A Tesla Cybertruck owner shares his truck was totaled after it was sideswiped by an E-scooter. However, the insurance company is only offering to pay him a “fair market price” of $77K, even though he paid $198K for the truck and still owes the bank $171K.
To be fair that is assuming an average amount of depreciation and not over paying for the vehicle to begin with.
Yeah, great point. If I paid $100 for a rock it doesn’t make the rock suddenly become worth $100 to the rest of the market.