My new 2007 Ford Escape SUV is totaled, so how much is it worth now?
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?
7 Responses
bostonianinmo
06 Feb 2010
Pedro S
06 Feb 2010
not what its worth
martin m
06 Feb 2010
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 .
chases25
06 Feb 2010
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
dodge man
06 Feb 2010
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.
CowboyBill
06 Feb 2010
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.
markmywordz
06 Feb 2010
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.
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.