My Tesla Cybertruck Got Totaled After It Was Sideswiped by an E-Scooter. All-in, I paid $198K, but Insurance is Only Offering Me a “Fair Market Value” of $77K. I Still Owe the Bank $171,500
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I’m with you. How fast was that scooter going?!
At least 2mph.
Probably.
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Alternatively, it means that the car purchase was done without enough money for the down payment and therefore maybe the buyer couldn’t actually afford the car. With a solid down payment, you should never have to be underwater on the auto loan in the first place. You can plan to stay ahead of the depreciation over the life of the loan because you already paid for the drop in value.
With too little down though, gap coverage is a must.
Down paymeny? No. He had to have rolled over negative equity into the loan.
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Thats the hard part, how would a bodyshop mimic the shittyness of the factory look
Step 1: take in damaged Cybertruck.
Step 2: do absolutely fuckall to it.
Step 3: charge owner $6000 for repairs.
Step 4: watch happy owner drive off.
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I read the article hoping to find out how being sideswiped by an e-scooter could total a truck, but I was left unsatisfied.
Put a crease in the metal down the whole length of any vehicle and the bill wont be gentle.
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What the fuck is wrong with US insurance?! This person’s poor vehicle choices aside, when I insure my vehicle in Australia, we (the insurance company and I) agree an insured value when I take out the insurance. They set the cost based on that agreed value and a few other things. Then if my car is written off they pay me the agreed value plus any other costs covered. What’s this agreed market value nonsense? Why would anyone agree to that for a financed vehicle?
You can get insurance that covers what you owe regardless of the actual value of the vehicle; insurance companies are presumably going to calculate the cost of that insurance based on the difference between the two. Dude presumably decided it was too expensive
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I read the article hoping to find out how being sideswiped by an e-scooter could total a truck, but I was left unsatisfied.
It was a made up story posted to reddit. The original reddit post was deleted but people mentioned the pictures were taken directly from this story of a Cybertruck being hit by a Toyota: https://www.electrifiedmag.com/news/tesla-cybertruck-holiday-hiccup-first-reported-accident/
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How the hell did a scooter do 77k of damage (or more)? Was it fired out of a rail gun? Did the rider survive? Do they need help?
Most likely explanation: had to wait for the cop to do a police report and got caught out in the rain and forgot to activate car wash mode.
Perfectly reasonable and normal for a scooter to destroy a giant pickup. Was the scooter made by space x?
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Just some free finance advice. Vehicles are a money sink, they only lose you value. If you aren’t comfortable with the concept of losing money, DO NOT buy an expensive vehicle. But the cheapest used car you can with cash on hand. Now, that’s not possible for everyone. And it’s not practical for everyone, it might be in your best interest to lease a vehicle for a monthly fee. Your lease should be with a reputable car dealer that has some kind of agreement to regularly maintain the car, and to trade it in often for another car without increasing your fees. The goal here is to pay as little as you can, and trade in often so you don’t ever reach the point of needing serious repairs to the vehicle. Different situations have different needs, no one size solution works. But I’d HIGHLY discourage taking out a large debt in order to buy a new car. Your losing money you don’t have. That’s a bad idea. Then again, bankruptcy has few downsides when you are already poor.
There’s a point where the cheapest used car can end up costing more than a slightly more expensive one. While I agree with your advice generally, I’d instead recommend buying the most reliable used vehicle you can afford.
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Google started recommending this site to me recently, and it’s garbage. It’s all unverified social media posts told in the first person. Shit is WILD.
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I suspect his story is bullshit. His truck was sideswiped by an e-scooter with enough force to damage the doors, wheels, deploy the airbags, and render the vehicle immobile? How fast/massive was this e-scooter? Did the e-scooter rider survive this incredible impact? None of this passes the sniff test unless there is some misalignment in the understanding of what constitutes an e-scooter or he was hit with a glancing blow by a magnetically launched scooter with a rather large rider.
Good points
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Congratulations on being an idiot who bought the most idiotic vehicle ever offered…this side of the Pontiac Aztec.
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Did they not get Gap insurance for their loan?
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Congratulations on being an idiot who bought the most idiotic vehicle ever offered…this side of the Pontiac Aztec.
The Aztec looks dumb as fuck, but it’s still functional…
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Complaining about the depreciation of that vehicle with extra steps.
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How the hell did a scooter do 77k of damage (or more)? Was it fired out of a rail gun? Did the rider survive? Do they need help?
Most likely explanation: had to wait for the cop to do a police report and got caught out in the rain and forgot to activate car wash mode.
Perfectly reasonable and normal for a scooter to destroy a giant pickup. Was the scooter made by space x?
forgot to activate car wash mode
Wait, what? There’s a ‘don’t die in the rain’ mode you have to set?
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Wtf? They paid twice the price of the “value”?
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$198K of stupid banker. $198K of stupid wanker.
I just hope my savings aren’t in a bank that “invests” like that.
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How the hell did a scooter do 77k of damage (or more)? Was it fired out of a rail gun? Did the rider survive? Do they need help?
Most likely explanation: had to wait for the cop to do a police report and got caught out in the rain and forgot to activate car wash mode.
Perfectly reasonable and normal for a scooter to destroy a giant pickup. Was the scooter made by space x?
The difference is not the cost in damage. That’s just how much cyber trucks depreciate in value. $77k is the value of a used Cybertruck on the market that is as old as his damaged truck. Insurance never pays out the new car retail value, they pay out market value of the car that’s the same age.
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Buying a 198k car on credit, smh.
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The difference is not the cost in damage. That’s just how much cyber trucks depreciate in value. $77k is the value of a used Cybertruck on the market that is as old as his damaged truck. Insurance never pays out the new car retail value, they pay out market value of the car that’s the same age.
Right? I didn’t say anything contradicting this. They total your vehicle when the cost to repair the damage is greater than or equal to the fair market value. If the damage was $50k, the insurance company would pay to repair it instead of replacing it. Because they are giving him the FMV, the damage is more than $77k.
