Posted: Tue Feb 16, 2010 07:52 am Post Subject: Depreciation
I meant that a car loses its original value the moment it is driven out of the dealer's lot. Depreciation of a new car is even steeper than an old one. A car loses its value by 15-20% within a year.
Posted: Tue Feb 16, 2010 08:20 am Post Subject:
I'd have to agree with Lori Veronica. Myself I only ever handled one "new" car total loss. (Lucky me, I only got 1984 mini-van work vehicles and such). The one was a 3 month old SUV with 1,200 miles. I deducted the IRS mileage rate and subtracted about $400. at the time. Claimant still upset, but it is still better then settling for transporation value on a 20 + year old mini-van.
Posted: Tue Feb 16, 2010 02:37 pm Post Subject:
I meant that a car loses its original value the moment it is driven out of the dealer's lot
Well that's NOT what you said,
What you did say is
Your car loses its original value by 20% as soon as you drive it off from the dealer..
A car loses its value by 15-20% within a year.
Maybe, maybe not...again, if a new car is totaled, the claim is typcially handled as I (and Das) stated...that is NOT 15-20%
Posted: Tue Feb 16, 2010 07:52 am Post Subject: Depreciation
I meant that a car loses its original value the moment it is driven out of the dealer's lot. Depreciation of a new car is even steeper than an old one. A car loses its value by 15-20% within a year.
Posted: Tue Feb 16, 2010 08:20 am Post Subject:
I'd have to agree with Lori Veronica. Myself I only ever handled one "new" car total loss. (Lucky me, I only got 1984 mini-van work vehicles and such). The one was a 3 month old SUV with 1,200 miles. I deducted the IRS mileage rate and subtracted about $400. at the time. Claimant still upset, but it is still better then settling for transporation value on a 20 + year old mini-van.
Posted: Tue Feb 16, 2010 02:37 pm Post Subject:
I meant that a car loses its original value the moment it is driven out of the dealer's lot
Well that's NOT what you said,What you did say is
Your car loses its original value by 20% as soon as you drive it off from the dealer..
A car loses its value by 15-20% within a year.
Maybe, maybe not...again, if a new car is totaled, the claim is typcially handled as I (and Das) stated...that is NOT 15-20%Add your comment