My car was stolen and I can't get a valuation.

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Lookingforhelp

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I'm looking for some advice from anybody who may have had their car stolen. My car was stolen from my driveway. It was a Kia Sportage automatic diesel 2023 10 months old. Is cost 46,000 euro 10 months ago the insurance company are offering me 40,000 To me this seems too little. My issue is I can't find a similar car for sale anywhere in Ireland as Kia no longer manufacture diesel automatic.

Can anyone tell me how I could get a valuation for a car that's no longer manufactured and are not on sale second-hand yet. There are other Kia Sportage on the different car sited but these are hybrid are petrol models and are advertised between 40 to 46k and I would imagine diesel automatic would have a higher value.

Can anyone advise me on what I should do please..
 
13% depreciation in that time is normal, consider yourself lucky you didn't buy some of the EV models that have depreciated more than 30% within a year. There is much greater demand for hybrid now, and they seem to be holding values better than diesels.
 
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Leo said:
13% depreciation in that time is normal, consider yourself lucky you didn't buy some of the EV models that have depreciated more than 30% within a year. There is much greater demand for hybrid now, and they seem to be holding values better than diesels.
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I wish I could find a 1 year old EV for 30% less than cost new.
 
Lookingforhelp said:
I'm looking for some advice from anybody who may have had their car stolen. My car was stolen from my driveway. It was a Kia Sportage automatic diesel 2023 10 months old. Is cost 46,000 euro 10 months ago the insurance company are offering me 40,000 To me this seems too little. My issue is I can't find a similar car for sale anywhere in Ireland as Kia no longer manufacture diesel automatic.

Can anyone tell me how I could get a valuation for a car that's no longer manufactured and are not on sale second-hand yet. There are other Kia Sportage on the different car sited but these are hybrid are petrol models and are advertised between 40 to 46k and I would imagine diesel automatic would have a higher value.

Can anyone advise me on what I should do please..
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Ask a reputable car dealership or failing that, a professional valuer.

I suspect you'll struggle to demonstrate that its depreciation is lower than 15% after 10 months of use.
 
Carzone.ie have a valuation tool on their website, might give an idea if you just pop in your reg. Note depreciation is also impacted by mileage done. Personally, if you get more the €40k,I doubt it will be much more.
 
I was always told most cars lose 10% of their value the minute you drive them off the car lot. Sounds about right.
 
Lookingforhelp said:
My car was stolen from my driveway. It was a Kia Sportage automatic diesel 2023 10 months old. Is cost 46,000 euro 10 months ago the insurance company are offering me 40,000 To me this seems too little.
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How much did you think they were going to offer you??
Was the €46k the full retail price for the car, if so I think €40k offer sounds about right
 
Leo said:
Here's one example, the Indo covered similar stories recently too.
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Fair enough. Actually makes sense. There are some EVs such as short range Nissan Leafs which are being heavily discounted new so thay must have am effect on the nearly new market.
 
time to plan said:
Fair enough. Actually makes sense. There are some EVs such as short range Nissan Leafs which are being heavily discounted new so thay must have am effect on the nearly new market.
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Yep, the price wars among some of the manufacturers has punished previous buyers in order to gain market share.
 
Leo said:
Yep, the price wars among some of the manufacturers has punished previous buyers in order to gain market share.
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If price wars are the cause of fast depreciation, then it should be a short term effect, rather than something intrinsic about EVs that makes them depreciate quickly.
 
I would take their offer. €6K drop in value over 10 months is reasonable. It is not the insurers issue if you cannot find another 10 month old car of similar value to buy.

So either buy another car for €40 or get a loan and buy a different but similar new car.
 
Cervelo said:
How much did you think they were going to offer you??
Was the €46k the full retail price for the car, if so I think €40k offer sounds about right
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I thought around 43k as there was only 22,000km on it and thought it would hold value better as you cannot buy one now. Maybe I was naive
time to plan said:
Are you saying that it cost 46k brand new and is now 10 months old?
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Yes with 20,000kmh on it
 
Herron auto in Donegal have a 2024 automatic diesel Kia Sportage.If you explained your story to this dealer or any dealer they would be able to give you a book value on a trade in , taken into consideration that this will be less than what price it on the fourcourt for .It will give you an idea anyway on what your dealing with . Insurance will win anyway they always do ....
 
You paid 46k and you think after nearly 1 year should be 43k, don't think so, 40k seems generous,
 
Some policies have a "new car replacement benefit", often buried in an extra benefits package, worth checking to see if it applies to your policy, insurer may need to have it pointed out to them! Usual terms are if car damaged to greater than x% of value or stolen and not recovered and car is less than 12 months old, policies cover a new car replacement value.
 
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