redundant.
Originally Posted By: PhillyJoe
...We received more than I thought the car was worth in a private party sale.
This held true for me.
Originally Posted By: PhillyJoe
Ask the insurance company for the comparables they used.
Agreed.
Originally Posted By: Sawdusted
...I think she should be getting at least $5700. Most cars in the area list for $6200 to $6500 in similar condition.
That's what they list for, but what do they sell for? Are you guessing or assuming? Just giving some food for thought.
Originally Posted By: Sawdusted
...I was reimbursed about 20% of my repair costs (pro-rated) when my car was totaled. Those repairs were done 2 months before the accident...
Just curious, what was that amount in real dollars? I personally did $900-$1100 worth of preventive maintenance (at local, quality, independent shop prices) on mine 4 months before the wreck and technically didn't get reimbursed a dime of it. I was initially a bit miffed, but now I'm over it.
Originally Posted By: Sawdusted
...For those of you who argue that repairs don't count toward value of the vehicle, Consider this scenario: Would you pay "market value" of a vehicle with everything in good working order, with many parts recently replaced. Or would you rather pay the same price (dollar amount) for the same make & model, but with worn out and broken suspension parts and needs engine/brake work?
I hear what you're saying and agree that completed repairs are absolutely more valuable than outstanding repairs. But try thinking of it this way instead: outstanding necessary repairs detract from a vehicle's value, but completed repairs don't add to its value precisely because its highest valuation already assumes that all repairs have already been made (whether last week or last year, or somewhere in between, more or less).
So, while I initially felt somewhat "cheated" that I wasn't specifically "reimbursed" (e.g. a line item in a valuation breakdown) for the work I did, I also realize it's offset by other existing blemishes my good, but not perfect, car had prior to the total loss incident...broken driver side mirror, broken rear interior door handle, broken rear seat belt, broken rear cupholder, stains on carpeting, intermittently working dome light, rear missing floor mat, and perhaps a few other things I've been living with so long that I'm now "blind" to them. I'm pretty sure their valuation didn't deduct for these things. In fact, I'm nearly certain it didn't because they hardly had the car in their possession long enough to even itemize stuff like this before they called me with their offer.
...Basically, she is getting a lot less than what the market value of the car, especially after she sunk in almost $4K in repairs over the last few years...
There's no such thing as a single dollar amount that represents "the" market value for a given vehicle.
Originally Posted By: Sawdusted
...The ins co claims that any repairs done is not claimable...
A claims rep with my insurer (Progressive) recently stated this same thing to me when I asked during my recent claim process. I even positioned it as preventive maintenance instead of repairs and was politely told to go pound sand as it was completely irrelevant because it had no bearing on their methodology used to assess value. This insurer uses a vendor to provide values based on a mash-up of various data sources and other "market-specific research" and so the insurer isn't really calculating anything themselves.
Originally Posted By: racer12306
I would look at dealers rather than CL or eBay. ...
Well, considering that Craigslist is absolutely crawling with dealers (including curbstoners/flippers), especially in the "by owner" category, your advice may be redundant.
Originally Posted By: PhillyJoe
...We received more than I thought the car was worth in a private party sale.
This held true for me.
Originally Posted By: PhillyJoe
Ask the insurance company for the comparables they used.
Agreed.
Originally Posted By: Sawdusted
...I think she should be getting at least $5700. Most cars in the area list for $6200 to $6500 in similar condition.
That's what they list for, but what do they sell for? Are you guessing or assuming? Just giving some food for thought.
Originally Posted By: Sawdusted
...I was reimbursed about 20% of my repair costs (pro-rated) when my car was totaled. Those repairs were done 2 months before the accident...
Just curious, what was that amount in real dollars? I personally did $900-$1100 worth of preventive maintenance (at local, quality, independent shop prices) on mine 4 months before the wreck and technically didn't get reimbursed a dime of it. I was initially a bit miffed, but now I'm over it.
Originally Posted By: Sawdusted
...For those of you who argue that repairs don't count toward value of the vehicle, Consider this scenario: Would you pay "market value" of a vehicle with everything in good working order, with many parts recently replaced. Or would you rather pay the same price (dollar amount) for the same make & model, but with worn out and broken suspension parts and needs engine/brake work?
I hear what you're saying and agree that completed repairs are absolutely more valuable than outstanding repairs. But try thinking of it this way instead: outstanding necessary repairs detract from a vehicle's value, but completed repairs don't add to its value precisely because its highest valuation already assumes that all repairs have already been made (whether last week or last year, or somewhere in between, more or less).
So, while I initially felt somewhat "cheated" that I wasn't specifically "reimbursed" (e.g. a line item in a valuation breakdown) for the work I did, I also realize it's offset by other existing blemishes my good, but not perfect, car had prior to the total loss incident...broken driver side mirror, broken rear interior door handle, broken rear seat belt, broken rear cupholder, stains on carpeting, intermittently working dome light, rear missing floor mat, and perhaps a few other things I've been living with so long that I'm now "blind" to them. I'm pretty sure their valuation didn't deduct for these things. In fact, I'm nearly certain it didn't because they hardly had the car in their possession long enough to even itemize stuff like this before they called me with their offer.
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