Diminished value
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Joined: Dec 2014
Posts: 78
Likes: 29
Diminished value
Someone rear ended my car in the parking garage. Minimal damage about 2k. My buddy who is a used car manager for many years says once it hits car fax it will take at least a 5k hit. He says I should trade it before it show. Anyone have experience with this?
Safety Car
Joined: Oct 2014
Posts: 3,543
Likes: 854
Plus.......
If an independent body shop fixes the C7 and does not report to Carfax, then no one should know.
File the claim and have your dealers body shop complete the work, it should show up.
Safety Car
Joined: Oct 2014
Posts: 3,543
Likes: 854
The time element is just about right. It's an electronic entry from the Insurance Co to Carfax (Computer program to Carfax). It could be sooner depending how fast Allstate resolves the claim.
Drifting
Joined: Oct 2014
Posts: 1,733
Likes: 403
From: Atlanta, GA
Not all claims make it to carfax.
My 2014 jeep SRT was side swiped pretty badly last fall. $42,000 in repairs. NOT totaled.
I logged in to carfax out of curiosity back in May...7 months after repairs were complete.
Carfax shows a CLEAN record. Yikes.
My 2014 jeep SRT was side swiped pretty badly last fall. $42,000 in repairs. NOT totaled.
I logged in to carfax out of curiosity back in May...7 months after repairs were complete.
Carfax shows a CLEAN record. Yikes.
Instructor
Joined: Jan 2007
Posts: 204
Likes: 20
From: Winnipeg Manitoba
I clipped a curb going into a parking lot that resulted in curb rash on two wheels and a scratched and displaced rocker panel. I had it repaired under insurance at the Chev dealership where I bought it. Years later, I sold it in a week with interest from three buyers, none of whom had any concern about the repairs for which they were fully aware.
Vette repairs are costly enough that any knowlegable buyer recognizes that $2k doesn't fix anything more than minor cosmetic damage.
Last edited by warc1; Jul 24, 2015 at 05:16 AM.
Instructor
Joined: Jun 2015
Posts: 208
Likes: 40
From: Las Vegas NV
Integrity is worth more than worrying that someone is not going to buy your car when you go to resell it. I would be more concerned about getting the damage fixed correctly so it doesn't repair as bad work 6 months down the road.
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Le Mans Master
Joined: Mar 2013
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From: Ahead of You :)
St. Jude Donor '14
Gotta love how some accidents will not show on Carfax and some do.
On the flip side, it's always great when Carfax falsely reports something on a vehicle and cannibalize a sale. Good luck prooving that and getting it taken off the report.
On the flip side, it's always great when Carfax falsely reports something on a vehicle and cannibalize a sale. Good luck prooving that and getting it taken off the report.
Instructor
Joined: Nov 2010
Posts: 141
Likes: 35
From: Fort Pierce Florida
FYI, there is no requirement stating that you must have your vehicle repaired in order to file a claim for diminished value. In fact, some of our customers use the diminished value report to convince insurance companies that repair costs + diminished value payments will costthem more than totaling the cars would. DV is one method for getting a badly damaged car totaled instead of getting it repaired.
Burning Brakes
Joined: Aug 2005
Posts: 1,006
Likes: 157
From: Springfield MO
Burning Brakes
Joined: Apr 2015
Posts: 1,176
Likes: 128
From: DFW Texas
Oh yes this is real---sad part is many people who will be looking at a car like this for sale will not even consider a vehicle that has had damage done to it that required repainting... I know I will not.
Team Owner
Joined: Mar 2004
Posts: 30,055
Likes: 351
From: Big Red Ne
The value of a sale is predicated on what the buyer pays and what the seller agrees to. Nothing else matters. If the right buyer comes along, you will have nothing to worry about. Keep all documentation of the repair work. Make it available to the buyer for his/her inspection. Honesty is the only thing that counts. No sense in grinding your teeth over this, especially if it is cosmetic body repair and not structural or mechanical repair.
IMO, Blue Book and the like is strictly BS.
IMO, Blue Book and the like is strictly BS.
Last edited by rkhegler; Jul 24, 2015 at 09:03 AM.
Pro
Joined: May 2015
Posts: 586
Likes: 124
From: Florida
Good luck with Allstate. Just went through this with an accident with my wife's BMW. They will not settle until the car is repaired and will send out their own appraiser to evaluate the work before offering you a figure. The appraisers job is to report that your car is a piece of crap (wasn't worth much before the accident) and the repairs are faulty (making it worth even less). They will offer you NOTHING close to the real DV and will not negotiate. If it happened to me again, I will go straight to a lawyer and let them handle it from the beginning.
Last edited by BladeSilver2015; Jul 24, 2015 at 09:05 AM.
Pro
Joined: Apr 2015
Posts: 554
Likes: 92
From: Houston Texas
My previous car had two collisions right before I sold it. Both reported to my insurance. The dealer repaired both for around $2000. I repaired it and traded it into my dealer for the same price that CarMax offered. Neither of them ever mentioned deducting for either collision. I received around the amount I was expecting.
Pro
Joined: Apr 2015
Posts: 550
Likes: 48
From: Spring TX
Another concern is how long you plan on keeping the car. If this is a car you'll keep for 10 or more years (like I do mine) then the impact is negligible. Heck, by that time you might opt for a complete repaint, depending on how your car looks, and who knows what else you will have replaced that will be worth highlighting instead of hiding.
Team Owner
Joined: Mar 2004
Posts: 30,055
Likes: 351
From: Big Red Ne
Good luck with Allstate. Just went through this with an accident with my wife's BMW. They will not settle until the car is repaired and will send out their own appraiser to evaluate the work before offering you a figure. The appraisers job is to report that your car is a piece of crap and the repairs are faulty. They will offer you NOTHING close to the real DV and will not negotiate. If it happened to me again, I will go straight to a lawyer and let them handle it from the beginning.
Burning Brakes
Joined: Apr 2015
Posts: 1,176
Likes: 128
From: DFW Texas
The value of a sale is predicated on what the buyer pays and what the seller agrees to. Nothing else matters. If the right buyer comes along, you will have nothing to worry about. Keep all documentation of the repair work. Make it available to the buyer for his/her inspection. Honesty is the only thing that counts. No sense in grinding your teeth over this, especially if it is cosmetic body repair and not structural or mechanical repair.
IMO, Blue Book and the like is strictly BS.
IMO, Blue Book and the like is strictly BS.
The OP will be well served to protect his 6 as best he can in this area.
Team Owner
Joined: Mar 2012
Posts: 49,198
Likes: 3,889
From: Best Island in the U.S.
St. Jude Donor '12 thru '17
Carfax is completely unreliable. Some accidents show and some don't. Buyers who think Carfax is what they advertise aren't very smart buyers.
OP, did you buy your C7 to drive or as an investment? If it's to drive get it fixed and drive it. If you bought it as an investment you need to seriously rethink your investment strategy.
OP, did you buy your C7 to drive or as an investment? If it's to drive get it fixed and drive it. If you bought it as an investment you need to seriously rethink your investment strategy.
Safety Car
Joined: Jan 2015
Posts: 3,941
Likes: 499
From: Northern Virginia
So *maybe* it will take a 5K hit immediately, but how long do you plan to keep the car? The longer you keep it, the less impact that minor damage is going to have down the road. When you sell it, are you going to sell it to a dealer, or private party? Private parties are a lot less likely to check car fax, in my experience. Finally, how much of a hit are you going to take on depreciation if you sell it now? That's not free, either.
I think people obsess way to much over car fax.
I think people obsess way to much over car fax.