In another thread, my driver door was replaced and most of the driver side got paint for blending the new door.

This is was all done outside insurance.

Since there was was no insurance claim, how could one figure out the diminished value?


thanks guys

jake

 

Curious, why do you care? If it wasn’t covered by insurance, who will know it was painted if it was done properly?

No structure damage, who would care.

 

well...the dealership says they'll pay my DV $. soooooo, if I can still get a check...why not? LOL.

And I swear...somehow the VIN seems to end up in carfax regardless of filing ins or not

 

Check with your insurance company and see what they'd value it at

 

I did...my insurance company said without a claim and adjuster appraising it they can't get that #. I told them it's already fixed. I have the itemized bill. I assumed there was a plug n play formula to calculate it.

I was gonna try one of the online "free" sites...but you still gotta pay something. 15-20 bucks or so. Figured I'd hit you guys up first...

 

Rule of thumb on DV is 20 - 25% of the cost of repair.

 

Did not realize it was done by the dealer; not something you did.

 

Hey Jerry. Yep. ugh. I have another thread with pics. Salesman hit it with another car in their lot.

 

I had a $5000 repair to an Audi A4. I got a check for $1700 for DV from the at fault party's insurance.

 

Depends on the severity of the loss and if the car is a high end or a bottom feeder, but generally a late model car with a carfax history of reported damage, the value of the car will drop 20% of its retail value. For example If the car retails for 40k the realistic selling price with a reported damage history on a carfax, could only be worth 32k. The newer the car the more it hurts.

 

There is no plug and play formula, each case and car has to be handled individually. Depends heavily on the quality of the repairs, wether or not its listed on auto check or carfax , how new the car is, high miles, low miles, condition prior to the loss, how high up the car is on the food chain etc.. I can spot paint work /body work on any car no matter who fixes it, but a lot of people just cannot see it. I am a body man, painter, and detailer...so yeah I see everything. No one will pay as much for a car that has paint work versus a car that has never had any paint work. The Carfax is the real killer today, no one will pay full retail for a car with a carfax with accident reported, or damage reported.

 

When my wife got rear ended while sitting at a stop sign we had a repair bill of $3000 on our 2015 Terrain. I had to get a diminished value appraiser to calculate the amount of diminished value. His charge was $250 if I got back more than $250. The problem was he estimated $3500 DV while the other insurance company finally agreed to pay $1900. I could have gotten the $1900 without his efforts so I was out the $250.

My insurance company wouldn't help me develop a diminished value, the dealer wouldn't help and several other car dealers wouldn't provide a number that could be used. It is more of a racket than anything else.

Bill

 

I submitted some info online about my car, damage and repair costs. The reply back said DV between 10,000-12,000. I really think THAT is a stretch.

Ugh...figured this part would be easier.

 

You can hire or consult a public adjuster for this sort of thing. Or just negotiate with your dealer.

 

this is very simple:

Find a dealership with a used car department that will give you 2 quotes on buying the car, with and without the accident. A few years ago I was rear ended in my Audi Q5 and the dealer's used car manager was kind enough to give me both. it's worth a shot.

 

The Dealer that damaged my C5 bought the car. We agreed on the price. The whole ordeal pissed me off.
I saw the car after their repair and it looked terrible.
I wish the Corvette was sold and serviced by somebody else than the Cattle call Chevrolet dealers.
VH

 

As someone who has been paid for years to make automobile appraisals, that is simply not true.

 

IMO, to offer help, the choices:
1) Visit dealers, get written appraisals of trade in with accident and without accident.
2) Use Carvana on line appraisal, print report.
3) Actually sell the car and replace it, use the court system to be made whole if need be.
4) Hire a DV appraisal company.
I'd say your trade in is reduce thousands not hundreds no matter the repair cost.
FWIW
The insurance company 17c procedure is flawed, dare I say BS.
The insurance industry needs be brought up to speed/ modified with the automated Carfax etc reporting and
an ethical reporting of collision damages/ repaints by an owner.
Times have changed and ins policies/ industry are behind the times; DV is a substantial monetary issue to be made whole.
Good luck.

 

To answer your question - and a general rule of thumb - is that most cars will lose 10% - 15% of their pre-accident trade-in value after being repaired. We appraised a Corvette that only had the Opticote scratched - not even the paint was touched - result in a $7,000.00 diminished value on a $71,000.00 car! If any structural or air bag deployment you could be looking at just under half the value. Call any dealer and they will tell you the same. That's where we do our DV research.

A first-party accident, where you were at-fault, may not enable you to recover the car's diminished value from the insurer but speak with your tax-preparer because a portion of your car's diminished value may be deductible.

 

While some folks in the business would like the general public to think there is some "rule of thumb" to determine diminished value, there is not no matter how hard they may wish. Who was at fault in the accident, how much damage was done, to what was the damage done, the age and mileage of the vehicle, type of vehicle, and several other factors have to be taken into consideration. Some States do not even recognize the concept.

The commercial folks who advertise and try to do this for a living would like for there to be a simple method or "rule of thumb". Factually, it is all an opinion and while we the consumer can hire one opinion to be stated, the others involved can hire someone else to have a completely different opinion. Simply calling some company on-line whose best interest is to maximize settlements is not necessarily reliable. It is also difficult to walk into a dealership and expect you are going to receive an unbiased opinion at no charge.

Diminished value is real and even more so in the Corvette world. But, it is also valid to be very careful about advice offered and money asked for to fight an insurance company. They do this for a living and know far better than most what is reasonable and what they are ultimately going to pay if anything.