[ctviggen]

I just had my 2016 Chevy Volt totaled. It has 2740 miles on it. My price was 43,585. NADA guides gives a maximum of 28,350 and Kelley Blue book gives a maximum value of 29,751 for the highest level of options. That's 68% of the value in a year. I knew these cars had poor resale value, but I had no idea it was this bad.

I note that my car has fancy wheels, which added to the price. (I didn't want the wheels, but wanted the car.) Even so, and with a 20% sale, I'm upside down. And I won't know if I'll get any of the $7,500 tax credit (definitely will not get much of it).

I highly recommend gap insurance for these cars.

I'll update this once I get an actual value from insurance.

 

[hiperco]

Sorry to hear about your car. Unfortunately the resale value assumes the $7500 tax credit (regardless of whether or not it was claimed). And a typical car loses 50% of its value in three years, with the first year taking the biggest percentage of this drop.

 

[voltjjm]

The de facto value of a Volt as a used car becomes retail-$7500 tax credit as soon as it's titled. Take $43,500-$7500= $36,000 net, then add new car depreciation. Worked great for me when I bought a 2016 LT with 8800 miles

 

[freshcut]

Exactly what hiperco said. Rather than looking at your cost to buy the car as being $43585, apply the $7500 federal credit and "real" cost was/should have been about $36085. Also keep in mind that most options add a very very small percentage increase to the used car value. That nav unit that cost $1500 to add when new, only adds about $200 to the used base price. It's a shame that new cars don't hold their value, but if used cars were priced competitive with new car pricing, no one would buy used.

 

[BAZINGA]

Folks keep forgetting to include the $7500 federal tax credit in their calculations. And I wonder if insurance companies factor in any state incentives. When I bought my 2012 and then 2013 Volt's I received a $4000 cash rebate from IL, so right off the bat I took $11,500 off the car's MSRP.

 

[firehawk72]

I just had my 2016 Chevy Volt totaled. It has 2740 miles on it. My price was 43,585. NADA guides gives a maximum of 28,350 and Kelley Blue book gives a maximum value of 29,751 for the highest level of options. That's 68% of the value in a year. I knew these cars had poor resale value, but I had no idea it was this bad.

I note that my car has fancy wheels, which added to the price. (I didn't want the wheels, but wanted the car.) Even so, and with a 20% sale, I'm upside down. And I won't know if I'll get any of the $7,500 tax credit (definitely will not get much of it).

I highly recommend gap insurance for these cars.

I'll update this once I get an actual value from insurance.

First, be thankful for your life and anyone that was in with you. Be thankful Chevy built the Volt so tough.

Now, what would you expect? It is a 2016! The 2017s have been out a LONG time. 2017s are being discounted 4-6k without any effort whatsoever. Then people can claim the tax credit. Seriously, what is a fair price for your insurance to pay?

And many 2016 owners purchased with the 20% off, plus the tax credit.

A 43k volt @ 20% off is 34.4 minus at least 7.5k from the federal tax credit (leaving out any state incentives or Farm Bureau or anything else) = 26.9k plus taxes...surely you didn't pay MSRP, did you?

 

[Qinsp]

An insurance settlement is always an offer. You do not have to accept the offer. Submit a counter offer.

 

[Belgin]

That's why you buy these cars used. They are more than 1/2 off in 3 years. I paid $18500 for my 2014 with 22,000 miles and all options- retail it was 40K +. But the owner really paid around 30K with the state and Fed rebates. But I have to admit it will probably be worthless in 5 more years.

 

[AtomicPowered]

Years ago my car was stolen. My insurance paid for replacement including discounts no longer available. Got a bigger check than I originally paid for the stolen car. I now buy cheap insurance that wouldn't come close to replacement. Lower premium over 30 years more than makes up for that payout long ago. You got cheap insurance too.

 

[Coppersnowboarder]

I guess that you should purchase full value replacement insurance for your next automobile or avoid accidents. I never purchase a new vehicle. I bought my 2013 Volt Premium for $20,000 with 10,000 miles on the odometer. I purchased after getting 80,000 miles out of my previous vehicle. If I purchase a replacement used vehicle, it will likely be the last of my lifetime..

 

[express_wagon]

That's why you buy these cars used. They are more than 1/2 off in 3 years. I paid $18500 for my 2014 with 22,000 miles and all options- retail it was 40K +. But the owner really paid around 30K with the state and Fed rebates. But I have to admit it will probably be worthless in 5 more years.

Sorry, to me, buying used is much worst of a deal. I bought my 2017 with a MSRP of $35,455....my discount from the dealer made it $26,305. Then I got $7,500 from the feds the another $2,500 from state of Massachusetts. This made my car $16,305. This is a brand new car. No way I'll buy a used Volt with less warranty and less tech.

The crazy part is some people claimed $11,000 off too from 20% off Red Tag events. I am not even close to the best deal.

 

[Tim S FL]

Sorry, to me, buying used is much worst of a deal. I bought my 2017 with a MSRP of $35,455....my discount from the dealer made it $26,305. Then I got $7,500 from the feds the another $2,500 from state of Massachusetts. This made my car $16,305. This is a brand new car. No way I'll buy a used Volt with less warranty and less tech.

The crazy part is some people claimed $11,000 off too from 20% off Red Tag events. I am not even close to the best deal.

So some people got a 2017 for about 6k?????? Yes that is crazy and very hard to believe

 

[Steverino]

The resale value on these cars is horrendous

Let's see. $43,585 less $7500 tax credit less the $3000 Connecticut EV rebate= $33,085 before taking new car depreciation into account.

On average, a new car depreciates 11% the moment you drive it off the lot, and 15%-25% total the first year.

So if we take your price after credits and rebates of $33,085 at an 11% depreciation day one, you are at ($33,085 -$3,639) $29,446. If you apply a 20% depreciation for year 1 ($6617), your car should be worth $26,468.

The fact is, your car depreciated much less than an average car, not worse. You are being offered as much as the car was worth the day you drove it off the lot. BTW, when I bought my Volt back in 2011 I paid $15 extra every 6 months to buy me a brand new replacement Volt in the event it was totaled.

https://www.edmunds.com/car-buying/how-fast-does-my-new-car-lose-value-infographic.html

 

[Just_Jon]

...But I have to admit it will probably be worthless in 5 more years.

I highly doubt that.

Definitely worth less but not worthless.

Even if the battery range degrades some, Volts are getting better mileage using just their ICE than 90+% of the cars on the road today. Are all of them going to be worthless in 5 years?

 

[freshcut]

I look at new cars the same as everything else manufactured today. You can't expect a modern washing machine to last the same 20, 30 or even 40 years that your parents or grandparents washer lasted, so why expect a car today to last that long? I will admit that reliability on modern vehicles is likely on average the highest its ever been, but as some will attest, repairs can be very expensive and if severe enough exceed the value of the car. Most of this is due to complexity as well as how involved a repair is. I think this also plays a big role in how a minor to moderate collision can render a car totaled. Aside from safety being compromised it seems manufacturers are moving more toward the thought that their product should not be rebuilt or repaired after a major incident. Call it disposability if you will.

I think this mentality of everything being disposable today is really what drives the value of used products down. Similar to electronics, that iPhone you paid $700 for (or someone else, if you got it subsidized) is only worth a couple hundred after 2 years as a trade in. That's about a 70% loss of value. Sound familiar? It's really not limited to just cars however because a car is such a major purchase for so many people it's a bitter pill to swallow when you consider the tens of thousands that evaporate in such a short period of time.

 

[llninja]

That's why you buy these cars used. They are more than 1/2 off in 3 years. I paid $18500 for my 2014 with 22,000 miles and all options- retail it was 40K +. But the owner really paid around 30K with the state and Fed rebates. But I have to admit it will probably be worthless in 5 more years.

Agreed, and it's true for any car, even ICE vehicles. The only cars that I know of which seem to have insanely high resale values are Jeep Wranglers and Subarus.

But I choose to not buy used at half price. I buy new at half price, drive it forever, and never trade.

 

[dannycamps]

I'd say it's vital to obtain either GAP insurance or new car replacement to cover the difference between price paid (-rebate) and depreciation (especially with EVs).

An aside, I saw a 2015 Leaf on eBay with 18k miles selling for $8900. That has to sting for the person who paid $30k for it.

-DJ

 

[edk-austin]

GAP insurance or new car replacement to cover the difference between price paid (-rebate) and depreciation (especially with EVs).

If you have a loan, the tax credit(s) should be used to pay down the principle, unless you want another $7500 loan. Although if the interest rate is right, maybe the extra $7500 loan works for some people.

I hadn't thought about gap insurance not covering the credit, but it makes sense. Why would an insurer cover that? Another careful point to consider.

 

[somms]

I hadn't thought about gap insurance not covering the credit, but it makes sense. Why would an insurer cover that?

https://gapdirect.com/

FWIW: You can buy 2 years of this GAP insurance online for $185...

 

[ChiVolt]

Seems a reasonable price for 2 years of gap insurance. Does anyone know if gapdirect.com is fair and reputable regarding claims?