2024 Lucid Air Touring — $22K Repair Estimate, Insurance Wants to Total It. Advice?

[CougarSpeed10]

Hi everyone,

Looking for some advice from fellow Lucid owners.

We have a 2024 Lucid Air Touring with approximately 48,000 miles. It recently sustained what appeared to be fairly minor front-end damage, including a dent in the hood. To our surprise, the repair estimate came back at over $22,000, and the insurance company is considering declaring the vehicle a total loss.

We originally paid around $120,000 for the car, and as we all know, depreciation on these vehicles has been pretty dramatic. From what I'm seeing, the current market value may be somewhere in the $30,000–$37,000 range.

We're now trying to decide what makes the most financial sense.

Has anyone experienced a similar situation where relatively limited damage resulted in such a high repair estimate or a total loss?

If the insurance company totals it, how do we make sure we're getting a fair market valuation?

We're also considering taking the insurance payout and purchasing another lightly used Lucid Air Touring, possibly with fewer miles and in a color we'd prefer.

Would love to hear from anyone who's been through this, especially regarding insurance settlements, negotiating vehicle values, or buying another used Lucid.

Thanks in advance for any advice!

 

[Nunya]

Maybe make the settlement, buy it back, and find another source for a cheaper repair? If it were my 2-year old car, I'd likely be good with "close enough" if things are just cosmetic.

 

[Aka-none]

Maybe make the settlement, buy it back, and find another source for a cheaper repair? If it were my 2-year old car, I'd likely be good with "close enough" if things are just cosmetic.

Want to bet there’s things behind that “cosmic” damage that needs calibration

It’s not 1966 anymore

 

[Northpointe]

If your insurer says it’s totaled I’d consider it totaled. They are looking at the repair cost as a percentage of the overall value of the car and that seems to support the decision. Even if repair was justified you would take a significant hit on resale (it wouldn’t be worth the market value you cited).

Since you have a good idea of what market value is you should be able to advocate for a fair settlement. Just be clear and realistic in doing so.