Diminished value??
Le Mans Master
Joined: Nov 2005
Posts: 6,099
Likes: 64
From: Houston TX
St. Jude Donor '09
I'd guess 5-10% of pre-accident value. Some people simply won't buy a car that's been in an accident no matter how minor or how well it has been repaired. Other people don't care so long as it has been repaired correctly.
Melting Slicks
Joined: Nov 2012
Posts: 3,163
Likes: 686
From: SUFFIELD CONNECTICUT
Kinda an interesting topic. My wife was rear ended last night in her 2016 Equinox. The thing is 6 weeks old with 1750 Mikes on it. Her truck is a lease and I'm curious if the leasing company would hit me with a diminished value charge do to the accident at the end of the lease, even after its repaired? Could look at it another way, if she wanted to buy it out, its locked into the lease buy out price shouldn't she be entitled to a diminished value payment from the insurance company of the kid that hit her? It's just a cracked rear bumper cover but I'd like to know where I stand before signing off with the other drivers insurance company.
Le Mans Master
Joined: Sep 2012
Posts: 7,146
Likes: 1,940
From: Hagerstown MD
St. Jude Donor '15-'16,'18
If it shows up on CarFax it permanently devalues the car. There is a lot of variability in terms of the magnitude of the devaluation. Ask 3 dealers and you will likely get 3 different figures. In my case, I accepted what USAA offered me on a recent DV claim. It was enough to allow me to trade with very little loss. The car was 3 weeks old and had less than 1K miles on it.
Pro
Joined: Jan 2001
Posts: 733
Likes: 225
From: Auburn AL
I can tell you that it has impacted a friend by $6K from dealers on a trade in vehicle that was equivalent to mine but hers had a back cover ding and replacement. Conversely, you can almost always use it to your advantage if you are the buyer after checking the Carfax.
Melting Slicks
Joined: Nov 2007
Posts: 2,472
Likes: 75
From: Cleveland, OH
Melting Slicks
Joined: Oct 2009
Posts: 2,004
Likes: 392
From: Long Island New York
Think 4 states don't allow for diminished value.
http://www.kielichlawfirm.com/insura...-value-claims/
But you are correct State Farm uses the 17c formula for diminished value payouts
http://www.kielichlawfirm.com/insura...-value-claims/
But you are correct State Farm uses the 17c formula for diminished value payouts
Last edited by BlueDevilZ51; Feb 24, 2016 at 02:32 PM.
