I bought a new 2007 Ford Escape about 6 months ago, and it only has 8000 miles on it. After a recent roll over, due to ice, my vehicle has been totaled by the insurance company.
It was a 2 wheel drive XLT, V6 engine. With other features like leather seats, sunroof, cargo privacy cover, and upgraded radio/sound system.
I know a new car loses value after driving off the dealership lot, and that the insurance company is most likely going to give me a check based on the depreciated value of the SUV.
State Farm Insurance uses NADA retail value books, but does anyone have any other idea of how much money I should be expecting?
2007-01-20 12:42:02 · 9 answers · asked by drumcrack 1 in Cars & Transportation ➔ Insurance & Registration
Figure $2k - $5k less than you paid for it, depending upon how good a deal you got on it.
My '06 Fusion with 14.5k miles stickered at $26,045 and I paid $22,300 (I'm eligible for X-Plan pricing). It books out at $21,300 right now. That's unusually good, most cars don't do nearly that well.
2007-01-20 21:47:14 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Even though the camry is made in the U.S., it is a lot more reliable than any ford. The camry is also a lot more comfortable, like a lexus es 350. The 500 is big but it's not going to last more than a few years, same with the escape. If you want a fuel efficient suv, the rav 4 is fuel efficient and bigger. The escape is too small for a family of four, and with a hybrid powertrain made by ford, it's probably going to last even shorter than the 500. If you think about it, the escape is a compact suv that gets 30 mpg of gas, its not that impressive. The new honda cr-v isn't a hybrid and it gets 30 mpg. Also, the escape never had a new look, it has looked the same since it came out in 2001. I think it has an outdated body. The rav 4 and cr-v has actually changed its design a couple of times when the escape (along with the mercury mariner and mazda tribute which has the same body as the escape) has not been changed once. Also, almost all cars these days have good safety ratings. If you want a safe, fuel efficient, AWD, family car go for a subaru legacy. If AWD is not important, the camry is your best bet. The camry also has traction control, a lot of on board computer systems, and it's a front wheel drive car so driving a camry on snow isn't that hard. If you don't agree that all toyotas are more reliable than toyotas just look at the questions pages of yahoo answers and see what kinds of question tehy ask (a lot of car trouble from fords).
2016-03-29 06:47:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I hope you bought the GAP insurance you may have been offered by the dealer.
If not you are in for a rude awakening.
You are going to get a check from State Farm for what the actual cash value of what the vehicle was worth.
If it is a new car....this check is not going to be near what you owed on it if you financed it.
At this rate.....the check will likely be for at least $3000 less than you owe.....which means the financing company will want that check in its entirety and then will want to know how you are going to pay the difference.
And since State Farm will have paid you out on your policy, they now own the truck.....
So you owe $3000 on a loan and you have NO CAR now that State Farm has bought it from you.
Had you purchased a GAP insurance policy.....you'd still have no car....but the lender would be paid in full and you'd have no other financial obligation and would find it much easier to start over and get a new car.
2007-01-20 18:37:28 · answer #3 · answered by markmywordz 5 · 0⤊ 0⤋
Be glad you have State Farm. They are very generous when paying total loss settlements. There is no NADA data on a 2007 model vehicle so value will have to be determined by market research. Be prepared to see about a 20% drop from the original sales price. This is about average for all new car sales.
2007-01-20 15:44:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
what does your ins co tell ? you may have first option to buy it .what is left that has value determines how much it's worth to a junk yard .thats where it would be worth the most .
2007-01-20 12:50:43 · answer #5 · answered by martinmm 7 · 0⤊ 1⤋
key in n.a.d.a. add up options and mileage it will give you the value. you might want to keep it and have it repaired.800 to 1200 will buy it but first go to car-parts .com and see what parts cost. then get body shop to give you a estiment on repairs
2007-01-20 12:59:47 · answer #6 · answered by Anonymous · 0⤊ 2⤋
they,ll pay full value for it,,anything under a year old always gets payed the full value of it,and also they might use mileage here also,,and still they,ll pay full value of it,,good luck i hope this help,s.
2007-01-20 13:26:08 · answer #7 · answered by dodge man 7 · 0⤊ 2⤋
not what its worth
2007-01-20 12:45:39 · answer #8 · answered by Anonymous · 0⤊ 1⤋