Diminished Value
#41
Burning Brakes
Amazing, I just read two words together that boggles the mind, "honest" and "dealers ". In case you have forgotten, used car dealers exist for the sole purpose of taking as much of your money as they can. They are middle men putting themselves right in the center of a seller/buyer transaction. Added Value for the money ? Sometimes, because of their customer reach and advertisement capabilities but if they can gouge you, you better believe, they will ! Very rarely will they ever see you again and they have to get as much of your funds as they can.
The Chevy Dealership that performed my repairs was little to no help with the Diminished value claim. Their body shop urged me to do one, but beyond that the sales side of the dealership 'wanted nothing to do with it', there words not mine. Hopefully because they didn't sell that many Corvettes and not just because I didn't buy from them. I contacted a Forum Dealer and within a day after sending them all of my documentation they gave me their estimate of what they would deduct if I were to trade the vehicle in with said damage. They also gave me an estimate for what the private sale would be. In both instances the difference was $5000.00.
The Insurance company of the lady that hit me settled rather eagerly at that price. Could I have gotten more? I don't know and frankly I don't care. The fact is that no matter how much monetary value someone places on a Corvette's Diminished Value it will be difficult if not impossible to sell far at least one full generation cycle.
#42
Burning Brakes
Thread Starter
I wanted some unbiased opinions before revealing the reason. I didn't want everyone to just jump on the "screw the insurance company" or "screw the owner" train and either go high or low. I'm sure you can understand that
#43
Burning Brakes
Looks like you are in the same boat as me. Stuck with a beautiful car that no one will know anything was ever done to it until they read the carfax. Then they will never by it. I bet they all married virgins too!
But what a car to be "stuck with".
#44
Drifting
Member Since: Jan 2010
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It may come down to what state you live in...
http://www.carinsurance.com/kb/content37286.aspx
You may be able to go after the other party's insurance company...
http://abcnews.go.com/Business/car-w...ry?id=10713550
http://www.carinsurance.com/kb/content37286.aspx
You may be able to go after the other party's insurance company...
http://abcnews.go.com/Business/car-w...ry?id=10713550
#45
Race Director
Member Since: Mar 2010
Location: T-Town WA
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2016 C6 of Year Finalist
Amazing, I just read two words together that boggles the mind, "honest" and "dealers ". In case you have forgotten, used car dealers exist for the sole purpose of taking as much of your money as they can. They are middle men putting themselves right in the center of a seller/buyer transaction. Added Value for the money ? Sometimes, because of their customer reach and advertisement capabilities but if they can gouge you, you better believe, they will ! Very rarely will they ever see you again and they have to get as much of your funds as they can.
But to lump all businesses of a specific genre (or ALL business) together? Nah. Your glass must be half full.
Sorry.
#46
Burning Brakes
Thread Starter
Well, the original plan was to sell it and upgrade in a few years, either a newer C6 or a C7. We'll see how that goes after the valuation.
I am. Interesting thing though... we're both insured by State Farm!
Try to keep this on topic, please Don't want it shut down because it turns into a dealer love/hate fest.
And either way the glass is filled, there's room for more beer!
And either way the glass is filled, there's room for more beer!
#47
I see no problems with buying a car that has been damaged and repaired professionally. Even if there is some frame damage, if it is repaired properly it will be a good car. Rustproofing of any frame damage and using factory panels brings the car back to original.
I have repaired C2's thru C6's and am very comfortable driving any of the cars that I have worked on. Lately, it's getting easier to buy original color matching panels so no painting is involved. While I am **** to get the right screws in the correct places and my panel lines are better than factory, some people do sloppy work. Check the car for workmanship.
Just for the fun if it, I would like to offer a challenge to other owners. Go out and measure the wheel base on the right side of your car and then on the left side. Even if you have not had damage, you will find that most Corvettes do not have the same wheel base on the right and left from the factory. When a good frame shop is done with a car the wheel base will not only be correct on the left and right, but will also be measured in the X dimension and be correct.
I have repaired C2's thru C6's and am very comfortable driving any of the cars that I have worked on. Lately, it's getting easier to buy original color matching panels so no painting is involved. While I am **** to get the right screws in the correct places and my panel lines are better than factory, some people do sloppy work. Check the car for workmanship.
Just for the fun if it, I would like to offer a challenge to other owners. Go out and measure the wheel base on the right side of your car and then on the left side. Even if you have not had damage, you will find that most Corvettes do not have the same wheel base on the right and left from the factory. When a good frame shop is done with a car the wheel base will not only be correct on the left and right, but will also be measured in the X dimension and be correct.
#49
Race Director
if you don't have much money to spend and you really want a vette then i see no problem. just make sure no frame damage or all bets are off. i know money is tight for a lot of folks out there that would love to park their *** in a vette. jmo.
#50
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Try to keep this on topic, please Don't want it shut down because it turns into a dealer love/hate fest.
Yup, sorry about that. I wish you well in your dealings with the carrier.
Yup, sorry about that. I wish you well in your dealings with the carrier.
#51
I see no problems with buying a car that has been damaged and repaired professionally. Even if there is some frame damage, if it is repaired properly it will be a good car. Rustproofing of any frame damage and using factory panels brings the car back to original.
I have repaired C2's thru C6's and am very comfortable driving any of the cars that I have worked on. Lately, it's getting easier to buy original color matching panels so no painting is involved. While I am **** to get the right screws in the correct places and my panel lines are better than factory, some people do sloppy work. Check the car for workmanship.
Just for the fun if it, I would like to offer a challenge to other owners. Go out and measure the wheel base on the right side of your car and then on the left side. Even if you have not had damage, you will find that most Corvettes do not have the same wheel base on the right and left from the factory. When a good frame shop is done with a car the wheel base will not only be correct on the left and right, but will also be measured in the X dimension and be correct.
I have repaired C2's thru C6's and am very comfortable driving any of the cars that I have worked on. Lately, it's getting easier to buy original color matching panels so no painting is involved. While I am **** to get the right screws in the correct places and my panel lines are better than factory, some people do sloppy work. Check the car for workmanship.
Just for the fun if it, I would like to offer a challenge to other owners. Go out and measure the wheel base on the right side of your car and then on the left side. Even if you have not had damage, you will find that most Corvettes do not have the same wheel base on the right and left from the factory. When a good frame shop is done with a car the wheel base will not only be correct on the left and right, but will also be measured in the X dimension and be correct.
However. Resale value is driven by perception. Most people buying, will think a car with a history of significant damage may have problems in the future with those repairs. Maybe because they've seen that personally or know someone who had problems with bad repair work in the past. The more the repair cost the more likely that perception.
Makes sense?
Even reputable car dealers, like my wives BMW dealer said they would not offer her a trade-in value after her Mini Cooper was rear-ended (other party at fault) and repaired by their facility. Repair cost was about $5k. But they had a note of "frame damage" in the record even though it's unibody, and the service manage said "frame damage" was difficult to categorize for unibody construction as our damage was minor and not really frame related. From our perspective the damage was repaired to like new.
Thing is, resale value is at least $5k less than her car without damage. And the dealer we purchased from will not take our car as a trade-in because of their maintenance records even though their company did the repairs to like new.
How do you put a number on your value loss when the damage repaired to like-new means they will not take your car as a trade-in??
From what I understand, that's the basis in most states for a diminished value claim. Even with repairs like new, value is lost. And most buyers as well as my wife's BMW dealer seem to know that. So typical buyers will diminish the value. And a dealer like BMW with a Certified Pre-owned vehicle qualification? Your damaged car, even though repaired like new by the best repair shop in the country, may not qualify.
Bottom line? Enjoyment value is all about the quality of repair if you want to drive it. But resale value is not so much about the quality of repair as the buyers perception value directly related to the dollar amount of former damages and likeliness of future problems.
Just sayin.
If the Op's intent was flipp'n, then I just wasted my time post'n. If that's true take note so you don't waste your time posting to this thread too.
jer
Last edited by lvjetboy; 07-19-2014 at 03:20 AM.
#52
Burning Brakes
... Anyway, I agree that $1,500 is too low for diminished value -- especially for a Corvette. But fighting State Farm to get more may be very difficult.
#53
A family member in Austin, Tx several years ago was hit by an unsecured car rolling around in a parking lot. I got involved in it a little. Dealers, body shops, and car lots do not want to get involved in something like this - issuing a diminished value amount on their letterhead. But looking in the yellow pages, there are companies that do exactly this. For a fee, I think something like $500, they will give a 'diminished value' estimate, for you to use as you wish.
#54
Burning Brakes
Thread Starter
A family member in Austin, Tx several years ago was hit by an unsecured car rolling around in a parking lot. I got involved in it a little. Dealers, body shops, and car lots do not want to get involved in something like this - issuing a diminished value amount on their letterhead. But looking in the yellow pages, there are companies that do exactly this. For a fee, I think something like $500, they will give a 'diminished value' estimate, for you to use as you wish.
#55
Burning Brakes
Clarification?
That is odd, State Farm insured the lady that caused my accident and they accepted my appraisal very quickly (within 5 minutes).
#56
Tech Contributor
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State Farm didn't care when they issued you the assessment of $1500 or they didn't care that you had the outside Diminished Value appraisal completed and wouldn't accept that amount?
That is odd, State Farm insured the lady that caused my accident and they accepted my appraisal very quickly (within 5 minutes).
That is odd, State Farm insured the lady that caused my accident and they accepted my appraisal very quickly (within 5 minutes).
Bill
#57
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Well, the original plan was to sell it and upgrade in a few years, either a newer C6 or a C7. We'll see how that goes after the valuation.
I am. Interesting thing though... we're both insured by State Farm!
Try to keep this on topic, please Don't want it shut down because it turns into a dealer love/hate fest.
And either way the glass is filled, there's room for more beer!
I am. Interesting thing though... we're both insured by State Farm!
Try to keep this on topic, please Don't want it shut down because it turns into a dealer love/hate fest.
And either way the glass is filled, there's room for more beer!
It seems you took a substantial front end hit and I was wondering if the cost of repairs included replacing the air bags and seat belts that were being used at the time?
Bill
#58
Melting Slicks
Salvaged title cars are generally lucky to get 1/2 of the value of a similar non damaged car. 08s are now 6 years old so I wouldn't be surprised if the car you mentioned is worth $10k. In some states you can't even register or insure a salvaged vehicle. No matter what is done, it is not perfect otherwise it wouldn't still be salvaged.
Vibration damper repairs are not required to be reported, accidents are, that is a big difference.
For the OP, $12k of damage is not cosmetic. Vettes panels don't cost that much and that is if you damage every single panel.
Vibration damper repairs are not required to be reported, accidents are, that is a big difference.
For the OP, $12k of damage is not cosmetic. Vettes panels don't cost that much and that is if you damage every single panel.
I have owned 25 vettes and of those I bought one with a salvage title that was a stolen car that was recovered undamaged after the owner had been paid off. I had verifiable proof that the car had not been damaged but when it came time to sell it I had a very tough time finding a buyer and ended up getting half of what it would have gone for with a clean title. Never again no matter how low the price is.
#59
I don't mean to hijack this thread, but I have a question along the diminished value lines.
I have a 05 C6 that was immaculate until yesterday. My buddy's wife didn't watch backing out of their driveway when I was visiting for the weekend. She caught the front bumper, the scratches waxed out, but the tail pipe left a half moon shaped indentation in the bumper. I wish it would have been someone other than her who would have hit it. It's awfully hard to even really get too mad at someone who ***** for an hour because she just ran into my perfect Corvette. I'm not sure I even want to have it fixed and risk having a mismatched bumper or if I want any paint work done on it. I know one of the first things I always ask when buying a used vehicle is if it has ever had any paint work done on it. If I have it fixed what kind of diminished value am I looking at for something like this, that I can no longer say that it has never had any paint work done. Is this car getting old enough that buyers won't worry in 2-3 years when I sell it?
What would you guys do?
I have a 05 C6 that was immaculate until yesterday. My buddy's wife didn't watch backing out of their driveway when I was visiting for the weekend. She caught the front bumper, the scratches waxed out, but the tail pipe left a half moon shaped indentation in the bumper. I wish it would have been someone other than her who would have hit it. It's awfully hard to even really get too mad at someone who ***** for an hour because she just ran into my perfect Corvette. I'm not sure I even want to have it fixed and risk having a mismatched bumper or if I want any paint work done on it. I know one of the first things I always ask when buying a used vehicle is if it has ever had any paint work done on it. If I have it fixed what kind of diminished value am I looking at for something like this, that I can no longer say that it has never had any paint work done. Is this car getting old enough that buyers won't worry in 2-3 years when I sell it?
What would you guys do?
Last edited by flatlander_summit; 07-21-2014 at 01:49 PM.
#60
Burning Brakes
Thread Starter
Air bags did not deploy, seat belts were not replaced. Some panels, like the driver's side quarter panel, had just the right damage to have to replace rather than repair (i.e. quarter sized hole through panel).