View Poll Results: How much less would you pay?
$1000
13
14.44%
$2000
8
8.89%
$3000
14
15.56%
$4000
7
7.78%
$5000+
48
53.33%
Voters: 90. You may not vote on this poll
Wrecked Vette
Thread Starter
Instructor
Joined: Mar 2005
Posts: 214
Likes: 1
From: San Diego CA
Wrecked Vette
To make a long story short... a girl backed into my Vette (bumper) in the parking lot. Her insurance took full responsibility for the repair.
I would like to know how much less you think the resale would be on a car that had body work. My initial guess would be $3-4k, but I think the hardest part would be just trying to find someone willing to buy a "wrecked" car. I know I would immediately walk away, if I detect any kind of body work.
I will try to use these poll results in my claim to her insurance company to recover diminished value. The car is a 2007 coupe (LMB) Z51, MN6. Other than this it is 100%.
Thanks
I would like to know how much less you think the resale would be on a car that had body work. My initial guess would be $3-4k, but I think the hardest part would be just trying to find someone willing to buy a "wrecked" car. I know I would immediately walk away, if I detect any kind of body work.
I will try to use these poll results in my claim to her insurance company to recover diminished value. The car is a 2007 coupe (LMB) Z51, MN6. Other than this it is 100%.
Thanks
Drifting
Joined: Jan 2006
Posts: 1,498
Likes: 166
From: Metro Detroit - miss FL
To make a long story short... a girl backed into my Vette (bumper) in the parking lot. Her insurance took full responsibility for the repair.
I would like to know how much less you think the resale would be on a car that had body work. My initial guess would be $3-4k, but I think the hardest part would be just trying to find someone willing to buy a "wrecked" car. I know I would immediately walk away, if I detect any kind of body work.
I will try to use these poll results in my claim to her insurance company to recover diminished value. The car is a 2007 coupe (LMB) Z51, MN6. Other than this it is 100%.
Thanks
I would like to know how much less you think the resale would be on a car that had body work. My initial guess would be $3-4k, but I think the hardest part would be just trying to find someone willing to buy a "wrecked" car. I know I would immediately walk away, if I detect any kind of body work.
I will try to use these poll results in my claim to her insurance company to recover diminished value. The car is a 2007 coupe (LMB) Z51, MN6. Other than this it is 100%.
Thanks
How about a picture of the damage. It doesn't sound like there is much from your description. If it is cosmetic, and it is painted properly, I doubt you would lose anything. You need $0 on your poll for me to participate.
Cruising
Joined: Jul 2007
Posts: 14
Likes: 0
From: Zebulon NC
I would think it would be best to go your dealer and ask him what reduction in allowance he would give you on trade for the damage after repairs and use this in your negotiations. Several years ago I was involved in a wreck and my dealer gave me a written statement and I use this with my negotiations with Geico. They tried to hold out but I would not settle until they gave me the allowance that the dealer advised I would lose at trade in time.
Le Mans Master
Joined: Dec 2005
Posts: 6,993
Likes: 1
From: Vail, Arizona
"How about a picture of the damage. It doesn't sound like there is much from your description. If it is cosmetic, and it is painted properly, I doubt you would lose anything. You need $0 on your poll for me to participate."
Safety Car
Joined: Apr 2007
Posts: 3,661
Likes: 3
From: Live in S.Dayton, Work in Cincinnati Ohio
Cars like this are hard to judge. For every one who says, "...I'd never buy a wrecked Vette..." there's another person looking at it going, "...it's my dream car, I don't care if it's been wrecked." Without seeing the damage, it's pretty hard to say. My wife spun an SVT Cobra into a curb, broke the rear axle and did considerable passenger side body damage (the car was actually sitting on the right rear passenger wheel which broke off at the axle) but when we sold that car, we got EXACTLY what Kelley Blue Book said was the retail value of the car in excellent condition. Some people just don't care about that sort of thing.
Burning Brakes
Joined: Apr 2007
Posts: 1,042
Likes: 6
From: Bedford, TX
"Wreck" to me implies replacing a couple of body panels and maybe some frame straightening. That I'd probably walk away from as a buyer. If the bumber cover had to be replaced? Not a problem as far as I'm concerned. As long as the paint match is good of course.
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Intermediate
Joined: Dec 2006
Posts: 49
Likes: 0
From: Wheelersburg Ohio
Diminished Value
I work for consumers and attorneys valuing wrecked and repaired cars. While there are a lot of different factors that influence the loss you will take on your car as a result of this accident, I can promise it will be a pretty big number when all things are considered. For example, just the loss of warranty on effected parts is staggering, and you paid for that warranty as a part of the sticker price when you bought your car. Since you can no longer benefit from the bargain you made, you have a right to be reimbursed for this loss as well.
To begin, your poll won’t be proof enough to collect anything. The burden of proof is on you, and you’ll need the services of a professional to obtain the numbers you need to substantiate your claim. If you’d like a recommendation of someone in California that can compute the loss and back it up in court if necessary, PM me and I’ll be happy to put you in touch with someone.
To begin, your poll won’t be proof enough to collect anything. The burden of proof is on you, and you’ll need the services of a professional to obtain the numbers you need to substantiate your claim. If you’d like a recommendation of someone in California that can compute the loss and back it up in court if necessary, PM me and I’ll be happy to put you in touch with someone.
Last edited by Grumpy; Nov 1, 2007 at 02:24 PM.
Moderator
Joined: Dec 2002
Posts: 40,891
Likes: 4,345
From: Lakewood Ranch, FL
I agree... Many times the damage is so superficial that it is really a non issue. On the other hand, major component damage is a different issue.
Racer
Joined: Jun 2007
Posts: 255
Likes: 55
From: Jacksonville Florida
Beware CARFAX! My wife had a fender bender in her SUV a couple of years ago. It was fixed perfectly so we forgot about it When we went to trade it in the dealer lowered the trade-in by $3K.
Ask for lost value reimbursement!!!
Ron 1
Ask for lost value reimbursement!!!
Ron 1
Race Director
Joined: Oct 2004
Posts: 10,516
Likes: 2
From: Virginia Bch VA
Cruise-In VI Veteran
Cruise-In VII Veteran
St. Jude Donor '06
And I don't think the Insu Co will pay you a dime over repair cost. Good luck.
Instructor
Joined: Apr 2006
Posts: 216
Likes: 0
From: Annapolis, MD
Although, insurance companies won't just give you diminished value without some work/fight on your part. You will need to hire an independent certified appraiser to value your car after the repairs are complete and submit that appraisal to the insurance company. It's best to actually hire a company that specializes in diminished value claims. They can assist you with all the info and forms you'll need to make your claim. It costed me $300 to hire someone to get me $6k, so it's worth doing. You will need to be patient as it took me about 6 months to get my settlement. Insurance companies love to stall in hopes that you'll give up and move on.
Last edited by Grumpy; Nov 1, 2007 at 02:25 PM.
Burning Brakes
Joined: Apr 2006
Posts: 788
Likes: 36
From: Charlotte NC
My opinion is this. There are plenty of vettes out there that have never seen the body shop. Knowing that and the fact that hardcore corvette owners take care if their cars very well, I would avoid the “wrecked” one and go for another, specifically one owned by a die hard vette fan.
If it’s your dream car, then you should get the perfect one for you, especially if it’s a C5 or C6.
This of course will depend on the damage the car received, if it was very minor, and the owner seemed to be honest, then I personally feel that it would be overlooked. Of course the honest owner would also price the car fairly, and not ask for more than its worth.
Just my 2 cents!
If it’s your dream car, then you should get the perfect one for you, especially if it’s a C5 or C6.
This of course will depend on the damage the car received, if it was very minor, and the owner seemed to be honest, then I personally feel that it would be overlooked. Of course the honest owner would also price the car fairly, and not ask for more than its worth.
Just my 2 cents!
Thread Starter
Instructor
Joined: Mar 2005
Posts: 214
Likes: 1
From: San Diego CA
The damage was superficial. All they did was paint the bumper. The downside is they did a crappy job. I have already told them to touch it up a 3rd time. The paint has debris in it. It is burned in some places where they buffed it. The tail lights are scratched up, and so is the paint just around the lights. It is still in the shop waiting for more taillights. I am biased, but I can tell in 30 sec that the car has had body work. The fact is that people will assume the worst when I tell them the car has had body work. In addition, the body shop NEVER does the job right despite my insistence on perfection. I even talked to the guys for an hour about when I worked in a body shop in high school. So they know I knew what to look for. I am hoping to get the car back tomorrow, but who knows. They have had it for 2 weeks now! This is Bankston Chevy in Fort Worth.
Burning Brakes
Joined: Feb 2003
Posts: 856
Likes: 1
From: Bovina New York "WOOF"
St. Jude Donor '08
Does this mean you are saying that given a choice of two exact equipped cars, same year, model miles etc only difference is one has been hit the other hasnt been hit you would pay the same for both cars??? If this is the case then I think either you are crazy, have more money than god or are a few cards short of a full deck....
Thread Starter
Instructor
Joined: Mar 2005
Posts: 214
Likes: 1
From: San Diego CA
Does this mean you are saying that given a choice of two exact equipped cars, same year, model miles etc only difference is one has been hit the other hasnt been hit you would pay the same for both cars??? If this is the case then I think either you are crazy, have more money than god or are a few cards short of a full deck....
1. Overspray
2. Tapelines
3. Painted fasteners that shouldn't be painted
4. Body fasteners with marred inside
5. Thick paint on edges
6. Running paint
Steel body cars are even easier. You can use a special magnetic tool that will show you the approximate paint thickness. Compare different parts of the car, it should be about the same. Also, bondo is not magnetic.
Even if you don't care, the next person you try to sell the car to might.
Guest
Posts: n/a
However, if I found out it had been in an accident, I'd walk. Even if it meant I was forced to buy another Z51 MN6 in a less desireable colour.