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How's this for resale value?

Discussion in 'Gen 2 Prius Main Forum' started by lalawhite, Sep 9, 2008.

  1. lalawhite

    lalawhite New Member

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    A couple of weeks ago, I was rear-ended (car 1 in a 6 car accident). I told the the insurance company that I wanted to do whatever it takes to get the car fixed (I'm in California and those HOV stickers save me hours a day). Unfortunately, the insurance company considered my car total. It's a 2005, package 6 with 93,000 miles. I LOVED that car.

    I received the valuation for it today...$25,146.48. Not bad. ALMOST makes the loss of the HOV sticker worth it. You bet I'm in line for a replacement Prius, sticker or not.
     
  2. Rae Vynn

    Rae Vynn Artist In Residence

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    Wow, sorry to hear about your car.
    I'm making the assumption that you weren't hurt... which is great.

    Do check into the replacement sticker thing. Other Californians can tell you more; I think there is a way to get them.
     
  3. Patrick Wong

    Patrick Wong DIY Enthusiast

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    Unfortunately there is no legal way to transfer CA carpool stickers to a replacement vehicle.

    Congratulations on the great financial settlement, hope that you did not suffer personal injuries.

    If you have any photos of the damaged vehicle rear, they would be interesting to see.
     
  4. DaveinOlyWA

    DaveinOlyWA 3rd Time was Solariffic!!

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    ya... i laugh so hard when people tell me i will never recoup the "hybrid" premium in gas savings when i know full well that i will recoup the hybrid premium PLUS all my gas costs simply by selling the car..

    i had a 2004 pkg 1, out the door price just over $22,000....drove it 25 months, put 30,000 miles on it and some lady hit me...

    well her insurance company put me into a rental for 3½ weeks, then cut me a check for $23,800...

    so i got my hybrid premium AND all my gas money, (actual gas receipts totaled like $1600...so throw in a few oil changes as well!!)
     
  5. bill hager

    bill hager Junior Member

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    Lalawhite,
    What a deal, What insurance co do u have.
    Bill Hager
     
  6. Celtic Blue

    Celtic Blue New Member

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    Probably someone else's insurance is paying since Lalawhite was in front.
     
  7. lalawhite

    lalawhite New Member

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    I have State Farm. The settlement only includes the value of the car and not any personal injury or other related claims. State Farm was actually very fair to work with. We went back and forth a couple of times until we both agreed on the value. I think they could afford to be generous considering they would just turn around and bill the at-fault insurance company for the bill.

    Edited to add: i should mention that the dealer that I took the car to mentioned that the reason why it would have been so expensive to fix was because I was hit in the back right and the electric battery is located just below the back right passenger seat so that would have been replaced.
    car1.jpg photo-(2).jpg photo-(3).jpg
     
  8. Patrick Wong

    Patrick Wong DIY Enthusiast

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    Hmm, the damage doesn't look that bad. I do not suppose any airbags went off?

    I'm surprised the vehicle was totaled. Looks like a reasonable project car for someone who can take advantage of the CA carpool stickers...
     
  9. lalawhite

    lalawhite New Member

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    No airbags went off. There is frame damage and the electric battery would need to be replaced. Estimated cost to repair was between $14000-$17,000.
     
  10. SageBrush

    SageBrush Senior Member

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    Do you happen to know how for much the Insurance company would sell the car back to you ?
     
  11. PriusSport

    PriusSport senior member

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    Right now, buying a Prius at invoice price is money in the bank. I paid $24K for mine in May, and the money I will save in depreciation more than offsets the small difference I paid in a trading my old car with much greater depreciation. The big savings with Prius are depreciation and gas.
     
  12. Celtic Blue

    Celtic Blue New Member

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    You are better off to get a new one with that sort of cash. It's different when you have a vehicle that with a replacement value of less than $7,000 or something like that.

    The insurance company ought to do well selling this at auction so they can afford to be generous with the total.
     
  13. lalawhite

    lalawhite New Member

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    I believe the agent said that they were planning on selling it to a salvage yard for about $5k-something. They won't sell back to us.
     
  14. Qlara

    Qlara New Member

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    The dealer is only half-right and mis-info you.

    There's a battery damage no doubt, but that location is hosting the small 12V Aux battery which costs around $100+ to replace only. The traction battery (for HSD) is sitting further inside the trunk area (or right behind the rear seats).

    By looking at your pics the Traction Battery didn't seem to be damaged.
    I'm also surprised they totaled your car with such 'typical' rear-end damage. Wow.....it makes us fellow Prius owners think we are driving a Soda-Can/Toy model car out.....One simple hit and it's done! :eek:

    Still, glad you are OK and got a 'fair' market value for another Prius.
     
  15. Celtic Blue

    Celtic Blue New Member

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    I wouldn't clue the insurance into the fact that the traction battery is probably fine. You are getting a new car price for one with 3+ years and 93,000 miles so you can't really lose. If on the otherhand they have it repaired you have a vehicle with 3+ years, 93,000 miles, and some major repair to the frame and rear suspension. (My major concern is that it wouldn't track or align quite right in the future.) This seems like a no-brainer decision: Sure thing on one hand, uncertainty and older/repaired vehicle on the other.
     
  16. HardCase

    HardCase SilverPineMica, the green one

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    I bought my '08 #2 last December for $22,700 and just the other day saw an identical car on the local Toyota lot, same color even, with 10K on the odo, priced as a 'certified' used car at $27,999. First new car I've ever purchased that went up in value in the first year. What is the world coming to?