2012 is Totaled Any Recommendations?

[Peter L]

Bummer about your 2012.......I have one for sale (in CO) that I just replaced with a 2019. 2012 Limited 4WD, fully loaded including second row captains chairs with dual DVD players in the front seat headrests. 142,500 miles with all maintenance records and about five months remaining on an extended warranty. Black on Black with full Weathertech floor liners, original mats (carpet and rubber) and an extra spare tire and wheel. Asking $19,500.

 

[Mark Buckner]

I will highly recommend spending a bit on a professional appraisal.

As others have said, the initial quote from your insurance company is going to be low. Very low. When my 2003 Super Duty was totaled a few years ago their initial number was $12,600. The quote was based on trucks with a totally different motor and transmission, both less desirable than what I had. I tried to get the adjuster to understand, without success.

So I paid for an appraiser $250 to go to the tow lot and look at the truck (something the adjuster would not do). Long story short after presenting the appraisal I was able settle with the insurance company for $24,400.

And I bought the truck back from the insurance company for $2,900. I parted out the truck and got almost twice that, and still kept my winch, audio and alarm systems.

You can get an appraisal for less than $250. After my recent run-in with a State of Colorado DOT dump truck, I had the same appraiser evaluate it before even beginning my insurance claim and it only cost $165 because I could drive it to his shop rather than him having to go to a tow lot. My 2012 Expy with 200K appraised at $18,500 but keep in mind I have a fairly expensive custom winch bumper, winch and a number of other “upgrades”. You may be able to avoid having it totaled if you can establish that it’s worth more. Most insurers will approve repair if total cost stays below 70% of value. Hope this helps you!!

 

[ManUpOrShutUp]

I have no idea what they are going to give me. The totaled estimate is I think 75% of what the dealer thinks it's worth $17,500. I don't see myself getting that. I was able to drive it for three weeks after the accident except for that door being an issue.
The initial estimate came from the insurance company who came out and got under the car, but he acknowledged that he couldn't see everything without it being put up on the rack. I always assumed totaled cars were rolled or massive damage to the engine compartment and all the sensors.

My wife totaled her Mazda and aside from the airbags, the damage was entirely cosmetic. No frame damage. No engine damage. Not even a loose wire.

Keep in mind that if you buy it back and fix it the car will be branded as totaled. It will make the vehicle very undesirable from a resale standpoint and for very little money. If you buy it, plan on fixing it correctly, keeping it and running it into the ground. Personally, I would work the insurance co as hard as possible to get the best settlement and then purchase the best, lowest mileage vehicle you can find. There is a reason why hight mileage vehicles are less money, because the vehicle has less trouble free miles left in it.

As above, my wife totaled her Mazda several years ago. The insurance company gave me 2 options: (1) They give me $9k and take the car. (2) They give me $7 and I keep the car. I took option #2. The car was totaled, but maintained a clean title. She continued to drive it until the trans went about 70k miles later.

Even if the car is salvaged and rebuilt though, the days of resale value going down the toilet are long, long gone. Pre-COVID, such cars were typically selling for somewhere between low and mod book value. For some used vehicles, that difference could be under $1k. Heck, ~5 years ago my mom got $20k on trade for her Nissan Frontier, which was totaled and rebuilt. The dealership sold it 13 days later for $26k. With the market being what it is right now, R-title vehicles are fetching somewhere between mid and high book.

 

[GlennSullivan]

Well we will agree to disagree. totaled / rebuilt vehicles or ones having a carfax severe accident in the report currently sell for much less than no accident / story vehicles in the 2 markets I am very familiar with (Northeast and Southeast).

 

[Dennis_H]

It all depends on your situation. I drive vehicles till the wheels fall off. I don't particularly care about resale because when I'm done, they aren't going to matter if it is a salvage title or not. So if you get a good enough settlement that allows you to replace it for minimal out of pocket, do that. If not, fixing it with the settlement and driving for a long time if it really is in decent shape makes sense.

I just had to replace my wife's 2013 Sonata that got totaled in a wreck. In this case, with the airbags going off, the cost to fix was going to be prohibitive even though it only has 20k on a new motor. Got a good settlement on it and let it go and bought a new vehicle for her. Looked at used, but the markup was outrageous now. Decided to go path of least resistance there. If the airbags hadn't gone off, I certainly would have pulled a front end off another one and done a paint job. No frame damage, just plastic front, fender and hood. It all depends on how bad you don't want payments and if it is fixable to be safe.

BTW, I actually went through my insurance for the wreck (other party fault) and they offered 3K more than other insurance. They went after other insurance for the money and said would not raise my rates since it was others fault. May want to check and see if that is an option.

 

[quadzilla200]

Just got lowballed from the insurance company. $12,500. Granted I have 162k which takes off $1050 according to NADA, but other Limiteds with 125k miles are listed for $18-19,000. I can't find many comps within a 250 mile radius, which is as far out as he wanted me to go.
I think $16k is fair if the point of insurance is to make you whole again. Otherwise, I'm paying out 4k. This doesn't include the fact I had a powertrain warranty going until March had just changed out all the spark plugs and spent $1700 on suspension a year ago to replace the failed air suspension. He said they only have to give actual cash value, which I don't know what that means since I would never sell it to a dealer and know that I could sell this for $16k on my own. I'm so pissed about this whole thing for something that wasn't even my fault. I sent him the few comps I could find and pleaded my case. Also, notified my agent and copied her.

I really don't know how to handle this going forward. The Ford dealership guy is on my side, and is appalled at the offer. He thinks the buying it salvage right now will be much more than I'm expecting, which is part of the reason I think the insurance company wants to total it.
If I get it appraised, is it based on the pre wreck condition? I say it is was Good, do they go with that, or put Fair? It is so close % wise to not being totaled although I think they will try to total it regardless.

 

[ManUpOrShutUp]

Well we will agree to disagree. totaled / rebuilt vehicles or ones having a carfax severe accident in the report currently sell for much less than no accident / story vehicles in the 2 markets I am very familiar with (Northeast and Southeast).

Ten years ago you were absolutely right. Five years ago, not so much. Now, it's negligible. Look on the #1 used goods market in the US - FB Marketplace. Nearly every one of those vehicles has an R title and most are selling for between mid and high book. My wife's Honda has an R title. We paid about $1k below book 2 years ago and it was a steal. We've had cash offers $2k over what we paid in the last 2 months; that's 2 years later, 28k miles more on the clock and of course it still has an R title. The used car market is ridiculous right now. Two, five, ten years from now ... who knows.

And again, the insurance company totaling the vehicle doesn't necessarily mean the vehicle will have a salvage title. If one does as I did w/ my wife's Mazda, the title remains clean. You don't just get a branded title because the insurance company totals it.

 

[bws2015]

I had an 08 tahoe with rebuilt title, sold it the same as if it didn't. That being said alot of banks won't loan on rebuilt title vehicles, so there is that.

 

[quadzilla200]

There up to $16,000 after my email and are willing to consider the transmission work. 30% crazy. Really despicable industry taking advantage of their own customers. Collision center says all of them are the same and train their people to lowball the first number. This shouldn't be a negotiation since I'm a customer that already bought your product which by definition is to make me whole again not worse off.

 

[bws2015]

such is life......