Trade in value?

[2kwik4u]

Re: Trade in value?

Insurance companies are the biggest scam there is to be honest. Thnk about it, what real value do they add? They take money in, keep some and pay a % out. Yet in the process they tell you what kind of repair or service you can get done, health insurance being the worst.

I didn't see Dave suggest insurance fraud, I saw him state that if you did get a claim chances are it will be higher than dealer trade in value.

I don't say this often.....but Jeff's right. Dave didn't advocate crashing the truck to get the settlement, he said to cover it fully, and then if it gets totalled he would make out OK on the deal.

To the O.P., As someone who has spent a good deal of time in the "Trade in at the dealer" loop of finance this that and the other thing, and always end up upside down.......Keep the truck you have, drive it till the wheels fall off of it, bolt 'em back on, and drive it some more. You will ALWAYS come out ahead by repairing a piece of equipment than you will by taking a loss on it, and then financing another. I'm up to 155k on my Audi, and the maintenance issues are piling up on it (I could drop $1k in maintenance without thinking twice about it), but it'll be paid off within the year, and then it's value to me will start to increase instead of being a constant drain on the checking account.

IMO, if you can help it, the only two things you should finance is an education and a home. Damn near everything else depreciates and you'll find yourself upside more often than not.

 

[T-Bone]

Re: Trade in value?

I didn't see Dave suggest insurance fraud, I saw him state that if you did get a claim chances are it will be higher than dealer trade in value.

Ummm, he suggested intentionally driving the truck in conditions where the risk of an accident are greatly increased, thus resulting in a insurance claim where the OP would benefit greater financially than trading in.

Anytime you involve yourself in an act accompanied by premeditation with the goal to be unlawfully advantaged in the end, it is fraud. For instance, intentionally burning leaves when the wind is blowing toward your neighbor's house because you don't get along, hoping the house will catch on fire and burn to the ground from the sparks, is the equivalent of arson.

I knew of a couple in WV that would stop their vehicle over the crest of the hill on a one lane road and wait for someone to top the hill and rear end them. The first occasion was deemed an accident. Easy money compelled them to do it again and the second time they were charged with insurance fraud and lost everything. If your logic is right, they simply did as Dave suggested the OP do....they positioned themselves based on the surroundings in such a way as to increase the likelihood of an insurance claim resulting.

I respect Dave and most others on here but what was suggested is just not prudent. Perhaps I read his post wrong but a re-read has not convinced me I did yet :dunno:

 

[Logan]

Re: Trade in value?

I sell cars man and I will tell you that you aren't going to get screwed on your trade-in but you aren't going to get a lot for it. We devalue the hell out of cars and something like a Typhoon is going to a wholesaler (no market on our pre-owned lot) so we would have to call and take bids and those guys don't give away money so be prepared for a lower amount than what you want. The car business isn't there to be nice. If you came to me with a 149,xxx Typhoon with rust and trans issues I would give you $2500 and make you feel good about it. Just how business works man.

 

[DaveP]

Re: Trade in value?

Be sure it has collision insurance coverage. If it gets totaled in a not your fault wreck, you'll get [more for it in a settlement than a trade-in].

You could be lucky too. Insure it and drive it in shitty conditions where the risk of totaling it goes up.

That's what I wrote. Note the use of the words "if", "could be" and "lucky". I just put forward a scenario where the OP might luck out and get more for his Ty than he would a trade in. He has to drive anyway, and Winter is here.

Insurance is a hedge against possible loss. In this case against loss caused by collision with another vehicle, or fixed object. Because the vehicle is financed, this hedge (collision coverage) is probably already in place. Driving in winter increases the risk that the hedge will be needed.

he suggested intentionally driving the truck in conditions where the risk of an accident are greatly increased, thus resulting in a insurance claim where the OP would benefit greater financially than trading in.

Compare the above paragraph's "intensity" to what I wrote and explained about my original post.

There's nothing "premeditated" or "fraudulent" about the OP driving his Ty in winter conditions UNLESS it is specifically NOT allowed in the insurance declarations.

The OP needs to drive something to work.
The hedge against loss is probably already in place.
The risk of loss while driving in winter conditions goes up. (This is what "insurance" is for).
Insurance I'm familiar with doesn't place restrictions on driving when risk of loss (to the insurer) goes up.
An insurance pay-out will have higher value than a dealer trade-in off.

In light of the above, all I did was suggest a scenario where the OP could increase the chances of a favorable outcome over trading it in.

I use the words "lucky", "Lotto", and "could" which are all predicated on the "chance" that they could happen.

There's nothing wrong with hoping that you might get luckyand it will get totaled. And "hoping" does not have the same definition as "premeditated".

Nowhere did I say "intentionally" crash it into a barrier in winter conditions and call the insurance company because you will get more than a trade in. No one will call that anything other than "fraud". Which I did NOT suggest. I'm convinced some people (in this thread Shawn and Steve) are "wired differently". They read into peoples' writing what they want to see. Not in context of what the author intended.

 

[syclone3]

Re: Trade in value?

Dave is right and gave good advice the first time. Its ironic he gets jumped on as if he wants anyone to commit a fraudulent act. I especially find it ironic who some of the critics are.

 

[ty166]

Re: Trade in value?

Kinda sad grown men give advice to promote cheating the insurance companies to pad wallets and make up for foolish decisions.

Take a empty Frito lays bags ball it up and stuff it under the dash then light the bag on fire.... the grease from the chips acts as a accelerant and when the bag is finished burning it leaves behind the same residue as burnt wire insulation.......... is what I heard........ :lol:

 

[Jimmy]

Re: Trade in value?

Edit: :haha: :dunno:

 

[Adam#0213]

Re: Trade in value?

Jimmy :dunno:

 

[TNPhoon]

Re: Trade in value?

Kinda sad grown men give advice to promote cheating the insurance companies to pad wallets and make up for foolish decisions. Rates continue to rise for honest, non scheming, insured personnel and this is a great part of the reason why.....because others are always trying to cut their losses and make a buck on someone else's dime. This is NO different then advising someone to shop in WalMart when the floors have just been mopped to increase their chances of slipping to get a big settlement. Plain sorry!!!

Just tell the OP the facts of life. Debt is a thief and he is victim. If he cannot afford what he has, sell what he does not need, suck up the loss by paying off the balance and learn a life lesson.

Disheartening that greed drives some people to devise ways to get ahead by cheating. Easy wrongs never justify the hard rights.

Because I was serious. :roll:

Personally I would go rag the shit out if it, raise all hell and drive it into a lake. Then call and report it stolen.

 

[Jimmy]

Re: Trade in value?

Jimmy :dunno:

Just trying to delay my impeding ban.

 

[sae]

Re: Trade in value?

funny sh*t, thanks for the responses.. I've decided to hang on to it and just hope not to have to use it. Pissed another $350 and 15 hours into the kia over the weekend, redoing all of the ecm and tcm wiring harnesses. Long story short, no more electrical problems, but the trans wouldn't engage any forward gears so I drained and filled a couple of times which worked great for a day until tonight when it sounds like the pump clogged. There's also no serviceable filter in the trans apparently, so I dunno. I might have to find a steep hill. :tup:

 

[ChiPhoon]

Re: Trade in value?

funny sh*t, thanks for the responses.. I've decided to hang on to it and just hope not to have to use it. Pissed another $350 and 15 hours into the kia over the weekend, redoing all of the ecm and tcm wiring harnesses. Long story short, no more electrical problems, but the trans wouldn't engage any forward gears so I drained and filled a couple of times which worked great for a day until tonight when it sounds like the pump clogged. There's also no serviceable filter in the trans apparently, so I dunno. I might have to find a steep hill. :tup:

hope your deciding to keep your ty!

 

[atkonkler]

Re: Trade in value?

Hey guys, out of curiosity.. and partially because I may have to end up trading in the Ty because both my girlfriend's and my daily are junk at this point (I'm still paying on mine), what do these see for trade in? Are the NADA values pretty close or should I expect less?

I honestly hate to even think of selling or trading in, because it's the one "car" I've realistically always wanted, and it's been a blast to drive, but with winter coming up quick here in Chicago, the idea of driving it 500 miles per week to work and back in the snow really isn't something I'd like to do-- due to trashing it, not because I don't think it would handle it.

Thanks for any input!

mmmm......DON'T do it....I repeat DON'T do it.....how many old timers do you hear talk about the vehicle they had and then proceeded to get rid of or trade in and regret doing it their whole life.....talk about it all the time......Dont be that guy man....if it was me I'd pick up a beater of reliability no matter the miles and just get an inspection before I buy it....usually about $100 at a local shop to give it a good one over before you buy it.....imo....:2cents:....:tup: