Car Market going forward (1 Viewer)

[pollardsvision]

Went to the Toyota dealership to see about having them figure out what's bugging my precious Echo. Last trip to the service department was 16 years ago (just for an oil change before I started doing it myself).

Anyway driving past the Toyota and Subaru dealerships here for the first time in a while, their lots were really full. A lot of pre-owned stuff based on a quick visual, but still, they got stuff. At least 4 people inside the Toyota dealership signing on the dotted line for a car when I was there.

Ford dealership was packed to the gills too. $70,000 trucks as far as the eye can see.

Anecdotal, but hopefully, there's enough inventory coming where dealers/manufacturers have incentive sales at least a little bit.

 

[DA RAIDERS]

A BMW 535. The only “nice car” I’ve ever owned in my life.

The N55 is one of BMWs most reliable engines, if maintained properly which it sounds like your former company took care of. The ZF8 is one of the best transmissions on the market and used by dozens of manufacturers. The biggest maintenance issues are oil and coolant leaks, which when addressed early are not terribly expensive. The electric water pump and cheap plastic expansion tank are pieces of **** though and depending on driving style/conditions/mileage can cause headaches every 60k miles, moreso for someone in the southwest than someone in Chicago. One of the reasons BMWs have such a bad rap is the original owner leases, the next owner buys because of depreciation but can't afford to keep it maintained and things snowball until they have $5k in deferred maintenance, so they unload the vehicle and it becomes someone else's problem who sees the $10k pricetag and thinks they are getting a screaming deal. On the enthusiast forums and FB groups there are plenty of people putting 200k+ miles on older BMWs, although they do most of the maintenance themselves to save money.

Also the F10 is a good looking BMW with classic styling. It is no E39, the pinnacle of BMW design, but they got rid of the Bangle butt and scrunched front end from the E60.

As for the check engine light, Autozone and O'Reillys can pull codes for you but they are generic codes and do not include all of the specific BMW codes. It is a good place to start though. There is a good chance it is the O2 sensor, which if I remember correctly is around $1k to replace at the dealership, probably less at an indepenent shop. They have a front and a rear though so if both are bad that could be double.

If you are only driving 5k-7k miles a year you could keep it running for another 5 years or more with minimal maintenance cost assuming everything is up to date, other than an oil change once a year and a new set of tires at some point. Much cheaper than a new $500/mo or more note and more practical in my view given the amount of driving you currently do.

A pretty decent resource if you don't want to hassle with FB or forums is the r/BMWTech subreddit, dozens of questions are asked everyday and answered by actual BMW Techs, BMW enthusiasts, and YouTube mechanics.

Reddit - Dive into anything

www.reddit.com

Replacing the plugs coils and O2 sensors in my wife’s 530 was the pinnacle of my auto repair work . There just was no way I was gonna pay what the mechanics wanted on a car with 180k miles on it. Got a few more years out it.

 

[pollardsvision]

Auto loan rejection rate nearing 10%. It was 1% a year ago.

I never thought I'd say this in my lifetime, but the banks might fix all of this. Car makers and consumers both seem perfectly with happy the average car price being the same as the average household income.

But if banks pull out of this foolishness, and folks have to pay real money for cars, we might finally see some reasonable prices again.

 

[massraider]

https://open.spotify.com/episode/55ay2xE8tXWUh9dLXY2psp?si=FvcffAMNSRmjHODBQmBNnw&dd=1

Latest Car Dealership Guy podcast, really interesting. He brings in an investor who focuses on auto industry.

 

[dkp993]

Also the F10 is a good looking BMW with classic styling. It is no E39, the pinnacle of BMW design, but they got rid of the Bangle butt and scrunched front end from the E60.

Can’t tell you how many times I’ve been close to buying a used F10 M5. It’s an incredible car for the money, even now with prices inflated

 

[STEADYMOBBIN 22]

https://open.spotify.com/episode/55ay2xE8tXWUh9dLXY2psp?si=FvcffAMNSRmjHODBQmBNnw&dd=1

Latest Car Dealership Guy podcast, really interesting. He brings in an investor who focuses on auto industry.

Cliff notes?

 

[pollardsvision]

https://open.spotify.com/episode/55ay2xE8tXWUh9dLXY2psp?si=FvcffAMNSRmjHODBQmBNnw&dd=1

Latest Car Dealership Guy podcast, really interesting. He brings in an investor who focuses on auto industry.

Cliff notes?

Discussion about the car market over the next 5-10 years or so.

What car buying will look like............maybe a little more direct to consumer, but dealerships will still play a role, just different. Interesting discussion on Carvana. The business had issues, but they at least "proved the model".

They think the "Amazon model of car buying" will be more prevalent for TIer 1/Super-prime buyers, but for the typical consumer who may not automatically qualify for the best rates/incentives, an actual dealer will be helpful. Car buying/financing is still insanely complex in those situations.

EV's.........the investor thinks the US will top out around 25% EV adoption-rate in our lifetime. Far lower than the lofty mission statements by automakers.

On that and the future of the dealership model, he thinks automakers will be glad that they couldn't bust up the dealership model when they overproduce a bunch of EV's that they can't sell, and it's going to be the dealers holding the bag on all this extra inventory, and not them.

Europe and other places testing more of the "agency"model that automakers want. Dealers is point of delivery and service mainly. Automakers deal more with the sales process and advertising, but they also take on all the inventory risk.

Some stuff one what to invest in to capitalize on where the market is heading. But I was trying to finish up mowing the yard and wasn't paying attention.

Good episode. I agree on the EV's. A lot of EV's out there is great, but we need to temper our expectations.

 

[pollardsvision]

For those looking to buy pick-up trucks, something has to give soon. The entire segment has had the lowest Inventory efficiency index for a while now and it keeps dropping.

Basically, F-150's, RAMs, and Silverado's are just piling up on lots.
I saw the F-150 is back up to an 85 day-supply, which is in line with pre-Covid numbers.

It was about halfway through 2021 that automakers really decided, particularly with limited supply capabilities, that if they had their way, all they would do is sell $90,000 trucks. Of course, that was also when gas prices started to spike.

So here we are with a whole bunch of trucks, and there can't be that many people left with the ability and desire to spend $90,000 on a truck.
And of course, banks jumping off this ship.

So, either a whole bunch of truck incentives are on the horizon, or Ford/GM/Ram are going dump a bunch of trucks into the ocean and start over.

 

[culdeus]

https://open.spotify.com/episode/55ay2xE8tXWUh9dLXY2psp?si=FvcffAMNSRmjHODBQmBNnw&dd=1

Latest Car Dealership Guy podcast, really interesting. He brings in an investor who focuses on auto industry.

Cliff notes?

Discussion about the car market over the next 5-10 years or so.

What car buying will look like............maybe a little more direct to consumer, but dealerships will still play a role, just different. Interesting discussion on Carvana. The business had issues, but they at least "proved the model".

They think the "Amazon model of car buying" will be more prevalent for TIer 1/Super-prime buyers, but for the typical consumer who may not automatically qualify for the best rates/incentives, an actual dealer will be helpful. Car buying/financing is still insanely complex in those situations.

EV's.........the investor thinks the US will top out around 25% EV adoption-rate in our lifetime. Far lower than the lofty mission statements by automakers.

On that and the future of the dealership model, he thinks automakers will be glad that they couldn't bust up the dealership model when they overproduce a bunch of EV's that they can't sell, and it's going to be the dealers holding the bag on all this extra inventory, and not them.

Europe and other places testing more of the "agency"model that automakers want. Dealers is point of delivery and service mainly. Automakers deal more with the sales process and advertising, but they also take on all the inventory risk.

Some stuff one what to invest in to capitalize on where the market is heading. But I was trying to finish up mowing the yard and wasn't paying attention.

Good episode. I agree on the EV's. A lot of EV's out there is great, but we need to temper our expectations.

The dealer model is just lobbyed into infinity. It provides about as much value as a realtor yet here we are.

BMW and Tesla are showing what a non dealer model can look like. BMW is basically at the point where you order the car online, but maintains some brick and mortar.

 

[KGB]

A while back I posted how you guys convinced me to check into selling my lease thats expiring. I think I posted I may be able to make like $4K

The lease is up in a few days.

Got an offer from a dealership to pay off my lease around $24K and I would walk away with like $8200

for some reason with the lease being up in a few days, they wanted me to extend it and blah blah blah.

Went to a closer dealership as we drove like 45 min to the first one. We can make it happen, but we need to buy the car first, then sell it to them. for whatever reason.

Cashed out some crypto to pay the $24K and should be walking with $8K when all is said and done.

Thanks guys!

 

[KGB]

A while back I posted how you guys convinced me to check into selling my lease thats expiring. I think I posted I may be able to make like $4K

The lease is up in a few days.

Got an offer from a dealership to pay off my lease around $24K and I would walk away with like $8200

for some reason with the lease being up in a few days, they wanted me to extend it and blah blah blah.

Went to a closer dealership as we drove like 45 min to the first one. We can make it happen, but we need to buy the car first, then sell it to them. for whatever reason.

Cashed out some crypto to pay the $24K and should be walking with $8K when all is said and done.

Thanks guys!

More runaround. ugg

I should have know it isnt this easy. If you want to do the same, def start about a month before the lease is up.

Now we have to overnight the check instead of bring to dealer to pay it off. Well see who wins in the end

 

[culdeus]

A while back I posted how you guys convinced me to check into selling my lease thats expiring. I think I posted I may be able to make like $4K

The lease is up in a few days.

Got an offer from a dealership to pay off my lease around $24K and I would walk away with like $8200

for some reason with the lease being up in a few days, they wanted me to extend it and blah blah blah.

Went to a closer dealership as we drove like 45 min to the first one. We can make it happen, but we need to buy the car first, then sell it to them. for whatever reason.

Cashed out some crypto to pay the $24K and should be walking with $8K when all is said and done.

Thanks guys!

More runaround. ugg

I should have know it isnt this easy. If you want to do the same, def start about a month before the lease is up.

Now we have to overnight the check instead of bring to dealer to pay it off. Well see who wins in the end

They can't wire the funds? I don't follow exactly what is happening here, but a paper check is funky.

 

[KGB]

A while back I posted how you guys convinced me to check into selling my lease thats expiring. I think I posted I may be able to make like $4K

The lease is up in a few days.

Got an offer from a dealership to pay off my lease around $24K and I would walk away with like $8200

for some reason with the lease being up in a few days, they wanted me to extend it and blah blah blah.

Went to a closer dealership as we drove like 45 min to the first one. We can make it happen, but we need to buy the car first, then sell it to them. for whatever reason.

Cashed out some crypto to pay the $24K and should be walking with $8K when all is said and done.

Thanks guys!

More runaround. ugg

I should have know it isnt this easy. If you want to do the same, def start about a month before the lease is up.

Now we have to overnight the check instead of bring to dealer to pay it off. Well see who wins in the end

They can't wire the funds? I don't follow exactly what is happening here, but a paper check is funky.

Gotta say im pretty pissed.

its like all anyone wants to do is sell us another loan and wont help besides that.

i asked "If I write a check and bring it to you tomorrow (delaership where we bought) are we all good? YES

now they are giving us a run around. saying, no you need to take out a loan to pay it off. this is a legit dealership, not a buy here pay here.

very scammy.

so **** em. were overnighting a check and will deal directly with chrysler capital and once we have the title in hand, I will call around and negotiate

 

[culdeus]

A while back I posted how you guys convinced me to check into selling my lease thats expiring. I think I posted I may be able to make like $4K

The lease is up in a few days.

Got an offer from a dealership to pay off my lease around $24K and I would walk away with like $8200

for some reason with the lease being up in a few days, they wanted me to extend it and blah blah blah.

Went to a closer dealership as we drove like 45 min to the first one. We can make it happen, but we need to buy the car first, then sell it to them. for whatever reason.

Cashed out some crypto to pay the $24K and should be walking with $8K when all is said and done.

Thanks guys!

More runaround. ugg

I should have know it isnt this easy. If you want to do the same, def start about a month before the lease is up.

Now we have to overnight the check instead of bring to dealer to pay it off. Well see who wins in the end

They can't wire the funds? I don't follow exactly what is happening here, but a paper check is funky.

Gotta say im pretty pissed.

its like all anyone wants to do is sell us another loan and wont help besides that.

i asked "If I write a check and bring it to you tomorrow (delaership where we bought) are we all good? YES

now they are giving us a run around. saying, no you need to take out a loan to pay it off. this is a legit dealership, not a buy here pay here.

very scammy.

so **** em. were overnighting a check and will deal directly with chrysler capital and once we have the title in hand, I will call around and negotiate

Bro ngl I'm sort of drunk but wouldn't go a whole lot further without a lawyer maybe

 

[KGB]

A while back I posted how you guys convinced me to check into selling my lease thats expiring. I think I posted I may be able to make like $4K

The lease is up in a few days.

Got an offer from a dealership to pay off my lease around $24K and I would walk away with like $8200

for some reason with the lease being up in a few days, they wanted me to extend it and blah blah blah.

Went to a closer dealership as we drove like 45 min to the first one. We can make it happen, but we need to buy the car first, then sell it to them. for whatever reason.

Cashed out some crypto to pay the $24K and should be walking with $8K when all is said and done.

Thanks guys!

More runaround. ugg

I should have know it isnt this easy. If you want to do the same, def start about a month before the lease is up.

Now we have to overnight the check instead of bring to dealer to pay it off. Well see who wins in the end

They can't wire the funds? I don't follow exactly what is happening here, but a paper check is funky.

Gotta say im pretty pissed.

its like all anyone wants to do is sell us another loan and wont help besides that.

i asked "If I write a check and bring it to you tomorrow (delaership where we bought) are we all good? YES

now they are giving us a run around. saying, no you need to take out a loan to pay it off. this is a legit dealership, not a buy here pay here.

very scammy.

so **** em. were overnighting a check and will deal directly with chrysler capital and once we have the title in hand, I will call around and negotiate

Bro ngl I'm sort of drunk but wouldn't go a whole lot further without a lawyer maybe

Very pissed. but. I know I have an asset. owe $25K and worth way over $30K

so, assuming the purchase with the overnight check isnt an issue. I will start again at step 2. (sell)

once title in hand, shouldnt ben an issue. I think the whole issue is buying from the title company.

ill upodate.

 

[Hov34]

https://open.spotify.com/episode/55ay2xE8tXWUh9dLXY2psp?si=FvcffAMNSRmjHODBQmBNnw&dd=1

Latest Car Dealership Guy podcast, really interesting. He brings in an investor who focuses on auto industry.

Cliff notes?

Discussion about the car market over the next 5-10 years or so.

What car buying will look like............maybe a little more direct to consumer, but dealerships will still play a role, just different. Interesting discussion on Carvana. The business had issues, but they at least "proved the model".

They think the "Amazon model of car buying" will be more prevalent for TIer 1/Super-prime buyers, but for the typical consumer who may not automatically qualify for the best rates/incentives, an actual dealer will be helpful. Car buying/financing is still insanely complex in those situations.

EV's.........the investor thinks the US will top out around 25% EV adoption-rate in our lifetime. Far lower than the lofty mission statements by automakers.

On that and the future of the dealership model, he thinks automakers will be glad that they couldn't bust up the dealership model when they overproduce a bunch of EV's that they can't sell, and it's going to be the dealers holding the bag on all this extra inventory, and not them.

Europe and other places testing more of the "agency"model that automakers want. Dealers is point of delivery and service mainly. Automakers deal more with the sales process and advertising, but they also take on all the inventory risk.

Some stuff one what to invest in to capitalize on where the market is heading. But I was trying to finish up mowing the yard and wasn't paying attention.

Good episode. I agree on the EV's. A lot of EV's out there is great, but we need to temper our expectations.

Don't go in the EV thread that Joe started with this crazy talk. You'll get put in your place by the EV Mafia.

 

[Orange&Blue]

our 2021 palisade was totalled. not happy.

guess I'm looking for another car... ugh

 

[DA RAIDERS]

A while back I posted how you guys convinced me to check into selling my lease thats expiring. I think I posted I may be able to make like $4K

The lease is up in a few days.

Got an offer from a dealership to pay off my lease around $24K and I would walk away with like $8200

for some reason with the lease being up in a few days, they wanted me to extend it and blah blah blah.

Went to a closer dealership as we drove like 45 min to the first one. We can make it happen, but we need to buy the car first, then sell it to them. for whatever reason.

Cashed out some crypto to pay the $24K and should be walking with $8K when all is said and done.

Thanks guys!

More runaround. ugg

I should have know it isnt this easy. If you want to do the same, def start about a month before the lease is up.

Now we have to overnight the check instead of bring to dealer to pay it off. Well see who wins in the end

They can't wire the funds? I don't follow exactly what is happening here, but a paper check is funky.

Gotta say im pretty pissed.

its like all anyone wants to do is sell us another loan and wont help besides that.

i asked "If I write a check and bring it to you tomorrow (delaership where we bought) are we all good? YES

now they are giving us a run around. saying, no you need to take out a loan to pay it off. this is a legit dealership, not a buy here pay here.

very scammy.

so **** em. were overnighting a check and will deal directly with chrysler capital and once we have the title in hand, I will call around and negotiate

Bro ngl I'm sort of drunk but wouldn't go a whole lot further without a lawyer maybe

Very pissed. but. I know I have an asset. owe $25K and worth way over $30K

so, assuming the purchase with the overnight check isnt an issue. I will start again at step 2. (sell)

once title in hand, shouldnt ben an issue. I think the whole issue is buying from the title company.

ill upodate.

The 2 times I did this I paid it off the and sold it myself. To a private party. The dealer price was always considerably lower. Times have changed however and dealers may be more competitive these days. The pia portion was waiting to get the title in hand.

ggglllll….ppppeeeeeeeeeaaaaaaaccccccccceeeeeee

 

[pollardsvision]

https://open.spotify.com/episode/55ay2xE8tXWUh9dLXY2psp?si=FvcffAMNSRmjHODBQmBNnw&dd=1

Latest Car Dealership Guy podcast, really interesting. He brings in an investor who focuses on auto industry.

Cliff notes?

Discussion about the car market over the next 5-10 years or so.

What car buying will look like............maybe a little more direct to consumer, but dealerships will still play a role, just different. Interesting discussion on Carvana. The business had issues, but they at least "proved the model".

They think the "Amazon model of car buying" will be more prevalent for TIer 1/Super-prime buyers, but for the typical consumer who may not automatically qualify for the best rates/incentives, an actual dealer will be helpful. Car buying/financing is still insanely complex in those situations.

EV's.........the investor thinks the US will top out around 25% EV adoption-rate in our lifetime. Far lower than the lofty mission statements by automakers.

On that and the future of the dealership model, he thinks automakers will be glad that they couldn't bust up the dealership model when they overproduce a bunch of EV's that they can't sell, and it's going to be the dealers holding the bag on all this extra inventory, and not them.

Europe and other places testing more of the "agency"model that automakers want. Dealers is point of delivery and service mainly. Automakers deal more with the sales process and advertising, but they also take on all the inventory risk.

Some stuff one what to invest in to capitalize on where the market is heading. But I was trying to finish up mowing the yard and wasn't paying attention.

Good episode. I agree on the EV's. A lot of EV's out there is great, but we need to temper our expectations.

Don't go in the EV thread that Joe started with this crazy talk. You'll get put in your place by the EV Mafia.

Haha. I did and they did.

@massraider guy Cardealership guy just had a podcast on the topic with Scott Case, the founder of Recurrent. Really good episode

Case seems like a good reasonable dude, and he's about to be filthy rich with Recurrent. It's very much needed. They track EV battery health. Basically, you want to buy or sell an EV, they have a report to tell you how much life the battery has left. Can't speak to the quality of the methodology, but it's the biggest issue facing EV used car sales for sellers and buyers, and they have a big adoption rate. A lot of dealerships and auctions sites use them the same way people use CarFax. EV drivers are incentivized to use them because they will get far more on the resale with a trusted source that's been monitoring the battery health of the vehicle.

Anyway, he seems reasonable and open about the issues facing EV's*, and he still thinks we'll hit 50% adoption somewhere between 2030 and 2035.

*The dude was driving a Subaru Outback when he founded the company because, even though he had a single family dwelling in Seattle, there was no good way to get home charging. He has a (non-Tesla) EV now that he has a garage. He's very upfront that if you don't buy Tesla and you need pubic charging that you need to wait.

 

[Snoopy]

Check for an unfortunate typo in the last sentence.

 

[dkp993]

Check for an unfortunate typo in the last sentence.

Not sure I see an issue. Who doesn’t need a pubic charging from time to time.

 

[pollardsvision]

Something like Recurrent would certainly be good for people trying to sell EVs through private sale.

Locally, somebody has been trying to sell the 2016 Tesla Model X for almost 6 months. Battery warranty ends in 2024.

Used EV buyers really need a way to have some understanding of the battery health as the first couple waves of EVs are nearing the end of their warranty.

 

[Orange&Blue]

looking at used cars due to previous mentioned accident... is carvana something to avoid or consider?

 

[MTskibum]

looking at used cars due to previous mentioned accident... is carvana something to avoid or consider?

They tend to be more expensive, they pay more for their cars so they have to sell them at a higher price.

Without having a trade in they are probably not worth it.

 

[DA RAIDERS]

Check for an unfortunate typo in the last sentence.

Not sure I see an issue. Who doesn’t need a pubic charging from time to time.

Seriously. is there a charging station near us? There’s gotta be one!

 

[Rich Conway]

Check for an unfortunate typo in the last sentence.

Not sure I see an issue. Who doesn’t need a pubic charging from time to time.

More important, how does choosing Tesla over others help resolve this need?

 

[dkp993]

Check for an unfortunate typo in the last sentence.

Not sure I see an issue. Who doesn’t need a pubic charging from time to time.

More important, how does choosing Tesla over others help resolve this need?

Owning a Tesla definitely helps with your status and street-cred so it helps getting some much needed pubic charging.

 

[massraider]

Check for an unfortunate typo in the last sentence.

Not sure I see an issue. Who doesn’t need a pubic charging from time to time.

Seriously. is there a charging station near us? There’s gotta be one!

Feels like they probably have one on every corner in Brazil

 

[Nugget]

Cox April Forecast

Looks to be a pretty big month. Honda is going to crush it YOY. Inventories are still increasing, incentives are slowly coming back.

 

[KGB]

For fun I made a carvana account.
Payoff was $24K something.

Offer $32,848. and we are looking for ease of use, I dont want to drive around all day saturday type thing.

We also overnighted the check to the lease company and they recieved it. Just need to wait for the title to show up.

 

[Orange&Blue]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

 

[fruity pebbles]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

 

[Orange&Blue]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

yes.

so you think i can walk in to a dealer who is selling a car for $42k and get it for $37k? Because I asked 3 dealers and they all said no without any pause.

FWIW, it's a 2021 hyundai palisade sel, awd, with convenience and premium package. 40k miles.

 

[fruity pebbles]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

yes.

so you think i can walk in to a dealer who is selling a car for $42k and get it for $37k? Because I asked 3 dealers and they all said no without any pause.

FWIW, it's a 2021 hyundai palisade sel, awd, with convenience and premium package. 40k miles.

Dunno but they’re still not going to accept for sale comps. Sellers can legit ask anything they want. Can you get your hands on some actual sold comps of similar cars? Hold a lot more weight. I don’t know how accurate for that particular model but KBB has the private party value at around 36K.

 

[seahawk 17]

looking at used cars due to previous mentioned accident... is carvana something to avoid or consider?

Just bought a vehicle from them Thursday. The process was so simple. I will never purchase from a dealership again. If you are going the online route, less expensive than Carmax.

 

[Orange&Blue]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

yes.

so you think i can walk in to a dealer who is selling a car for $42k and get it for $37k? Because I asked 3 dealers and they all said no without any pause.

FWIW, it's a 2021 hyundai palisade sel, awd, with convenience and premium package. 40k miles.

Dunno but they’re still not going to accept for sale comps. Sellers can legit ask anything they want. Can you get your hands on some actual sold comps of similar cars? Hold a lot more weight. I don’t know how accurate for that particular model but KBB has the private party value at around 36K.

why private party?

Why am I being asked (i.e. forced) to shell out $5k from my own insurance company for a wreck I wasn't responsible for. Not to mention a completely different insurance company is going to be paying for it.

 

[fruity pebbles]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

yes.

so you think i can walk in to a dealer who is selling a car for $42k and get it for $37k? Because I asked 3 dealers and they all said no without any pause.

FWIW, it's a 2021 hyundai palisade sel, awd, with convenience and premium package. 40k miles.

Dunno but they’re still not going to accept for sale comps. Sellers can legit ask anything they want. Can you get your hands on some actual sold comps of similar cars? Hold a lot more weight. I don’t know how accurate for that particular model but KBB has the private party value at around 36K.

why private party?

Why am I being asked (i.e. forced) to shell out $5k from my own insurance company for a wreck I wasn't responsible for. Not to mention a completely different insurance company is going to be paying for it.

It’s a formula they use to come up with the value so not as easy as just looking on KBB or NADA. That said it’s usually less than dealer prices. I mean they are giving you the “value” of the car. If you sold it, you are going to get the private party value, you’re not a dealer. They’re not going to pay you the dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc. Insurance doesn’t always make you whole, they simply give you the value of the car.

 

[Orange&Blue]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

yes.

so you think i can walk in to a dealer who is selling a car for $42k and get it for $37k? Because I asked 3 dealers and they all said no without any pause.

FWIW, it's a 2021 hyundai palisade sel, awd, with convenience and premium package. 40k miles.

Dunno but they’re still not going to accept for sale comps. Sellers can legit ask anything they want. Can you get your hands on some actual sold comps of similar cars? Hold a lot more weight. I don’t know how accurate for that particular model but KBB has the private party value at around 36K.

why private party?

Why am I being asked (i.e. forced) to shell out $5k from my own insurance company for a wreck I wasn't responsible for. Not to mention a completely different insurance company is going to be paying for it.

It’s a formula they use to come up with the value so not as easy as just looking on KBB or NADA. That said it’s usually less than dealer prices. I mean they are giving you the “value” of the car. If you sold it, you are going to get the private party value, you’re not a dealer. They’re not going to pay you the dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc. Insurance doesn’t always make you whole, they simply give you the value of the car.

I wasn't going to sell it. I was hit by some douche bag who was on his phone. I shouldn't have to pay for the:

dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc.

 

[pollardsvision]

More repo's popping up at auctions Cool to see Brandon from Car Questions answered and Zach from Car Edge get together for a video. Both great channels.

And Brandon has my dream job. His dealership only sells cars for $5,000 or less.

 

[Ron Swanson]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

yes.

so you think i can walk in to a dealer who is selling a car for $42k and get it for $37k? Because I asked 3 dealers and they all said no without any pause.

FWIW, it's a 2021 hyundai palisade sel, awd, with convenience and premium package. 40k miles.

Dunno but they’re still not going to accept for sale comps. Sellers can legit ask anything they want. Can you get your hands on some actual sold comps of similar cars? Hold a lot more weight. I don’t know how accurate for that particular model but KBB has the private party value at around 36K.

why private party?

Why am I being asked (i.e. forced) to shell out $5k from my own insurance company for a wreck I wasn't responsible for. Not to mention a completely different insurance company is going to be paying for it.

It’s a formula they use to come up with the value so not as easy as just looking on KBB or NADA. That said it’s usually less than dealer prices. I mean they are giving you the “value” of the car. If you sold it, you are going to get the private party value, you’re not a dealer. They’re not going to pay you the dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc. Insurance doesn’t always make you whole, they simply give you the value of the car.

I wasn't going to sell it. I was hit by some douche bag who was on his phone. I shouldn't have to pay for the:

dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc.

Is there anything forcing you to settle quickly? Chances are they will be more interested in getting this settled quickly than you. Insurance companies don't like lingering claims because they always get more expensive as they age. Time is your friend. Also, has the other insurance company accepted fault or is your insurance company planning to subrogate? And who is coming up with the value of your car? Your insurance company or the other party?

 

[Orange&Blue]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

yes.

so you think i can walk in to a dealer who is selling a car for $42k and get it for $37k? Because I asked 3 dealers and they all said no without any pause.

FWIW, it's a 2021 hyundai palisade sel, awd, with convenience and premium package. 40k miles.

Dunno but they’re still not going to accept for sale comps. Sellers can legit ask anything they want. Can you get your hands on some actual sold comps of similar cars? Hold a lot more weight. I don’t know how accurate for that particular model but KBB has the private party value at around 36K.

why private party?

Why am I being asked (i.e. forced) to shell out $5k from my own insurance company for a wreck I wasn't responsible for. Not to mention a completely different insurance company is going to be paying for it.

It’s a formula they use to come up with the value so not as easy as just looking on KBB or NADA. That said it’s usually less than dealer prices. I mean they are giving you the “value” of the car. If you sold it, you are going to get the private party value, you’re not a dealer. They’re not going to pay you the dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc. Insurance doesn’t always make you whole, they simply give you the value of the car.

I wasn't going to sell it. I was hit by some douche bag who was on his phone. I shouldn't have to pay for the:

dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc.

Is there anything forcing you to settle quickly? Chances are they will be more interested in getting this settled quickly than you. Insurance companies don't like lingering claims because they always get more expensive as they age. Time is your friend. Also, has the other insurance company accepted fault or is your insurance company planning to subrogate? And who is coming up with the value of your car? Your insurance company or the other party?

the other company has accepted fault. i talked to their rep and they are just waiting for my company to finish and then will compensate my insurance for their payout. CCC determined the value on behalf of my insurance company. the other insurance company is small and is letting my insurance company (AAA) handle everything.

I want to settle quickly as we are driving to Yellowstone on may 27th.

 

[Ron Swanson]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

yes.

so you think i can walk in to a dealer who is selling a car for $42k and get it for $37k? Because I asked 3 dealers and they all said no without any pause.

FWIW, it's a 2021 hyundai palisade sel, awd, with convenience and premium package. 40k miles.

Dunno but they’re still not going to accept for sale comps. Sellers can legit ask anything they want. Can you get your hands on some actual sold comps of similar cars? Hold a lot more weight. I don’t know how accurate for that particular model but KBB has the private party value at around 36K.

why private party?

Why am I being asked (i.e. forced) to shell out $5k from my own insurance company for a wreck I wasn't responsible for. Not to mention a completely different insurance company is going to be paying for it.

It’s a formula they use to come up with the value so not as easy as just looking on KBB or NADA. That said it’s usually less than dealer prices. I mean they are giving you the “value” of the car. If you sold it, you are going to get the private party value, you’re not a dealer. They’re not going to pay you the dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc. Insurance doesn’t always make you whole, they simply give you the value of the car.

I wasn't going to sell it. I was hit by some douche bag who was on his phone. I shouldn't have to pay for the:

dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc.

Is there anything forcing you to settle quickly? Chances are they will be more interested in getting this settled quickly than you. Insurance companies don't like lingering claims because they always get more expensive as they age. Time is your friend. Also, has the other insurance company accepted fault or is your insurance company planning to subrogate? And who is coming up with the value of your car? Your insurance company or the other party?

the other company has accepted fault. i talked to their rep and they are just waiting for my company to finish and then will compensate my insurance for their payout. CCC determined the value on behalf of my insurance company. the other insurance company is small and is letting my insurance company (AAA) handle everything.

I want to settle quickly as we are driving to Yellowstone on may 27th.

Then I would either argue condition (IE, mine is in far better than "Average Private Condition") or not make an argument at all but rather counter with an offer to settle all claims for $XX,XXX and then sit back and wait. But as others have said, using asking prices at dealers won't get you far. You should also get sales tax and registration on top of the car value if that makes a difference for you.

 

[Orange&Blue]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

yes.

so you think i can walk in to a dealer who is selling a car for $42k and get it for $37k? Because I asked 3 dealers and they all said no without any pause.

FWIW, it's a 2021 hyundai palisade sel, awd, with convenience and premium package. 40k miles.

Dunno but they’re still not going to accept for sale comps. Sellers can legit ask anything they want. Can you get your hands on some actual sold comps of similar cars? Hold a lot more weight. I don’t know how accurate for that particular model but KBB has the private party value at around 36K.

why private party?

Why am I being asked (i.e. forced) to shell out $5k from my own insurance company for a wreck I wasn't responsible for. Not to mention a completely different insurance company is going to be paying for it.

It’s a formula they use to come up with the value so not as easy as just looking on KBB or NADA. That said it’s usually less than dealer prices. I mean they are giving you the “value” of the car. If you sold it, you are going to get the private party value, you’re not a dealer. They’re not going to pay you the dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc. Insurance doesn’t always make you whole, they simply give you the value of the car.

I wasn't going to sell it. I was hit by some douche bag who was on his phone. I shouldn't have to pay for the:

dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc.

Is there anything forcing you to settle quickly? Chances are they will be more interested in getting this settled quickly than you. Insurance companies don't like lingering claims because they always get more expensive as they age. Time is your friend. Also, has the other insurance company accepted fault or is your insurance company planning to subrogate? And who is coming up with the value of your car? Your insurance company or the other party?

the other company has accepted fault. i talked to their rep and they are just waiting for my company to finish and then will compensate my insurance for their payout. CCC determined the value on behalf of my insurance company. the other insurance company is small and is letting my insurance company (AAA) handle everything.

I want to settle quickly as we are driving to Yellowstone on may 27th.

Then I would either argue condition (IE, mine is in far better than "Average Private Condition") or not make an argument at all but rather counter with an offer to settle all claims for $XX,XXX and then sit back and wait. But as others have said, using asking prices at dealers won't get you far. You should also get sales tax and registration on top of the car value if that makes a difference for you.

that's another kick in the nutts, their evaluation included taxes/registration.

 

[pollardsvision]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

yes.

so you think i can walk in to a dealer who is selling a car for $42k and get it for $37k? Because I asked 3 dealers and they all said no without any pause.

FWIW, it's a 2021 hyundai palisade sel, awd, with convenience and premium package. 40k miles.

Dunno but they’re still not going to accept for sale comps. Sellers can legit ask anything they want. Can you get your hands on some actual sold comps of similar cars? Hold a lot more weight. I don’t know how accurate for that particular model but KBB has the private party value at around 36K.

why private party?

Why am I being asked (i.e. forced) to shell out $5k from my own insurance company for a wreck I wasn't responsible for. Not to mention a completely different insurance company is going to be paying for it.

It’s a formula they use to come up with the value so not as easy as just looking on KBB or NADA. That said it’s usually less than dealer prices. I mean they are giving you the “value” of the car. If you sold it, you are going to get the private party value, you’re not a dealer. They’re not going to pay you the dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc. Insurance doesn’t always make you whole, they simply give you the value of the car.

I wasn't going to sell it. I was hit by some douche bag who was on his phone. I shouldn't have to pay for the:

dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc.

Is there anything forcing you to settle quickly? Chances are they will be more interested in getting this settled quickly than you. Insurance companies don't like lingering claims because they always get more expensive as they age. Time is your friend. Also, has the other insurance company accepted fault or is your insurance company planning to subrogate? And who is coming up with the value of your car? Your insurance company or the other party?

the other company has accepted fault. i talked to their rep and they are just waiting for my company to finish and then will compensate my insurance for their payout. CCC determined the value on behalf of my insurance company. the other insurance company is small and is letting my insurance company (AAA) handle everything.

I want to settle quickly as we are driving to Yellowstone on may 27th.

I'm pretty ignorant, but it sounds like you might be in a tough spot, particularly given your timeline.

Assuming Fruity's numbers are correct, they've offered the KBB private party value. In theory, you could buy a comparable replacement via a private party sale.

Of course the whole reason we fool with dealerships, even though they are a terrible value when either buying or selling, is that they are a lot more convenient and expedient than a private party sale (which is always a better value for both parties).

I hope there's a way to pull it off, like I said I'm ignorant. And this absolutely sucks.

Were the comps they provided from a private party or dealership?

Also, because more time would be helpful here (both in dealing with the insurance company and finding the right vehicle), it might be worth looking into a rental for the Yellowstone trip (not idea if it's possible, but it would be great to see if the insurance company would cover that while you find a way to replace your ride with what they are offering).

 

[pollardsvision]

Speaking of my ignorance, I wonder is it possible to just tell the insurance company......."how about ya'll just rent me a car until you geniuses stumble across a vehicle I can buy for what you're offering?"

I'm sure it's been tried, can't imagine it's gone well.

 

[belljr]

Speaking of my ignorance, I wonder is it possible to just tell the insurance company......."how about ya'll just rent me a car until you geniuses stumble across a vehicle I can buy for what you're offering?"

I'm sure it's been tried, can't imagine it's gone well.

Were you in an accident? Sorry if I missed it. My insurance covers a rental for I think like 3 weeks after an accident

 

[Orange&Blue]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

yes.

so you think i can walk in to a dealer who is selling a car for $42k and get it for $37k? Because I asked 3 dealers and they all said no without any pause.

FWIW, it's a 2021 hyundai palisade sel, awd, with convenience and premium package. 40k miles.

Dunno but they’re still not going to accept for sale comps. Sellers can legit ask anything they want. Can you get your hands on some actual sold comps of similar cars? Hold a lot more weight. I don’t know how accurate for that particular model but KBB has the private party value at around 36K.

why private party?

Why am I being asked (i.e. forced) to shell out $5k from my own insurance company for a wreck I wasn't responsible for. Not to mention a completely different insurance company is going to be paying for it.

It’s a formula they use to come up with the value so not as easy as just looking on KBB or NADA. That said it’s usually less than dealer prices. I mean they are giving you the “value” of the car. If you sold it, you are going to get the private party value, you’re not a dealer. They’re not going to pay you the dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc. Insurance doesn’t always make you whole, they simply give you the value of the car.

I wasn't going to sell it. I was hit by some douche bag who was on his phone. I shouldn't have to pay for the:

dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc.

Is there anything forcing you to settle quickly? Chances are they will be more interested in getting this settled quickly than you. Insurance companies don't like lingering claims because they always get more expensive as they age. Time is your friend. Also, has the other insurance company accepted fault or is your insurance company planning to subrogate? And who is coming up with the value of your car? Your insurance company or the other party?

the other company has accepted fault. i talked to their rep and they are just waiting for my company to finish and then will compensate my insurance for their payout. CCC determined the value on behalf of my insurance company. the other insurance company is small and is letting my insurance company (AAA) handle everything.

I want to settle quickly as we are driving to Yellowstone on may 27th.

I'm pretty ignorant, but it sounds like you might be in a tough spot, particularly given your timeline.

Assuming Fruity's numbers are correct, they've offered the KBB private party value. In theory, you could buy a comparable replacement via a private party sale.

Of course the whole reason we fool with dealerships, even though they are a terrible value when either buying or selling, is that they are a lot more convenient and expedient than a private party sale (which is always a better value for both parties).

I hope there's a way to pull it off, like I said I'm ignorant. And this absolutely sucks.

Were the comps they provided from a private party or dealership?

Also, because more time would be helpful here (both in dealing with the insurance company and finding the right vehicle), it might be worth looking into a rental for the Yellowstone trip (not idea if it's possible, but it would be great to see if the insurance company would cover that while you find a way to replace your ride with what they are offering).

So i called the other insurance company. Told them that my insurance company was slow and I was curious if they wanted to skip them and deal with me directly. They were eager to close and also annoyed that it had been 3+ weeks and still waiting on the total loss paperwork.

They asked I provide some online quotes, damage repair statement of work, mileage, and some other things. In less than 4 hours we've reached a settlement for $42k ($4.7k more than my own insurance was offering).

They will be wiring the money tomorrow and gave me till Monday to return the rental.

I will be changing insurance companies. DO NOT USE AAA.

 

[KGB]

For fun I made a carvana account.
Payoff was $24K something.

Offer $32,848. and we are looking for ease of use, I dont want to drive around all day saturday type thing.

We also overnighted the check to the lease company and they recieved it. Just need to wait for the title to show up.

$23700 taken out of checking. ok, were in business. now lets wait for title and see what we can get. might even consider private party. I dont feel comfortable doing such a large amount private, but ill consider it

 

[Orange&Blue]

car insurance companies suck.

My insurance company is using outdated and inaccurate comparables. I've sent three examples of actively available cars that are selling for $5k more than what they are offering. They are refusing to use them and are stating their analysis is correct even though none of the cars are actually available.

One issue is that they are reducing the comparables for: The Condition Adjustment sets that comparable vehicle to Average Private Condition, which the loss vehicle is also compared to in the Vehicle Condition
section.

I called up the three dealers of the cars I found and asked if they would take what my insurance company is offering and was told no.

I have rescinded my authorization for the vehicle to be sold as I'm contemplating taking their offer to buy it out.

What else can I do?

Have you seen the comps they are using? Only issue with you using for sale comps is asking price isn’t sold price.

yes.

so you think i can walk in to a dealer who is selling a car for $42k and get it for $37k? Because I asked 3 dealers and they all said no without any pause.

FWIW, it's a 2021 hyundai palisade sel, awd, with convenience and premium package. 40k miles.

Dunno but they’re still not going to accept for sale comps. Sellers can legit ask anything they want. Can you get your hands on some actual sold comps of similar cars? Hold a lot more weight. I don’t know how accurate for that particular model but KBB has the private party value at around 36K.

why private party?

Why am I being asked (i.e. forced) to shell out $5k from my own insurance company for a wreck I wasn't responsible for. Not to mention a completely different insurance company is going to be paying for it.

It’s a formula they use to come up with the value so not as easy as just looking on KBB or NADA. That said it’s usually less than dealer prices. I mean they are giving you the “value” of the car. If you sold it, you are going to get the private party value, you’re not a dealer. They’re not going to pay you the dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc. Insurance doesn’t always make you whole, they simply give you the value of the car.

I wasn't going to sell it. I was hit by some douche bag who was on his phone. I shouldn't have to pay for the:

dealers reconditioning fees, advertising expenses, profit margin, warranty the dealership is likely to give you etc.

Is there anything forcing you to settle quickly? Chances are they will be more interested in getting this settled quickly than you. Insurance companies don't like lingering claims because they always get more expensive as they age. Time is your friend. Also, has the other insurance company accepted fault or is your insurance company planning to subrogate? And who is coming up with the value of your car? Your insurance company or the other party?

the other company has accepted fault. i talked to their rep and they are just waiting for my company to finish and then will compensate my insurance for their payout. CCC determined the value on behalf of my insurance company. the other insurance company is small and is letting my insurance company (AAA) handle everything.

I want to settle quickly as we are driving to Yellowstone on may 27th.

I'm pretty ignorant, but it sounds like you might be in a tough spot, particularly given your timeline.

Assuming Fruity's numbers are correct, they've offered the KBB private party value. In theory, you could buy a comparable replacement via a private party sale.

Of course the whole reason we fool with dealerships, even though they are a terrible value when either buying or selling, is that they are a lot more convenient and expedient than a private party sale (which is always a better value for both parties).

I hope there's a way to pull it off, like I said I'm ignorant. And this absolutely sucks.

Were the comps they provided from a private party or dealership?

Also, because more time would be helpful here (both in dealing with the insurance company and finding the right vehicle), it might be worth looking into a rental for the Yellowstone trip (not idea if it's possible, but it would be great to see if the insurance company would cover that while you find a way to replace your ride with what they are offering).

So i called the other insurance company. Told them that my insurance company was slow and I was curious if they wanted to skip them and deal with me directly. They were eager to close and also annoyed that it had been 3+ weeks and still waiting on the total loss paperwork.

They asked I provide some online quotes, damage repair statement of work, mileage, and some other things. In less than 4 hours we've reached a settlement for $42k ($4.7k more than my own insurance was offering).

They will be wiring the money tomorrow and gave me till Monday to return the rental.

I will be changing insurance companies. DO NOT USE AAA.

Today wife and I bought a 2020 telluride SX with less than 25K miles from a lexus dealership that was in perfect condition. After taxes I'll be out $750. I can live with that.

Thanks to all that helped out.

 

[massraider]

Automakers and dealers are playing a game of chicken — and customers could be the winners

With interest rates rising, the cost of holding onto unsold cars is getting more expensive — and car buyers could stand to benefit.

www.businessinsider.com

Inflation Is Fake: New Car Prices Aren’t Dropping Despite Rising Supply

Inventory is piling up at dealers, but carmakers aren't putting cash on hoods

jalopnik.com

New inventory catching up, and manufacturers might not be ready to hand out discounts or incentives.

Avg price of a new car is up $10,000 from pre-Covid levels, and people are hanging onto cars longer.