Value after minor accident?
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Joined: Jul 2009
Posts: 75
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From: Greenville SC
Value after minor accident?
I have been trying to sell the Vette for a few months now. The market is a little slow, so I have had a few bites but the vast majority of people interested really don’t have the funds to finance a car these days. I’m not in a huge hurry to get rid of it, as I love driving it and it runs great.
Fast forward to last weekend. I was just rear ended by a Honda Civic. She was slowing for a red light, while rubber-necking another accident. No denting, structural damage, etc….as she was only going a few MPH when she hit me. But the bumper did need to be repainted. The repaint was pristine and it matched perfectly. The real issue is the fact that the car history is going to show 1 accident now instead of the 0 accidents it had before.
I have pictures of the very light damage and proof that there was no structural damage. But the buyer’s perspective is always going to be that of a less valuable car because of this incident. I have spoken with the insurance company about this, and they are going to call a few dealerships and they suggest I do as well. What is the best way to go about finding out how much less the car might be worth after the accident? My first impression was to call Carmax and see what they say. Thanks.
Fast forward to last weekend. I was just rear ended by a Honda Civic. She was slowing for a red light, while rubber-necking another accident. No denting, structural damage, etc….as she was only going a few MPH when she hit me. But the bumper did need to be repainted. The repaint was pristine and it matched perfectly. The real issue is the fact that the car history is going to show 1 accident now instead of the 0 accidents it had before.
I have pictures of the very light damage and proof that there was no structural damage. But the buyer’s perspective is always going to be that of a less valuable car because of this incident. I have spoken with the insurance company about this, and they are going to call a few dealerships and they suggest I do as well. What is the best way to go about finding out how much less the car might be worth after the accident? My first impression was to call Carmax and see what they say. Thanks.
Safety Car
Joined: Apr 2007
Posts: 3,640
Likes: 83
From: . New York
Well it does complicate it above the normal sale where any accident isnt in question but . . .
A pic of the car prior to repairs, a pic of the uncovered bumper (what was under the newly painted bumper cover if they removed it to paint, showing that there really was zero damage underneath) and obviously the appearance of the finished product shoud go a long way to allaying the fears of any prospective buyer.
Guess it depends on, how many vettes are available in your area, and how close yours matches the buyers requested (color, equipment, mileage, condition) wants.
You know its a buyers market. If the car is in great shape, I personaly wouldnt go ahead and deduct a value off my price anticipating anything. Id list it as you did before the accident and in discussion, be upfront and if it will move the car take something off...I dont know....$500.....dont know really, depends on the car and the total price.
A pic of the car prior to repairs, a pic of the uncovered bumper (what was under the newly painted bumper cover if they removed it to paint, showing that there really was zero damage underneath) and obviously the appearance of the finished product shoud go a long way to allaying the fears of any prospective buyer.
Guess it depends on, how many vettes are available in your area, and how close yours matches the buyers requested (color, equipment, mileage, condition) wants.
You know its a buyers market. If the car is in great shape, I personaly wouldnt go ahead and deduct a value off my price anticipating anything. Id list it as you did before the accident and in discussion, be upfront and if it will move the car take something off...I dont know....$500.....dont know really, depends on the car and the total price.
Safety Car
Joined: Nov 2000
Posts: 4,549
Likes: 30
From: Shenandoah Valley Virginia
I am assuming that you are going to try for a private sale direct to another person. My feeling is that you will not take much of a hit value wise since you have the photo documentation of the damage. Cosmetic damage happens to a lot of cars, parking lot bumps etc. Should not really hurt value as long as the paint match is excellent. Structural damage, frame streightening, suspension replacement, etc. will on the other hand have a large effect on the cars value. It could be anywhere from 5-20% or more for a badly bent vehicle.
Race Director
Joined: Aug 1999
Posts: 11,119
Likes: 672
From: SE Pennsylvania
St. Jude Donor '03 thru '26
Oldtimer
Accident damage. . .
My Vette got hit at about 5MPH by another vehicle. What I did was I had the vette repaired at County Corvette Inc. (a sponsor here) They did such a amazing job, you absolutly can not tell the car was ever hit. But I went up just after the accident, and took about five really good photographs, and had them blown up to 8X10 glossy's which show to the extant of the minor damage. Just in case someone does a 'Carfax' on it and it'll show minor damage, I can show them "minor damage" ! 
Advanced
Joined: Oct 2009
Posts: 55
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From: Murrysville PA
It can be hit or miss on whether it shows up on carfax. Plus it most likely will not show up for some months or even up to a year - if it does (personal experience) So you bringing it up the minor damage to any potential buyer will prove that you are an honest individual- have nothing to hide - and are someone that can be trusted
My wifes Lexus was hit while parked...front bumper and hood needed replaced and painted. Car is black and without having any structural damage - the car actually looks better (no stone chips etc) I have all the documentation to back up the damage along with a reliable repair center doing the work.
Just like you!
When I was looking for my vette I had guys tell me that their cars were never hit - then only to find out thru Carfax that it was- and these guys had no explanation. I moved on rapidly to other cars - but if they would have had an explanation-documentation etc - I wouldn't have ruled the car out just because it was hit.
All potential buyers want are honest and forthright people to deal with. You sound like just that kind of individual - as stated above maybe $500 good will concession is all that would be needed.
GLWS
My wifes Lexus was hit while parked...front bumper and hood needed replaced and painted. Car is black and without having any structural damage - the car actually looks better (no stone chips etc) I have all the documentation to back up the damage along with a reliable repair center doing the work.
Just like you!
When I was looking for my vette I had guys tell me that their cars were never hit - then only to find out thru Carfax that it was- and these guys had no explanation. I moved on rapidly to other cars - but if they would have had an explanation-documentation etc - I wouldn't have ruled the car out just because it was hit.
All potential buyers want are honest and forthright people to deal with. You sound like just that kind of individual - as stated above maybe $500 good will concession is all that would be needed.
GLWS
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Joined: Nov 2005
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From: Spring Texas
St. Jude Donor '08
If the Airbags didn't deploy, i wouldnt' worry to much about it.
For those people that rely on carfax, it's worth noting that they do not report ANY sort of mechnical problems that may have been caused as a result of an accident. ONLY cosmetic damage is shown and not all of that makes it to the sheet either.
The market for C5s is slow in general. Your best audience is likely to be prospective first-time vette owners. With the C5 being the first of the "easy maintence" cars, it's a popular option among those on the fence about getting a true sports car on a budget.
For those people that rely on carfax, it's worth noting that they do not report ANY sort of mechnical problems that may have been caused as a result of an accident. ONLY cosmetic damage is shown and not all of that makes it to the sheet either.
The market for C5s is slow in general. Your best audience is likely to be prospective first-time vette owners. With the C5 being the first of the "easy maintence" cars, it's a popular option among those on the fence about getting a true sports car on a budget.
Le Mans Master
Joined: Jan 2004
Posts: 9,488
Likes: 1,743
From: Knoxville Tn
The car fax on my car listed a 'driveaway' accident reported. I deduced if he could drive it away from the scene it was likely pretty minor. I've never looked back, the car stil looks and drives great after owning it over 3 years.
Considering the plummeting value of early C-5's, any repairable accident almost has to be minor, any thing over about $3000 would make it a salvage
Considering the plummeting value of early C-5's, any repairable accident almost has to be minor, any thing over about $3000 would make it a salvage
Race Director
Joined: Aug 1999
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From: SE Pennsylvania
St. Jude Donor '03 thru '26
Oldtimer
Carfax
I bought a carfax on my car about a year after the accident. It list 'An Accident' but listed no frame damage, no major damage and so on. But I wanted to have photgraphs showing the extent of the damage.
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A minor accident where all that was done is repaint the fascia - probably no diminished value at all. With your documentation on what it looked like before and after the accident, you should be OK.
