Diminished value??
Thread Starter
HOOK-EM HORNS
Joined: Aug 2006
Posts: 3,517
Likes: 841
From: Port Aransas, Texas Tx
St. Jude Donor '08
Diminished value??
What would you consider the diminished value on a 2016 corvette with minor paint worth be.
How much would you want to deduct from the purchase price?
How much would you want to deduct from the purchase price?
Melting Slicks
Joined: Nov 2007
Posts: 2,472
Likes: 75
From: Cleveland, OH
The catch is how many states recognize DV. I know Georgia does or used to but most will not recognize a DV claim and most insurance companies "plead ignorance" to what you're talking about.
One of my golf buddies and my retired State Farm agent didn't understand the impact of what I was saying when I discussed DV with him, but finally the lights came on and he got it. He said SF doesn't recognize it. I would imagine one would have to take it to court to get it and then go through an expensive litigation process.
Good luck if it happened to you.
Last edited by nmerhaut; Feb 24, 2016 at 02:24 PM.
Melting Slicks
Joined: Feb 2006
Posts: 2,172
Likes: 104
From: Des Moines Iowa
I'd think you'd have to provide a more specific definition of 'minor'. How much damage was there? What was the cost to repair? Cost of materials used and how many man/tech hours were required to do the work? Answer these questions first, and document and then you can move on to determination of DV, if any.
Race Director
Joined: Oct 2011
Posts: 15,049
Likes: 1,613
From: Holly Springs NC
St. Jude Donor '16-'17,'22,'24
If the diminished value doesn't work out for you, maybe you want to monitor Carfax. I recently completed a survey for them where they evaluated different descriptions of minor repairs to cars. From the description you posted on another thread, the damage to your car was very minor. If you're lucky, it may not be reported at all (yes it happens with very minor repairs). If it is reported, you might be able to influence the description they use.
Just a thought, hope this helps.
Just a thought, hope this helps.
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Melting Slicks
Joined: Nov 2007
Posts: 2,472
Likes: 75
From: Cleveland, OH
Melting Slicks
Joined: Nov 2007
Posts: 2,472
Likes: 75
From: Cleveland, OH
Moderator
Joined: Feb 2006
Posts: 39,064
Likes: 17,931
From: DFW Area TX
I don't know if it did or not. It was reported to the other driver's insurance company and the repair was done at a dealership body shop.
Melting Slicks
Joined: Dec 2015
Posts: 2,209
Likes: 933
From: Just outside a swamp in Florida
I've kept small incidences off of my Carfax reports buy not going through my insurance, and paying out-of-pocket.
After the deductible, the savings of a couple hundred dollars, is not worth the DV when it comes time to trade or sell.
After the deductible, the savings of a couple hundred dollars, is not worth the DV when it comes time to trade or sell.
Team Owner
Joined: Mar 2012
Posts: 49,199
Likes: 3,890
From: Best Island in the U.S.
St. Jude Donor '12 thru '17
It's very hit or miss whether accidents or repairs show up on Carfax. There is no law or requirement for anyone to report anything to Carfax. Wife's 2014 Explorer was hit in a grocery store parking lot and resulted in several thousand dollars of damage. Other person's insurance paid for repairs, which were done at a large local body shop. It never showed up on Carfax.
Without more info or pics from the OP it's impossible to answer the question for his specific case.
Without more info or pics from the OP it's impossible to answer the question for his specific case.
Safety Car
Joined: Dec 2004
Posts: 3,526
Likes: 18
From: Santa Fe TX
little to no hit if it doesn't wind up on carfax (or similar), or dealer service history (as body shop/paintwork etc).
If I'm looking at a used vette and there is a ding on carfax, it may as well have a salvage title.
If I'm looking at a used vette and there is a ding on carfax, it may as well have a salvage title.
Last edited by jedblanks; Feb 23, 2016 at 01:36 PM.
Melting Slicks
Joined: Dec 1999
Posts: 2,489
Likes: 32
From: New Smyrna Beach FL
This is exactly what I have done in the past.
Melting Slicks
Joined: Oct 2009
Posts: 2,004
Likes: 392
From: Long Island New York
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.
Last edited by BlueDevilZ51; Feb 23, 2016 at 02:10 PM.
Instructor
Joined: Nov 2010
Posts: 141
Likes: 35
From: Fort Pierce Florida
A paragraph re: Carfax that is part of our appraisals:
CARFAX and other vehicle history reports are frequently updated. If frame/unibody repairs or air bag replacements appear on the repair estimate, that information is furnished to the dealers providing quotes, regardless of whether said frame/unibody damages or air bag replacements appear on the current CARFAX or other vehicle history reports.
To answer your question, the diminished value of your car, without structural damage, will be about 8% - 10% of the car's pre-accident value.
CARFAX and other vehicle history reports are frequently updated. If frame/unibody repairs or air bag replacements appear on the repair estimate, that information is furnished to the dealers providing quotes, regardless of whether said frame/unibody damages or air bag replacements appear on the current CARFAX or other vehicle history reports.
To answer your question, the diminished value of your car, without structural damage, will be about 8% - 10% of the car's pre-accident value.
Drifting
Joined: Jun 2015
Posts: 1,574
Likes: 554
There are several businesses that will, at a price, help you determine the DV. They're all over the internet.
The catch is now many states recognize DV. I know Georgia does or used to but most will not recognize a DV claim and most insurance companies "plead ignorance" to what you're talking about.
One of my golf buddies and my retired State Farm agent didn't understand the impact of what I was saying when I discussed DV with him, but finally the lights came on and he got it. He said SF doesn't recognize it. I would imagine one would have to take it to court to get it and then go through an expensive litigation process.
Good luck if it happened to you.
The catch is now many states recognize DV. I know Georgia does or used to but most will not recognize a DV claim and most insurance companies "plead ignorance" to what you're talking about.
One of my golf buddies and my retired State Farm agent didn't understand the impact of what I was saying when I discussed DV with him, but finally the lights came on and he got it. He said SF doesn't recognize it. I would imagine one would have to take it to court to get it and then go through an expensive litigation process.
Good luck if it happened to you.
Thread Starter
HOOK-EM HORNS
Joined: Aug 2006
Posts: 3,517
Likes: 841
From: Port Aransas, Texas Tx
St. Jude Donor '08
It's the law in Texas but you have to be knowledgeable enough to know to ask for it. I talked to Bob Chaffee this AM, he owned Corvette Country for 30 or so years here in Austin, and knows all things about Corvette. He told me take pictures to show minor and If repairs are done right it should not bother resale as only bumper damage. But that I should go after all I can get.
Insurance estimate at $2200 plus rent car. So we shall see.
Thanks for the replys.
Insurance estimate at $2200 plus rent car. So we shall see.
Thanks for the replys.