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Diminished value

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Old Feb 11, 2023 | 09:27 AM
  #21  
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UPDATE for those interested:
I got my VETTE back in late December 2022. I found a couple of more things that were broken and not known until I got it back!! The day of the crash it was put on a roll back and moved to the collision shop. So any other problems like the rear view mirror was fubared (would not stay in position) and also my Sony radio was not working.
1. So, the collision shop has now done an experimental repair on the rear view mirror that seems to work (but will their repair last ?) so I got a 2005 spare rear view mirror anyway, from another salvaged 2005.
2. The Sony radio and data buss in the 05 were fried, as it worked fine before. Their insurance covered that R&R cost by a Audio shop and a replacement with similar Sony unit and new data buss. Works great.
3. As for diminished value that is ongoing as the Insurance company used the wrong mileage ((162500 and automatic ) (when my actual miles are less than 87K)) to calculate their DVR value. All though out this process they knew the actual mileage as reported from the collision shop. Why so high mileage on that report, you know the answer, drops the check amount.
4. I asked my company, Hagerty, to run the same (DVR) report with correct mileage and M6 not auto to see what their report shows. I don't have it so, this will be plugging along for now.
Finally, the Body shop did a great job on paint match fit and finish but they are NOT a restoration shop and very short handed. The first new facia from GM Parts was crap and not usable and was returned. The next new GM facia was better not plug and play so and with no more in the system close by it had to be tweaked and used. We had to wait for parts and supply chain issues. My 05 was literally out of any service to me right at 8 months.
After that I put on my WheelCraft polished rims, new tires and now on to recover my seats to red. At least I can now reliably use it and just hope this doesn't happen again to me or anybody else for that matter.
Thanks for reading.

Last edited by 81VETTOM; Feb 11, 2023 at 09:30 AM. Reason: spelling
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Old Feb 11, 2023 | 09:44 AM
  #22  
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Glad to hear your Vette is mostly repaired the way it should be. FYI, CarFax will definitely state there was significant left front end damage on their future reports, making it hard to explain-away to a private buyer.
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Old Feb 11, 2023 | 12:27 PM
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Originally Posted by RetroGuy
Glad to hear your Vette is mostly repaired the way it should be. FYI, CarFax will definitely state there was significant left front end damage on their future reports, making it hard to explain-away to a private buyer.
No plans to sell it, at least until I can't drive it, it is too nice and it's a driver, besides I have lots of pics from actual damage under the fender and facia. No damage other than bolt on more plastic parts and new set of Morimotos. I have lots of documentation and pics on any vehicles I own. That's just me
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Old Feb 13, 2023 | 10:22 AM
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That's goo, since the selling value will definitely decrease for any future knowledgeable buyers. Damn Carfax and their accurate documentation!
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Old Dec 25, 2024 | 02:01 AM
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You make a great point about the long-term value of purchasing versus leasing, especially if you plan to keep the car for several years. I had a similar situation when my car got involved in a minor accident. The other driver was at fault, and I decided to go after their insurance for the diminished value. I took your advice and got a few trade-in estimates from local dealerships—one with the damage and one without. It wasn’t easy, but it helped me build my case. I even consulted with a Tulsa Truck Accident Attorney who helped me get the compensation I deserved, including recovering my deductible.

Last edited by Gnostake; Dec 30, 2024 at 02:52 AM.
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Old Dec 26, 2024 | 05:00 PM
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Originally Posted by jbc1995fb
That sucks. I would get it repaired and sell it to your son in law. He knows what really happened compared to if you sell it to someone else and they look at a car fax and see it's been in an accident but can't or don't know the extent of the damage.

Then with the money from the Insurance for diminished value + the sale of the vette to your son in law, I would move up to a 2008+ model. Maybe even a GS.

You said your 1st day of retirement, what / how do you plan on using the Vette in the future since you're not going to work daily I assume. Weekends? Cross country trips? Car Shows?
I agree!!!!!!!!!
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Old Dec 26, 2024 | 05:06 PM
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[QUOTE=TCW;1605093041][QUOTE=CallawaySC560;1605091432] CarFax is 100% WORTHLESS.

I could not agree more!

Tom
My understanding is if it does NOT show up on what ever angency(s) CARFAX uses it does not show up on their report. Ask them who they use and/or where they get their info, and you will not get a straight answer. So mostly worthless info. All you really know is if they list one or more it had those accidents but any others?????
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Old Dec 26, 2024 | 05:17 PM
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Originally Posted by sd45t2
Agreed. I have never had a shop test drive my car of any type before or after an alignment. They let me test drive it, but not the shop. Just two cents there.
If the customer stated, we could not road test their vehicle before or after it was worked on, we said that then we couldn't work on it. Happy to suggest they could be a passenger so we could verify the problem, record the mileage and when they returned, check mileage and be part of the road test after the work. NEVER had anyone disagree to that. We wanted their business and their trust!! After all it's their vehicle.
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