If totaled, it would be a good candidate for a buyback as a Winter Rat or second car. A couple of junkyard doors, a winch, a tree...
T-Boned yesterday on our 2019 SL Plus
- Thread starter Flyct
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danrjones
Well-known member
So we all know the Leaf loses a ton of value when you drive it off the lot. But does insurance payouts reflect that? I was thinking that while the used market price for a nearly new leaf might stink, the insurance payout might actually be pretty descent. Enough that as long as you bought it the previous year, with the fed tax credit in the current year, you would be OK getting another new one?
The real problem would be if you needed a new one in the same year as you already bought one, since not too many can use 7500 tax credit twice in one calendar year.
The real problem would be if you needed a new one in the same year as you already bought one, since not too many can use 7500 tax credit twice in one calendar year.
danrjones said:
I have claimed the fed tax credit 3 times since this was my 3rd leaf. 2015, 2018, and 2019 tax years.
If my 19 gets totaled I’m seriously considering buying another, a 2020 this time and use the $7500 credit on tax year 2020. My 19 is owned outright, no liens and I would pay cash for a 2020.
If it doesn’t get totaled the body shop said I should consider just taking the insurance pay out money and either trading it or. sending the car to auction. He said due to COVID parts are in short supply and the car will have good value at auction since it could be parted out by a buyer.
A 2020 SL Plus MSRP is about $45,000. With current $6,000 Nissan incentives and approx $4,000 in dealer discount a 2020 SL+ can be bought for $35,000. If you factor $7,500 tax credit the net cost is $27,500 (plus taxes of course). A 2019 SL+ with 10,000 miles has an estimated value of $25k-$27k, out of pocket cost would be about $3k when factoring in incentives, discounts, taxes and fees.
I just have to wait for final repair estimate before doing anything.
danrjones
Well-known member
Flyct said:
So you might end up owing about $3k to maybe $5k "more" than you did, but with a new 2020? That's probably fair. You will have essentially paid $3k for a year's worth of use on the 2019, plus your lost payments for that year. I think on my 2018 my yearly payment comes to right around 3k, though that car is obviously worth less. So you might end up "out" about $6k total depending on how you look at the math.
We have owned this Leaf for 18 months. It spent 45 days in service waiting for a new radio/nav head. Nissan gave us a decent financial settlement check to drop Lemon Law. I had to sign a non-disclosure to accept the settlement check.
If the stars align right I could easily end up with a new 2020 Leaf SL for net “0” after everything is factored in.
I don’t “need” another car but we really like having a Leaf SL Plus. It fits our mission very well driving the 120 mile between the house and remote cabin. The LED headlight and pro-pilot cruise are awesome driving the 120 miles on 2 lane 60 mph unlit road. Plus it’s a great around town car.
We have 3 other trucks/cars for other missions.
A Ford F-350 diesel to tow the 5th wheel RV and keep it at the remote cabin for Home Depot runs
A Ford F-150 at main house for HD runs etc
A Lexus RX450h Hybrid SUV for going out to dinner with friends, (once covid is over) Right now we’re using the Lexus to do the trips the Leaf was doing ie driving between houses, runs to grocery store and doctors. Doctors become important once you reach your golden years
danrjones
Well-known member
Flyct said:
We have owned this Leaf for 18 months. It spent 45 days in service waiting for a new radio/nav head. Nissan gave us a decent financial settlement check to drop Lemon Law. I had to sign a non-disclosure to accept the settlement check.
If the stars align right I could easily end up with a new 2020 Leaf SL for net “0” after everything is factored in.
I don’t “need” another car but we really like having a Leaf SL Plus. It fits our mission very well driving the 120 mile between the house and remote cabin. The LED headlight and pro-pilot cruise are awesome driving the 120 miles on 2 lane 60 mph unlit road. Plus it’s a great around town car.
We have 3 other trucks/cars for other missions.
A Ford F-350 diesel to tow the 5th wheel RV and keep it at the remote cabin for Home Depot runs
A Ford F-150 at main house for HD runs etc
A Lexus RX450h Hybrid SUV for going out to dinner with friends, (once covid is over) Right now we’re using the Lexus to do the trips the Leaf was doing ie driving between houses, runs to grocery store and doctors. Doctors become important once you reach your golden years
Nice lineup!
I'm in a bit of a quandry - we have our 2018 Leaf that my wife and I share for all our in town driving, with the 2018 Outback being used by whomever is not using the Leaf. I love the outback but a plugin Hybrid like the Rav4 Prime would be a better fit. If only it wasn't so expensive, and bit smaller than the outback. I would love to trade in the Outback but I only have 2 years of payments left and I know I will come out behind on the $$ if I trade it in. I also have a 2002 F150 XLT that is getting old. Very old. I use it for camping, overnighting, hiking, and a tent trailer, and I'm not sure I trust it anymore for even towing the tent trailer. I've been hoping an EV truck comes along, but they are just too expensive. Even the plugin f150 is out of my reach, and not really what I want.
First world problems!
danrjones said:
Yep, first world problems for sure.
I would love to get my hands on a RAV4 Prime but due to limited availability they don’t sell them here in Florida.
We had a a couple of Toyota Prius’s for many years. My wife loved it but my back would hurt after 45 minutes.
A Chevy Volt was on my short list originally but I was not comfortable trying to fit my 250lb 6’ body in it.
danrjones said:
Insurance payout depends upon many things. Some insurance companies offer "full replacement" for a period of time (maybe 2 or 3 years). If not, or if beyond the full replacement period, the payout is based upon what used ones are selling for along with condition and options (appraised value). There were many cars coming off lease (driving the used prices downward) when my 2011 was totaled and it was 3-1/2 years old so the 3-year full replacement on my policy was expired. My car had a new battery and all of the options so it should have been worth much more than the ones coming off lease. The other driver's insurance company initially offered a low-ball amount and the adjuster seemed offended when I refused to accept it. I had to negotiate with them for over a month to finally get a settlement that was almost reasonable. I had to show them what a new battery would cost (my dealer was very helpful with preparing an invoice estimate) and ultimately tell them to find a similar car and deliver it to me (which they did not want to do) before they were willing to negotiate seriously. I learned a lot from the experience and would take many more photos of the car after the crash if anything ever happens again because there was a lot of damage to the interior and otherwise undamaged exterior parts of the car while it was in their storage lot. Unfortunately, I had no hard proof so I could not go after them for insurance fraud or report them to the State Insurance Commission.
I am glad that no one was seriously hurt in the crashes described in this thread and hope that the owners of both LEAFs are fairly compensated by the insurance companies involved. I too have taken advantage of the tax credit 3 times and would replace my LEAF with another if something were to happen to it.
Update:
It’s been 19 days since accident. I elected to use a State Farm recommended “Select Service” hoping to expedite the claim process. That hasn’t worked out.
It took 10 days for the State Farm tow company to get it to the body shop and as of today, 9 days later State Farm is still awaiting an estimate.
I called State Farm today and they called the body shop. The shop said they were finishing disassembly and should have an estimate by the end of the day today. Haven’t heard yet.
It’s been 19 days since accident. I elected to use a State Farm recommended “Select Service” hoping to expedite the claim process. That hasn’t worked out.
It took 10 days for the State Farm tow company to get it to the body shop and as of today, 9 days later State Farm is still awaiting an estimate.
I called State Farm today and they called the body shop. The shop said they were finishing disassembly and should have an estimate by the end of the day today. Haven’t heard yet.
DaveinOlyWA
Well-known member
Flyct said:
This is the "other" insurance company handling the claim or yours? I had mine handle mine and I had already received a check by this time (one of 4)
DaveinOlyWA said:
State alarm is my insurance company. The other driver didn’t have insurance.
Flyct said:
Voice to text, or is that really the name of the insurance company? Never mind, I see it's State Farm.
LeftieBiker said:
Spell check software changed Farm to Alarm.
I stopped by the body shop this afternoon. They have the doors removed and so far estimate is up to about $19,000. They pointed out additional structure bent to me and should have a final number in the morning. Then it’s up to State Farm if they total it.
Fingers crossed.
DaveinOlyWA
Well-known member
Flyct said:
When my S30 was totaled, there were two other vehicles involved. Both had insurance and both claimed the other was at fault so I knew this would drag on so I decided to have my insurance company handle NMAC. Accident happened Jan 19, so they paid off NMAC within 4 days (saved me another lease payment) and sent me the balance $1526.69 which I received direct deposit Jan 31. It took another month to get my $1000 deductible from the liable parties and another 6 months to get 70% of my out of pocket expenses back (car rental) and still waiting on the last 30% which will likely end up being a 300% markup for them since I had to take it to court...
I think you need to find another carrier...
https://daveinolywa.blogspot.com/2018/01/insurance-leasing-and-valuation-near.html
UPDATE:
Body shop finally submitted the estimate. $20,869.54
State Farm is waiting for a vehicle inspection report from body shop later today to determine if it’s a total loss or not.
Looking at KBB.COM Private sale price is about $25.000 and retail is $27,000
State Farm said threshold is 75% of value. It’s close.
Body shop finally submitted the estimate. $20,869.54
State Farm is waiting for a vehicle inspection report from body shop later today to determine if it’s a total loss or not.
Looking at KBB.COM Private sale price is about $25.000 and retail is $27,000
State Farm said threshold is 75% of value. It’s close.
FINALLY DONE!
State Farm agreed to total the car after it appeared that the roof needed to come off.
They appraised the car at ACV of $30,625. They will also reimburse for sales tax and to title fees and deduct $1000 collision deductible. Direct deposit should be in 2 days. The car has a clear title so it makes calculating and payout quick and easy since there’s no lender involved.
Now we are on the hunt to negotiate a new replacement and claim my 4th $7,500 tax credit. My wife LOVED the Leaf.
State Farm agreed to total the car after it appeared that the roof needed to come off.
They appraised the car at ACV of $30,625. They will also reimburse for sales tax and to title fees and deduct $1000 collision deductible. Direct deposit should be in 2 days. The car has a clear title so it makes calculating and payout quick and easy since there’s no lender involved.
Now we are on the hunt to negotiate a new replacement and claim my 4th $7,500 tax credit. My wife LOVED the Leaf.
Great news!
DaveinOlyWA
Well-known member
Flyct said:
Well, glad that was settled. A good time to be in the market. LEAFs are on sale right now.
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