[Duanep23]

So i recently had got into a bad tragedy event (Hurricane Matthew) and my car was fully submerged in water and flipped over. I just got the car in August and only made two payments on it. My car is a V6 with the RS Package with all the bells and whistles like back up camera, sensors, nav, illuminated foot wells, etc.. So basically my question is how much did it depreciate for only having it for less than three months? Yes, I know it depreciates as soon as you leave the lot and also know that all cars are different. But just thought I ask people that know a little more than me and plus I just want to be prepared for what the insurance company give me for a depreciated car. Thank You

[Michigan1LTRS]

Next time you insure, get the gap insurance and you won't take a loss.

[fradaj]

I am hearing about good deals and rebates at the dealers right now, maybe enough to make up the difference to buy a new one. Good luck, sorry about your car and any other loss you may have from the flood.

[mekirk2]

Originally Posted by fradaj

I am hearing about good deals and rebates at the dealers right now, maybe enough to make up the difference to buy a new one. Good luck, sorry about your car and any other loss you may have from the flood.

Hopefully the new rebates havent pulled down the value of the 16's yet. Your best bet is to have all the data for private party and retail cost for a vehicle like yours. Talk to a couple of dealers about how they would price it if it were on their lot before the flood (explain your situation and that you will be looking to replace it). Take all of this and use it to negotiate the value with your insurance company.

Here is the private party sale value of a blue 2016 A8 with 4000 miles in excellent condition pretty much loaded out based on my zip code. Dealer retail is usually a little higher than this, but its hard to say with it being so new.

[S!N!STER]

Look at your paperwork and see if you paid for gap insurance when you bought your car. I paid for gap insurance when I bought mine.

[MovieGuy]

Even if he owed less than the car is worth, therefore not needing gap insurance, it's value is still important to him as it will determine the size of the check he should get from his insurance.

OP you can go to any bank or credit union and they will look up the car in the NADA book for you. The price it says you can sell the car for is the amount you SHOULD get from your insurance.

[sprtplt]

Never use KBB, they are and have been comically high for years. Use Edmunds True Market Value.

[mekirk2]

Originally Posted by sprtplt

Never use KBB, they are and have been comically high for years. Use Edmunds True Market Value.

in this case high is a good thing - he needs as much as he can get for the car from the insurance company....

[mekirk2]

My wife wrecked her Jeep years ago. I used NADA, KBB and a couple of dealers to figure out what the value was so that I could negotiate the best amount. Insurance came back higher than any of them (shocked me).

Just make sure you have done a lot of research so that you can have leverage if you have to negotiate.

[Chevyman_Indiana]

KBB and Black Book undermine the cars in favor of dealer 110% always. NADA is the true unbiased website to check depreciation. Edmunds may be truthful enough too.
Credit Unions use NADA only so go that route.

[Thor142]

Almost all new car loans include a premium for gap insurance now. Too many wrecked new cars and people walked away from the difference between what they owed and the ins payout. I'm not saying all of them. But most.

[mekirk2]

Originally Posted by Thor142

Almost all new car loans include a premium for gap insurance now. Too many wrecked new cars and people walked away from the difference between what they owed and the ins payout. I'm not saying all of them. But most.

Ive bought two in two years - a new Grand Cherokee and this camaro. It was offered but not required on both of them. I turned down the Grand Cherokee because I had a trade worth nearly 10K. I took it out on the camaro since I didnt have any down payment.

[MovieGuy]

NADA is the official recognized car value. National Auto Dealer Association is what it stands for. You can go to the website but that is not as comprehensive as the books are. Now that I think about it our public library has a subscription to the NADA and their books are available there. That would be another place to check. Or your dealer DOES have access to that book and if he knows you are just getting the value of your totaled vehicle he may share it with you.

Kelley Blue Book is totally unofficial. They go completely by average selling price of vehicles in your area.

Usually NADA will give a loan value, trade in value, private seller value, and dealer value. Last I knew insurance companies go by the private seller value which is between the trade in and the dealer values. Which makes sense because they are looking at the most you could get for the car, which would be selling it, rather than trading it in.

[thescout6]

Originally Posted by sprtplt

Never use KBB, they are and have been comically high for years. Use Edmunds True Market Value.

Depends on the state. In California, nearly all dealers use KBB because that's what the market uses here. But where I lived in Florida or NC it was comically high


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