1998 4Runner SR5 totaled. Did I get a fair settlement?

[Eligain]

Okay hold the phone.

http://www.toyota-4runner.org/3rd-gen-t4rs/195263-how-much-cherry-98-4runner-worth.html

In April you said you just inherited this 4Runner with 38k miles.

But that "email" says date of loss is 3/18/2015....40 days before you "inherited" it asking what it was worth!

How did you inherit this cherry 4Runner after it was already totaled? Not to mention "then" it had 38k miles, and now it has 35k miles.

I copied that down wrong when I was trying to redact the personal info. The wreck occurred on May 18th. My first post on the 4Runner was before I actually had taken possession of it. I was told it had 38k but when I got it I saw that it really had 35k.

I think I may have been able to get this higher price because I had submitted several comparibles from Autotrader. I found a 98 4Runner with only 17k miles for sale for $25K and a 98 with 60k miles for $16.5k plus that 97 on craigslist and a couple of others.

 

[KingSuper]

I'm glad you're okay OP. Are you now getting $15k instead of the initial $11k or am I misunderstanding? 15K is a sweet payout, handle that! Even 11K would have been decent in my book. Glad you were persistent, well done.

 

[broncosi]

Thanks. Something still strikes me as fishy about the deal. Why would you go through the trouble of bidding (only at the last minute) on a car and win it and then back out of the deal a few minutes later? And if the seller backed out because he didn't get the price he wanted, isn't he obligated to sell the car to the winning bidder?

About this specifically, this looks like a case of what's called "Shill Bidding". Or at least that's what I would chalk it up to.

 

[broncosi]

I found a 98 4Runner with only 17k miles for sale for $25K

Do you have a link? I just searched and found nothing of the sort.



And the "Do any of these come close" section had a highest price of $6,500.



EDIT: This was my second, more broad search result:

 

[Supermoney]

Wow!

If American Family Mutual Insurance Company are paying you based on those few trucks you have found with similar mileage than I am switching to them! Then all I need to do is steal a few pictures from forum members on here, post on Craigslist, eBay, and Cars.com and say they have 10-30k miles on them and post ridiculous prices.

Usually adjusters base vehicle value on how much they have sold for -- not what 2-3 people on the internet ask for it.

 

[jeremyc74]

So, do you have any pictures of the truck? imp:

At this point things don't really add up. You join the forum asking about this mint 4Runner you just got, but never provided any real details about it, or pictures. And then we didn't hear anything else from you (which is odd because everyone has questions about new vehicles this age, and you already joined the forum), and now it's totaled and you've been given an absolutely ABSURD amount of money for it from the insurance company.

:spy:

 

[jhfleet]

Don't understand all the negative comments. The OP has nothing to gain by lying about his insurance settlement. And, whether or not that amount is accurate has no effect on anyone other than him. He knows what he got and everyone else is just speculating.

 

[broncosi]

not what 2-3 people on the internet ask for it.

yeeaaaaa . . . . buuuutttttt if it's on the internet, it's gotta be true.

 

[SLO_Rob]

total loss?!

My 1998 4Runner SR5 in excellent condition with low low miles was totaled by a driver running a red light. After some haggling, the insurance's settlement offer for my car is $11,170. It was in excellent condition with only 35000 miles on it! It's the SR5 model with all the premium options. Does that sound like a fair offer for my 4Runner in the condition it was in for a 1998 with only 35000 miles on it?

Unreal Miles on that! I was given $9800 on my 2000 SR5 with 164k on it and a number of mods. Bought it back as it is just a couple thousand in body work.

 

[Supermoney]

Don't understand all the negative comments. The OP has nothing to gain by lying about his insurance settlement. And, whether or not that amount is accurate has no effect on anyone other than him. He knows what he got and everyone else is just speculating.

Not negative at all, just calling out where stuff doesn't add up. I hope he got $15k for his truck. That is good news for me and everyone else that the value is holding / rising. These trucks will be rare and definitely mint ones will be sought after -- especially with a locker.

 

[SLO_Rob]

That's a good point ^^^^ I had to explain to the adjuster what a locker was and show him forum articles so he could see the valuation difference.

 

[SLO_Rob]

Jesus! I apologize for the giant poster size photo. I'll learn to reduce that dramatically...

 

[Eligain]

About this specifically, this looks like a case of what's called "Shill Bidding". Or at least that's what I would chalk it up to.

So, in this case, it doesn't appear to be a case of "shill bidding" because in was the seller who backed out of the deal from the winning bidder because he didn't get as much as he was hoping. That winning bidder has filed a complaint on the seller saying that he wouldn't sell him the car that he won. So the seller now has a negative mark on his ebay rating.

 

[Eligain]

Do you have a link? I just searched and found nothing of the sort.



And the "Do any of these come close" section had a highest price of $6,500.



EDIT: This was my second, more broad search result:

Here is the one for $25K that I used:

Cars for Sale: 1996 Toyota 4Runner 4WD SR5 in Traverse City, MI 49686: Sport Utility Details - 393031748 - Autotrader

 

[Eligain]

Wow!

If American Family Mutual Insurance Company are paying you based on those few trucks you have found with similar mileage than I am switching to them! Then all I need to do is steal a few pictures from forum members on here, post on Craigslist, eBay, and Cars.com and say they have 10-30k miles on them and post ridiculous prices.

Usually adjusters base vehicle value on how much they have sold for -- not what 2-3 people on the internet ask for it.

First of all, this is not my insurance company. It is the insurance company of the kid who hit me. I really don't know why I have got such a good pay out other than I haven't been in a hurry to accept their offer. The first and second, I thought were too low but I thought the $11k was more than fair but I just didn't run and accept that offer either because I was basically procrastinating so I guess that paid off!

 

[4Runnermex]

I would of take it in a heart beat! Miles don't matter in the Insurance world, I would of just pushed a bit to buy back from them at a way reduced cost. Like 1500 that's what they sell at Auctions no matter miles.

If you had planned on Buying another one you'll have a lot of extra parts that you know were in great shape. If you would've had the extra storage space to strip it down. Engine alone $1100 about average for yours, you would of made back way more on it than you paid for.

You got a great deal..

 

[Eligain]

So, do you have any pictures of the truck? imp:

At this point things don't really add up. You join the forum asking about this mint 4Runner you just got, but never provided any real details about it, or pictures. And then we didn't hear anything else from you (which is odd because everyone has questions about new vehicles this age, and you already joined the forum), and now it's totaled and you've been given an absolutely ABSURD amount of money for it from the insurance company.

:spy:

When I first posted about it, I had just inherited it and was thinking of selling it and wondered what it was worth. Then I started driving it and with just my luck, I got broadsided taking a quick run to the supermarket and it was totaled. Then I was wondering if my settlement was a good offer. What doesn't add up? I'm not a huge 4Runner fanatic so I don't have a lot to talk about. I will try to post a picture befor the insurance takes it. I just work a lot of hours and its always dark when I do have time.

 

[broncosi]

I found a 98 4Runner with only 17k miles for sale for $25K

Ahh ok. So it's actually a '96 with 16K miles. That's out of this world and completely unrealistic considering that KBB values it, with all the options (even ones it doesn't have) at $6K to a private party.