I said “optional power driver’s seat”; a driver’s seat without power is standard. If you look at a 2000 s40 on edmunds.com, there is a list of options. cross reference the list to the features of the car to see what opional equipment is installed. I priced a 2000 S40 with only th epower driver’s seat and 124,000 miles and in “clean” condition (“Some normal wear but no major mechanical or cosmetic problems; may require limited reconditioning”). If you bought a replacement car that is identical to your son’s car but in clean condition, it would be worth about $4600 in Hollywood. Your son should not accept anything less than the value of a “clean”, identical car fro a dealer. He can buy anything he wants. Getting the right amount of money is what really counts.
Wow, you just get a couple of bids and then give them to the insurance company?
I didn’t get the bids…The insurance company got the bids. If you decided to keep a car after the insurance companies total it…then they MUST show you the bids they got. The more popular the car the more bids the insurance company will receive.
I guess it depends on the state…But when I did it…I never got a salvage title. I retained ownership of the vehicle.
It really depends on how extensive the damage is. A GOOD bodyman can restore anything (if money is no obstacle). I know a guy who’s Volvo hit anther car at about 20mph…Hardly ANY body damage to his vehicle…HOWEVER…the air-bags went off and the cost to replace/fix them was more then the car was worth (about $6k) so the car was totaled. Just from looking at the body you couldn’t tell it was ever in a accident.
Thanks.
The only problem with your sister’s method is that you really have to love the car that you pick as you will be stuck with it for 16 years- a long time! I think I fall out of love with my cars after about 10 years. I guess your passing it on to another family member (as in child) would help, but I no longer have anyone to pass a car onto.
My last car I bought was a two year old Camry which I got for $12000 in cash in 2002. I have had it for seven years and it is 10 years old and I can see keeping it for another two years. I had better start saving up again for another car, but I think this is a good way to go. I always have a mechanic check out whatever used car I buy.
I have never bought a new car because the depreciation loss seems so great and I like to see what Consumer Reports says about the car before I buy it.
Also, don’t you have to include the higher cost of insurance, registration, taxes etc for a new/er car?
According to my calculations, my son’s car cost $7000 two years ago, and now is valued at $5000 for insurance purposes, so that averages out to $1000 per year depreciation. The maintenance has been about $1000 a year so the total cost has been for two years only $4000–so much less than a new/er car.
Don’t the car guys have some pamphlet of something about the economy of buying cars?
Is Edmunds.com the best web site for checking out all cars and the options, etc?
I’m going through this too. Value depends on the insurance laws in your state. In
Indiana, the way it is computed is either the NADA dealer retail value or computed from CCC Services. CCC Services looks in your area for comparable vehicles and the average of three is used. Plus I get sales tax and title transfer fee. So when all is said and done I should be able to buy the same car that was totaled and financially be right back where I was. It appears to be working too!
deb, we don’t have pamphlets because every car purchase is very unique. It is based on how much you drive, how reliable the car has to be, etc.
Your approach of buying a reasonably new used car from a recommended list is endorsed by many, including myself and the Tappet Brothers. Of the 16 cars we have owned, only 2 were bought brand new. We also pass the older cars on to family members; our son had 2 during his college years and before he could affors to buy his own cars. I gave away my first two cars to my younger brother in college.
Your timing for selling your car is also good; a well cared for Camry of that age will still be easy to sell, since it still has a lot of life left in it.
You are right about the insurance, a new car costs at least $300 to $400 more to ensure than older car. My sister calculated all these things in her costs.
There are certain buyers, including my sister, who feel more confident with a new car, and then take really good care of it. All the regular “car guy” posters here strongly recommend you have a qualified mechanic check out any used car you buy. Many owners do little or no maintenance, some are careles drivers, all of which will come home to roost with the next owner.
P.S. We don’t often get a poster who does not really need any help in car shopping. You seem to be already doing all the right things. Congradulations, and good luck with your son’s situation.
Good answear-Kevin