Insurance company screwing me?
#18
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Correct, 21k is the result after the deduction. I'm just trying to figure out how they came up with the 9 cents per mile. Believe it or not, if I were to buy the same car certified (because I still have my warranty) with about 40k, it would still cost around 25-26k.
Therefore I don't think they should make such a drastic mark down for the miles because with the insurance money, you are suppose to be able to buy a similar vehicle with the payout.
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The way the insurance payout works is that the payout should be sufficient enough to give you enough funds to be a car similar to the one that you had. Since mine had warranty still, basically I compare the certified ones. The average miles on the certified basic IS250 is around 40k on autotrader and they are going around 25-26k at least in my area. And insurance companies only focus on the values in your market area.
#21
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You can always negotiate with them. Send letters and pics of your car in it's finest condition and plead with them it was a top car. I did this with my totaled A4 and they came up on the price. But to me, it sounds like a decent price for the age and miles of your car. I'd take it.
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Warranty or not, just because you had a warranty doesnt mean you are entitled to warranty. You owned a car with 72k miles.... your insurance is set up to replace your car with a value equal to your 72k mile car. Sounds like they are being overly fair to me.
BTW you should be able to get the remainder of your extended warranty money back for the x amount of years and x amount of miles pro-rated.
BTW you should be able to get the remainder of your extended warranty money back for the x amount of years and x amount of miles pro-rated.
#24
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I sold my 2007 IS250 6 months ago for 22k with only 28k mileage so 21k for that car is pretty good...if you were selling the car. But since most people like to hang onto their car and value their car more, you end up wanting more money. If you still owe money to the bank more than 21k, then do you have GAP insurance? Otherwise, I say it is a good opportunity to get yourself in an IS350 :P.
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I think you are getting a good deal considering the mileage and you basically have a base model car. I just bought my 07 is250 AWD with only 9k miles with premium pkg, nav all that CPO for 28K. So they are giving you a good deal. I would take it and run.
#26
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Man... My '02 is300 has 160k miles on it, and that's just simply from daily driving. The IS350 I bought back in March already has 10k miles on it [Oh man, didn't realise that until just now]. When you live in a city, such as Houston, 10k miles per year just seems absolutely ridiculous. And since I am seeing you are in California, I can only assume you drive around quite a bit to get to point A to B back to A.
But, as Jefe said... I would take the money and run. That seems pretty fair to me. If anything you can always bargain. The worst they could do is say no and just be happy with the money...
Btw - Got my '06 is350 for 30k with navigation [No ML] and otherwise dead stock. Had really low mileage though; just hit 14k when I bought it. Good decision moving on up! We didn't really try to negotiate down because, as annoying as it was, my salesman made the point that "Look, Lexus is a want, not a need. Toyota, Scion, ect... those are needs because they are basic cars to take you where you need. You are looking at a luxury vehicle..."
Good luck, anyhow.
But, as Jefe said... I would take the money and run. That seems pretty fair to me. If anything you can always bargain. The worst they could do is say no and just be happy with the money...
Btw - Got my '06 is350 for 30k with navigation [No ML] and otherwise dead stock. Had really low mileage though; just hit 14k when I bought it. Good decision moving on up! We didn't really try to negotiate down because, as annoying as it was, my salesman made the point that "Look, Lexus is a want, not a need. Toyota, Scion, ect... those are needs because they are basic cars to take you where you need. You are looking at a luxury vehicle..."
Good luck, anyhow.
#27
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Why don't you think the miles should matter? When a car is totalled in an accident, the insurance company buys the car from you for the value of the car just before the accident occurred. This means that every preexisting dent, scratch, rock chip, rust spot, tear in the seats, carpet stain, and mileage needs to be considered into the settlement. If that weren't the case, then there would be WAY too much of a financial incentive to commit insurance fraud. Basically, the people that don't total their cars every 5 years would be taking a huge beating on their trade-ins while the guys who total their cars every 5 years would be making out like bandits!
#29
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Of Course! You are buying an asset that has a functional, and finite, useful life based on miles travelled before it is worn out. When you buy a car the number of miles it has already travelled affects the value of the car.
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