Help me get an idea of what my car is actually worth after an accident?
Posted by NoWayGrl32@reddit | askcarguys | View on Reddit | 19 comments
So I was in a pretty bad not at fault accident last weekend they basically already told me my car was a loss.
It is what it is and it sucks but I'm trying to figure out some things regarding my finances.
Now my car was a Kia forte, 2013, with about $70,000 mi on it in really damn good condition.
Kelley Blue book value says anywhere between $3,500 to 6,000. I've also read online that they go by comparable sales in my area and that tends to be between $400 to $6,000 as well. For example a same make and model of my car but with $115,000 mi sold for about 4K but one with about 50,000 mi sold for about 9k.
I'm trying to figure out how much I can real estate the accident because it's going to play a major part in my family's finances.
Anyone have any ideas?
jrileyy229@reddit
How much you can real estate the accident?
NoWayGrl32@reddit (OP)
Huh??
gearhead5015@reddit
You need to find the EXACT model/trim and options for the best pricing comparison. The closer to the actual mileage the better. Don't use auction listings.
No one on here is really going to be able to help beyond that since pricing is very localized.
I just went through this in July for 2 different vehicles (camper and car) after I was rear ended and it totaled both.
NoWayGrl32@reddit (OP)
No I'm not using auction listings I'm using actual prices at dealerships
I put within a 50 mile radius of me.
The closest I found is a roughly 80,000 mi one going for a roughly 6,400. Mine had 70
jrileyy229@reddit
Insurance should give you the amount to replace it at full retail price, including taxes and fees.
0202xxx@reddit
Did you get fair compensation in settlement?
gearhead5015@reddit
I did for the vehicles yes. I was surprised they actually gave me more than the comps I found for my car, so I didn't even argue that. The camper I had to battle quite a bit on, but it was 20 years old and comps were basically non-existent in the search area they accepted. Still going round and round with lawyers about an injury settlement though.
NoWayGrl32@reddit (OP)
Well I can't really answer that because I haven't gotten in a settlement yet.
The only thing I'm a little iffy about is I lost some personal items in the accident such as my reading glasses and a few other personal items. However I bought those items like 5 years ago so I don't have any receipts so I'm kind of figure out if there's any way to get compensation for those at least so I can and minimum replace my glasses
0202xxx@reddit
Ahh ok, did u get a lawyer, or are you gonna negotiate yourself m?
NoWayGrl32@reddit (OP)
No there was no reason for a lawyer, there were no injuries and we have a police report.
To be frank with you I'm just more concerned about how much I'm going to be getting for the car strictly because that will determine my current financial status
B5_S4@reddit
The insurance adjuster should use local sales data. Not what they're listed for, but what they actually sell for.
NoWayGrl32@reddit (OP)
Explain to me the difference cuz I'm a little lost, is there a way I can see what they actually sell for
B5_S4@reddit
The difference is I can list my car for sale for any amount. That doesn't mean it'll sell. The appraisers look at actual sales, what people are really paying for cars is what they're worth. Not what people want to sell them for. I paid $34k for my daily. There's a guy selling a similar spec car for $50k but it's been for sale for months. No one is buying it at that price and he refuses to lower it, that doesn't make my car worth $50k.
Gunk_Olgidar@reddit
You don't need to. Just use the on line asking price. Because taxes and tag/title are included in your payout, and taxes often make up any differences between asking price on-line (which often don't include dealer "fees" anyway), and any discounts you may negotiate with the on line seller when you buy the replacement. So it's a wash.
0202xxx@reddit
Ok kool understood! I just know they lowball the mess out of u without a lawyer, at the same time, a lawyer gets 33%
NoWayGrl32@reddit (OP)
I'm just trying to figure out do they go by the Blue book value or do they go by what the car is selling for Because that could be a difference of a few thousand dollars.
And I'm not talking what it's going for a private auction I'm talking about what it's going for at a actual legit dealer ship
No_Nobody_367@reddit
No way you'll get compensation for personal items... The big pain is sales tax... They may give you fair value but you still need to buy a car and pay sales tax
Gunk_Olgidar@reddit
Insurance will low-ball you on the payout -- they are not acting in your best interest as fiduciaries. They're going to try to profit off your loss. So you gotta challenge any offer and DO NOT take the first offer!
This just happened 3 weeks ago to my daughter with her 2012 Genesis 4.6 with 49kmi. Got rear ended with frame damage. $9k first repair estimate so Farmers totaled it and offered $9k. Theyused comparables with 100kmi. Car was worth $13k all day every day. Total scammy BS by the adjuster, but they get paid to keep the payout small. Low mileage has MUCH more of an impact on actual market prices than KBB will show you. KBB's mileage algorithm is not realistic for low mileage cars, and everyone but you (until now) knows it.
Cars.com <-- use this website and look up a bunch of comparable cars of the same year and trim level offered for sale within 250mi of you, like that 50kmi car for $9k. Find 4 more with mileage (or lower mileage) and condition similar to yours. Save the screenshots.
If you have owned the car since new, provide a picture of the bill of sale. If you have all of your service records, lay them out on a table and photograph the lot. If the car has no accident history (they will know) but providing your own Carfax works too, so pay the $35 or whatever because you'll easily get that back. Save a screenshot of any online valuation estimator (KBB, etc.) that gives you a number in your favor.
Write it up in an a courteous email, attach everything, and send it to your adjuster. Upload *ALL* of that to your claim portal as backup.
My daughter did all of the above and the next day her payout jumped up to $12,750 after deductible. A couple hours work got her almost $4k, and she can now afford a replacement that's actually comparable to what she lost.
So it's very worth an hour or two of effort. Good luck!
Tony-cums@reddit
You’re finding out how hard those things depreciate bc they’re built like dogshit.