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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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.
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Wtf? They paid twice the price of the “value”?
Cars depreciate hella quick when you drive off the lot.
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Cars depreciate hella quick when you drive off the lot.
Yeah but even if it halved immediately, it should’ve gone from 100k to 50k. What this is saying, is this mfer paid twice the MSRP for a god damned cyber truck.
Edit: and this is good news. Fuck that guy and everyone like him.
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Yeah but even if it halved immediately, it should’ve gone from 100k to 50k. What this is saying, is this mfer paid twice the MSRP for a god damned cyber truck.
Edit: and this is good news. Fuck that guy and everyone like him.
There’s nothing saying he didn’t overpay in the first place either!
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Did they not get Gap insurance for their loan?
A rational smart financial decision made from individuals who choose to buy a Tesla Truck? Oh, thou doth jest.
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Wtf? They paid twice the price of the “value”?
The owner is figuring out what everyone else knew: the swastitruck isn’t worth half of the money Melon is asking for it.
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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.
Having seen how expensive a cheap car can really be (that’s all my mom could afford as a kid, and did that come back to bite her regularly), I won’t go lower than CPO when doing a purchase. I bought used without a CPO exactly once, and I was very glad it got totaled before I had to put a bunch of money into it (and that insurance said it was worth more than I owed so I got a decent down payment on the next one).
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This piece of shit costs $200k???
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Gap insurance anyone?
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Wtf? They paid twice the price of the “value”?
Im not sure how they paid that much. I didn’t think even the cyber beast was that expensive.
Read the article, he paid a broker $50k to buy one of the first ones. $150k is still crazy.
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Breaks out world’s tiniest violin…
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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.
It’s a little more complicated than that. They also factor in salvage value, and what it’d be worth after repair. Basically, whatever is cheaper for them. I’m guessing the battery and motors are quite valuable as salvage parts, and the value of a repaired CT is substantially lower.
For instance- my 2017 2 door coupe, and my partners 2019 small SUV were both crushed in hurricane Helene. Adjusters stopped adding repair costs at $12k for my coupe, which they paid me $32k for. Her SUV was basically the same story- $11k in damage was enough to total it, and they paid her $24k.
