Wrecked Tacoma

Lol.

http://en.wikipedia.org/wiki/Investment

http://en.wikipedia.org/wiki/Asset

http://en.wikipedia.org/wiki/Depreciation

You need to learn what is and is not an investment.


Vehicles never make money. Ever. Ever.

 

Sorry, investment was the wrong word. Don't talk down to me with Wikipedia entries. Again I ask how it's silly to worry about resale value on something that you purchase and put a lot of money into, especially with a Tacoma where they basically advertise their resale value?

 

Because motor vehicles are money losers. Period.

If your planning involves expecting a certain level of resale when deciding to purchase a vehicle, you fail at economic strategy.

When it comes to money, there are only three things: Investments, Assets, and Liabilities. Vehicles are depreciating assets with simultaneous liability (cost of ownership).

Why the fuck would you enter into ownership of a purely negative financial number without being willing to part with the full amount? It's the cost of living, and being worried about it is distracting you from financial decisions that matter.

If you want to make this purely a money matter, find the least expensive repair that leaves you with a correctly functioning truck. Pocket the difference between that LIABILITY and the insurance check, or better yet, put it into something that will make money, like a retirement fund, and in the long term your auto insurance premiums for this year may actually turn out to be an investment (lulz!)

Your truck is worth what someone is willing to pay for it, and that is completely outside of your control and can change in a week (remember Toyota's recall hell of 2009-2010?).

You're worried about winning the round, not the tournament. Try it the other way around.

 

It's not silly...Everyone thinks about resale,don't think they don't.You work hard for something and you want to keep it up,down the road when you want to upgrade you will want every penny you can get out of it.

 

I'm not saying I expect to trade in my Tacoma and make money or get the full amount for the vehicle, when did I ever say that (other than using investment which I shouldn't have used)? I am aware that vehicles depreciate so making money is never the case.

However, I am concerned over owning a vehicle for 8 months and having an asshole not paying attention slam into me at a red light instantly depreciating my vehicle by 30-40%. How is wanting payment for that silly?

 

False. My first car was a 1993 Honda Accord. Drove it to death. Then bought a 2003 Toyota Matrix. Still have it at 200,000 miles and change. Daily driver to work and back. Will drive it to death. In 2009, bought the Taco new, has a little over 30,000 miles. Will drive it to death. Not sure what I'm getting next; will decide then.

I like cars. They're fun, if expensive, toys. They a certainly NOT fucking investments. I have investments. They earn money, not lose it, while I sleep.

I don't "upgrade". I purchase and drive until no longer desired. And I NEVER consider resale value. I can either afford what this vehicle will cost to purchase and own or I cannot. End of assessment.

Your vehicle was insured. Not your resale value. How is this hard to understand?

They are offering to pay to fix your vehicle. This is their obligation under the contract. I seriously doubt, unless you had custom language negotiated into your insurance contract by your legal representative of choice, that they have any obligation to compensate you for lost resale.

Next time you renew your policy, ask for an explicit clause stating resale value changes are covered. I'm sure you'll love the explicit change to your premium.

TL;DR: Stop being greedy and let insurance pay to fix your truck. Or don't. Whatever.

 

First, its the person that hit me whose insurance is paying to fix the truck and your are completely wrong. We are all entitled to DOV claims and can all make them. Insurance companies do not tell you this because they don't want you to know you are entitled to it, but yes get your facts straight. You are entitled to see an insurance company pay your for diminished value in an accident where you were not at fault, as this one was.

I'm not being greedy, not asking for money, I'm asking that for the value of my property.

 

The OP and his vehicle were at a certain state before the accident. Now he and his vehicle are not. He should be made whole again, and restored to the previous state by the person responsible, and their insurance, since they insure them. Pretty simple, and I'd demand the same thing. A lawyer could state it much clearer than I just did...

 

Wrong. Read up:

http://www.insure.com/car-insurance/diminished-car-value.html

The basic gist: It varies by state, but in most of them you're only legally entitled to be able to ask nicely for DOV compensation. If they tell you to suck wind, there's not much you can do other than complain on the internet (tee hee!)

There's legal precedence there. Good luck.

Iunno. Maybe if you continue to annoy Progressive enough they'll give you a few grand extra to shut up and go away. That tends to be what happens most of the time when a "wronged" little guy "wins" vs the big business. I wouldn't count on it though. You'd probably have to file suit before they'd bring money to the table.

Anyway, I've got beer in hand. Sub'd, and we'll see what happens.

This isn't about right and wrong from the insurance company's view. It's about what they're legally required to do vs. not. They're in it to make a profit, remember?

 

I know that. That's why we must fight for our rights or hire a lawyer to do it sometimes when needed. If the insurance company won't make us whole then we must plead upon the courts. Pretty cut and dry, and properly explained to a judge I think he'd agree. I think the insurance company would agree before it came to a hearing too.

 

Thanks for the lesson, unfortunately I already knew all of that an understand why insurance companies are in the business. Trust me, if I get a few grand to compensate me for lost value they will still make their profit, so I'm really not worried about it.

 

OK gotcha Mr.know it all...Mr investor...I could probably teach you a few things about investing but thats right, you already know about investments.

 

You are very welcome

At no point did I claim comprehensive knowledge with no gaps. All I said was cars aren't investments. Which is factually correct.

So, happy to listen to your advice. Go ahead.

*twiddles thumbs*

 

Typical tacoma world.
Most know nothing but keep speaking.

op. get a lawyer and sue them for diminished value. That's the only way it's going to happen.

As was said: your vehicle is repaired, not its theoretical value.

 

I can tell you're a genius. Good luck taking that line with an insurance co.

 

Repped.

 

3 down cars in 48 years of driving. Learned the hard way on the first one. The other 2, I would not take the BS the Ins co were giving me. OP the only way to beat a Ins. co is called the best Esq. $ can buy. It funny but all a once what you are asking for is not out of line.. Last one just sent a letter , 2 weeks later had the check I was asking for, Called the lawyer to see what my bill was. He said a thank you and if I needed him down the road please call.. You can BET I WILL ....Jim

 

Lol that thread is "kinda" old though...and BTW the whole investment talk is right, it's not an investment but it sure is part of peoples net worth and for some unfortunately a big part of it sooooo an unexpected depreciation and decline of net worth just because some one rear ended you is upsetting and feels like someone just took 10k from your bank account and you had to watch it and can't do anything about it.