Hi! If there is a better subreddit for my question please let me know!
So a few weeks ago I was sitting parked in my car while waiting for my dog’s vet appointment to be over. A lady ran into my car as she parked beside me. One of the plates was pushed in slightly and there is a huge scratch down my back driver’s side door. We exchanged info and she contacted her insurance to let them know.
Meanwhile, I went and got an estimate on the damage. The body repair shop estimated $450, apparently car paint is very expensive right now. My car has many other big dents and missing paint that I was also planning to get fixed and pay for out of my own pocket, that’ll cost me personally around $750.
Last week her insurance called me after I sent them the estimate I had received. They told me that my car is totaled because it is over 10 years old. (It’s a 2002 Lexus.) They have agreed on a settlement of $4000 if I turn my car over and they will come pick it up. To me this doesn’t make much sense since it would only be $450 to repair.
I started saving up for a new car a few months ago and have $2500, I can probably pull a couple more thousand dollars out of my general savings account giving me about $8000 to put down for a new car. (I was only able to save up $2500 because of COVID causing me to spend less, stimulus checks, and unemployment.)
My mom is very against this. She says I shouldn’t buy a new car until I can pay it in full. I estimate my current car will last me about 2-3 more years. However, in the next 2-3 years I’d probably only be able to save up to $6000 depending on...we’ll everything in the world and getting a new job. I am currently in school and living off unemployment.
She thinks the insurance company is trying to play me and tells me I should ask for the money but not surrender my car. She says if they don’t give me the money “she’d hate to have to sue them”.
I’m at a loss. On one hand I’m skeptical of this offer too, on the other $4000 is a great nest egg for buying a new car and seems too good to be true (which usually means it is). Has anyone dealt with this situation before or have any advice on my next moves?? All help appreciated!
Let me know if you have any more questions or need more information!
Submitted June 29, 2020 at 06:55PM by gemkrafft https://ift.tt/2VLEqTR
