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How much does an wreck affect the resale value of a vehicle after it's repaired?
Posted on 10/26/18 at 10:29 am
Posted on 10/26/18 at 10:29 am
Hipster drunk rear ended me a few months back. His insurance paid to have my car repaired. Repairs were done well, really can't tell that it has been in a wreck.
I have noticed that the transmission doesn't downshift smoothly and the dealer doesn't think there is a problem. This is got me thinking of selling it.
I know that the wreck will appear on the carfax report and am wondering how much the wreck will reduce the value of the car.
Anyone have experience with this? TIA
I have noticed that the transmission doesn't downshift smoothly and the dealer doesn't think there is a problem. This is got me thinking of selling it.
I know that the wreck will appear on the carfax report and am wondering how much the wreck will reduce the value of the car.
Anyone have experience with this? TIA
This post was edited on 10/26/18 at 11:01 am
15
Posted on 10/26/18 at 10:32 am to ruzil
Had this happen recently with a 4 month old car we bought. Called the dealer I bought it from and the number he gave me was effectively 11%. We’re like 3 months in to the process trying to recover diminished value.
I’m still waiting for the fight but as I understand it, you basically have to haggle with and threaten the insurance company or they’ll screw you.
I’m still waiting for the fight but as I understand it, you basically have to haggle with and threaten the insurance company or they’ll screw you.
Posted on 10/26/18 at 10:33 am to ruzil
Wait, Did you not get diminished value paid on your car by their insurance?
Posted on 10/26/18 at 10:34 am to ruzil
Framework repair? All the pieces behind the bumper repaired/replaced properly? Or just a crack in the plastic kind of thing?
If you only notice the shifting issue it may just be you so dont mention it.
If you only notice the shifting issue it may just be you so dont mention it.
Posted on 10/26/18 at 10:36 am to ruzil
quote:
Repairs were done well, really can't tell that it has been in a wreck.
this doesnt hurt resale value much and in most cases use the dont ask dont tell rule when it comes to reselling
quote:
Repairs were done well,
I have noticed that the transmission doesn't downshift smoothly
ya, these two things dont go together, you are fooling yourself if you think everything was fixed
quote:dealer is incompetent and stupid, if its not shifting right after an accident then you have a serious transmission issue going on and may need a new transmission soon
the dealer doesn't think their is a problem.
Posted on 10/26/18 at 10:51 am to ruzil
Thanks wreck itself, maybe 10-20% less in terms of value. The transmission issue is what will scare away most buyers. No one wants a vehicle with an iffy transmission.
Posted on 10/26/18 at 10:57 am to PolarTiger
Before selling, file a diminished value claim. You'll get a check in about 3 weeks.
About Diminished Value Claims
Diminished Value refers to the reduced value of a vehicle simply because it has a significant damage history. Even after the vehicle has been repaired to it’s optimal value, the market value of the vehicle may still be reduced. There are three types of diminished value that your case may fall under:
1. Inherent Diminished Value: This type of diminished value refers to the loss of value of a vehicle simply because it has been in accident. Even after the vehicle has been fully repaired, it may still be considered less valuable than a car that has no accident history. This type of diminished value is the most common and most highly accepted.
2. Repair-Related Diminished Value: A vehicle that experienced an accident and was not repaired properly may experience repair-related diminished value. Whether the car still has cosmetic damages or structural damages, it may experience loss in value due to incomplete repairs.
3. Immediate Diminished Value: Right after a vehicle has experienced an accident, it may lose value even before the owner has the chance to make repairs. Immediate diminished value can be calculated as the difference in resale value of a vehicle before the damage occurred and the resale value before repairs have been made after damage has occurred.
About Diminished Value Claims
Diminished Value refers to the reduced value of a vehicle simply because it has a significant damage history. Even after the vehicle has been repaired to it’s optimal value, the market value of the vehicle may still be reduced. There are three types of diminished value that your case may fall under:
1. Inherent Diminished Value: This type of diminished value refers to the loss of value of a vehicle simply because it has been in accident. Even after the vehicle has been fully repaired, it may still be considered less valuable than a car that has no accident history. This type of diminished value is the most common and most highly accepted.
2. Repair-Related Diminished Value: A vehicle that experienced an accident and was not repaired properly may experience repair-related diminished value. Whether the car still has cosmetic damages or structural damages, it may experience loss in value due to incomplete repairs.
3. Immediate Diminished Value: Right after a vehicle has experienced an accident, it may lose value even before the owner has the chance to make repairs. Immediate diminished value can be calculated as the difference in resale value of a vehicle before the damage occurred and the resale value before repairs have been made after damage has occurred.
This post was edited on 10/26/18 at 11:00 am
Posted on 10/26/18 at 10:59 am to BeerMoney
quote:
Wait, Did you not get diminished value paid on your car by their insurance?
No, I didn't. They only paid to repair the obvious damage.
The transmission issue is something I notice when slowing down like for a stop light. It is very subtle and I don't believe anyone would notice.
I received a letter from Hillar Moore saying that the dude is eligible for a Pre Trial Intervention program with deferred prosecution, but he must make restitution for monetary and property loss.
I am trying to gauge how much diminished value I have incurred so that I can properly fill out the form.
Posted on 10/26/18 at 11:01 am to ruzil
Show me the Carfax. Congrats, you now have a "story" car. No one wants a "story" car. My wife curbed her rims and had to replace 2 of them. They were expensive so we made an insurance claim (big mistake). Shows up on the Carfax as an accident claim.
-'It's been in an accident?'
-' Not exactly, here's the story...'
-'It's been in an accident?'
-' Not exactly, here's the story...'
Posted on 10/26/18 at 11:02 am to ruzil
quote:
I have noticed that the transmission doesn't downshift smoothly and the dealer doesn't think their is a problem. This is got me thinking of selling it.
If it is a low mileage vehicle, it doesn't affect is a much. The more miles you pile on the worse it gets. Think of beign a buyer.
20K miles with a wreck vs 100K with a wreck. I traded my truck at 75K for this exact reason. It's been a year and I am extremely happy I pulled the trigger on getting rid of it. The longer you keep it, the more it will weigh on your mind.
Posted on 10/26/18 at 11:11 am to ruzil
When I got rearended and had to have my bumper replaced the insurance company of the guy who hit me said it was only like 45 bucks in diminished value.
Posted on 10/26/18 at 11:12 am to ruzil
quote:
I am trying to gauge how much diminished value I have incurred so that I can properly fill out the form.
I went to a couple dealerships (including where I bought my vehicle) and got a price for them to buy my car. Then looked up used prices on KBB and ebay.
Presented the difference in price to the insurance company and they cut me a check for a little less than the difference. You will have to negotiate.
Posted on 10/26/18 at 11:16 am to ruzil
Decreases it by approximately $350.
Posted on 10/26/18 at 11:18 am to keakar
quote:
in most cases use the dont ask dont tell rule when it comes to reselling
Nothing dishonest about that at all.
Posted on 10/26/18 at 11:21 am to ruzil
A relative got sideswiped in a parking lot. No structural damage but had to replace most of the sheet metal on one side. Curious what kind of effect this will have.
Posted on 10/26/18 at 11:34 am to Jim Rockford
I imagine it has to do with when the damage shows up on a carfax report right? But I don’t know when that happens
Posted on 10/26/18 at 11:35 am to HeyHeyHogsAllTheWay
quote:Are you being sarcastic or serious?
Nothing dishonest about that at all.
Posted on 10/26/18 at 11:37 am to Jim Rockford
The actual diminished value will be much more than you can get from an insurance company without filing a lawsuit. And even then you will need an expert to prove that the diminished value is what you say it is. You have the burden of proof. Most of the time its not worth it unless you know someone in the car business that will qualify as an expert and testify for you on the cheap. The problem is the insurance companies know that and will screw you over 100% of the time.
Posted on 10/26/18 at 11:37 am to HeyHeyHogsAllTheWay
quote:
Nothing dishonest about that at all.
Want to bet he would be posting his sob story if he was the buyer.
Posted on 10/26/18 at 1:10 pm to ruzil
Any ding on Carfax, regardless of how small or how it was repaired, is 15-25%, depending on dealer.
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