Proving market value of an SVX? omg help!

[SuBrat84]

So... it's official. The SVX is totaled They are trying to give me ONLY $2600 for it!!!! I mean, granted it has 200k on the odo.. but that is what I would expect to hear if it was a LEGACY or something common!!! PLEASE Help me prove "market value" to my insurance company!!! They are saying it has to be with-in 100 miles of where I live too!!!! I'm soo frustrated by this! PLEASE HELP!!!

[Earthworm]

Sounds like something Dayle might be able to help with.

[Manarius]

200k miles....2600 is all it's worth; if not less. You can't honestly expect that a car with that many miles is worth more than that.

Insurance companies don't account for sentimental value.

[SuBrat84]

I already talked to Dayle.. he gave a couple pointers, but doesn't really have much documentation he can help me with.
Funny comment about sentimental value.. because when I bought the car ~22k miles ago the bank seemed to think it was worth ~6,000 and was more than happy to give me a loan for $5000 for it. Amazing a car would depriciate 60% of its value in 22k miles.

I could understand it being worth $2600 in the condition it's in NOW. All "totaled" and all. and it's funny.. because they are all over auto trader right now with ~170-180k going for ~$5000 and they're 92s! Just none with-in 100 miles of me.

[SuBrat84]

in addition:
when I bought it in Sep '05 with 185k on it the bank and KBB was perfectly happy with it being valued at 3,775/6,625 (1,225 depriciation for mileage) and my bank and KBB is perfectly happy backing me up that with 207,000 miles my car is worth 3,625/6,475 (1,375 dep. for mileage) that being wholesale/retail ... now the insurance company is saying WITH $1000 depriciation for mileage they only want to give me 2,600. ??????????????????????????????? Dead center of wholesale/retail WITH 207,000 miles is 5,050. SO WTF YOU GOT TO SAY NOW!

[Manarius]

Originally Posted by SuBrat84

in addition:
when I bought it in Sep '05 with 185k on it the bank and KBB was perfectly happy with it being valued at 3,775/6,625 (1,225 depriciation for mileage) and my bank and KBB is perfectly happy backing me up that with 207,000 miles my car is worth 3,625/6,475 (1,375 dep. for mileage) that being wholesale/retail ... now the insurance company is saying WITH $1000 depriciation for mileage they only want to give me 2,600. ??????????????????????????????? Dead center of wholesale/retail WITH 207,000 miles is 5,050. SO WTF YOU GOT TO SAY NOW!

KBB doesn't take into account mileage. I ran my car with 100k and with 150k and there was no change. The car has more than 200k miles! You HAVE to take that into consideration!

[jeradsvx]

i used to work for an insurance company,
if you think it is low ask them to find a similar vehicle for that price, has to be within 25 miles depending on state regs. there is a formula for the mileage that they will take into consideration

[SuBrat84]

Originally Posted by Manarius

KBB doesn't take into account mileage. I ran my car with 100k and with 150k and there was no change. The car has more than 200k miles! You HAVE to take that into consideration!

Funny then why is KBB showing 1300+ dollars DEPRICIATION FOR MILEAGE?
If you ignore mileage KBB says 4700/7450. read my post, understand my post, then reply.

[SuBrat84]

LOOK, I'm just not in the mood... If you don't have any help or advise to offer then just DONT POST ANYTHING.

[Manarius]

Originally Posted by SuBrat84

Funny then why is KBB showing 1300+ dollars DEPRICIATION FOR MILEAGE?
If you ignore mileage KBB says 4700/7450. read my post, understand my post, then reply.

I'm telling you right now. KBB is just an assessment. They look at the information and give you a value. They don't take into account market conditions. In the market, a car with over 200k miles it not worth more than $2600! If anything, it shouldn't be worth more than $1500! It has over 200k miles! You have to understand that. The insurance is being gracious by giving you that much money! Instead of trying to prove that the car is worth more than that, you should take the check and run! If not, buy the car back and part it out!

[Jade Dragon]

i know your problem and i faced it recently too. they dont use or care about KBB. they use NADA. and in the NADA the svx has not had enough years since its creation to be considered a collector value car. So, with your milage, your care has had a huge cut to its value. as for the location think, good look proving the condition. In my fight, they found 4 svxs in the area for less than what they were offering. The problem is that the 4 that they found were POS. Honestly if you want to fight them for more. you will ahve to take them to court.

[Mr. Pockets]

Originally Posted by SuBrat84

LOOK, I'm just not in the mood... If you don't have any help or advise to offer then just DONT POST ANYTHING.

I don't think that's very fair. People are giving you advice - it's just not what you want to hear.

The unfortunate fact is that it's a 15-year-old car with over 200k miles on it. I think it's a shame that these cars are worth so little money, but there's really nothing we can do about it. If I wreck mine, I know my insurance company won't give me crap for it.

[benebob]

$2600 plus your deductable is what they are giving you right so if you have a $500 deductable they are in effect giving you $3100 for it right?

That is about what market value is unfortunately. Of course market value is based on an average 15 year old car with 200k on it in your case so you would need to prove why yours is in "better than average" shape if you would want more than that. Replaced trannies, etc don't come into play but paint, dents dings, etc does. As does the interior. As for the 100 mile radius of your house that isn't acceptable and you should make them aware that there might be 3 available forsale w/in that radius in your case.

If you don't settle then you might see a counter offer increased slightly but I honestly doubt you'd see more than a total of about $4k for it (less your deductable). That's why agreed value insurance is the way to go for a rare, low value car like the SVX. There's a big difference between a 200k beater and a 200k garage queen but unless you can prove that difference to an insurer you're not gonna get more than you would for a 200k beater. Basically they are required to give you an amount less your deductable equal to the cost of purchasing a similar condition vehicle regionally (not locally but regionally) so tell them to go find you one in the same condition.

[Matthewmongan]

Originally Posted by SuBrat84

SO WTF YOU GOT TO SAY NOW!

i would love to say that to an insurence company.

or the dmv.

or the cop who pulled me over for doing a burnout.

but when i bought the car i was fully aware that the resale value would be nill. unfortunately, the lack of abundance does not help declairing it a collecters item. the fact that you cant find one for sale in the 100 mile radius only proves that the car is not popular in your area demographic, thus reducing it's value.

[gtdanielgt]

Originally Posted by SuBrat84

LOOK, I'm just not in the mood... If you don't have any help or advise to offer then just DONT POST ANYTHING.

How about first looking up the vehicle's value in NADA. NO insurance company uses KBB, Sorry.