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So an individual managed to back my Corvette into a truck. My 2015 Z07/Z07 with less than 11,000 miles, was PERFECT before this, NOT ONE SCRATCH. His insurance covered the repair, costing $1920. The problem is that now there is a CARFAX on my car showing collision damage. I believe that lowers the value of my car.
How much should I seek in diminished value?
Any others on here have had a similar occurrence? Any pointers? The paint damage to the rear buffed out. But the bumper cover was damaged.
By all means seek a diminished value claim. When you trade this car in or sell it, a CarFax will show it's been in an accident. And no matter what the circumstances that will drop the price of the car-no matter how well it was repaired or how small the accident was. I know-this has happened to me twice with non-Corvette cars. Have your insurance company seek a diminished value claim from the other party. The basis for the amount (I believe) is how much the resale value of the car would drop with the knowledge that it's been in a wreck.
Fact is...If you trade your car the dealership will see that there was an accident...it doesn't say what happened just that there was an accident...they, in fact will offer you LESS than if there was NO ACCIDENT...that is the DIMINISHED VALUE....Also, if you sell it privately, as you know corvette buyers will want to look up the car fax and see it had an accident they will offer you less....I have NO IDEA what the two previous poster where talking about but you are ENTITLED to Diminished Value and probably in the amount in excess of 2 grand....You can call your local Chevy dealer and asked them what you car would be worth with and without that accident....Good Luck
Fact is...If you trade your car the dealership will see that there was an accident...it doesn't say what happened just that there was an accident...they, in fact will offer you LESS than if there was NO ACCIDENT...that is the DIMINISHED VALUE....Also, if you sell it privately, as you know corvette buyers will want to look up the car fax and see it had an accident they will offer you less....I have NO IDEA what the two previous poster where talking about but you are ENTITLED to Diminished Value and probably in the amount in excess of 2 grand....You can call your local Chevy dealer and asked them what you car would be worth with and without that accident....Good Luck
The dealer will TRY and use that to knock you down, and then sell at full price, with no dimished value. I just sold a 2006 that had the door smashed to the tune if $4k. It was repaired properly by a quality shop with no evidence at all. Yes, Carfax showed the issue. (2) dealers offered me full trade value, (1), low balled it due to this damage. I didnt accept the low ball and sold the car outright for full private sale value with full disclosure of the damage that happened 2 years earlier. The only time you should see diminished value is if not repaired properly. Yes some dealers will use ut against you, but you have right of refusal. A $1900 scratch shoukd not hurt value, especially the longer you own it. Remember, Carfax only benefits dealers and insurance companies it seems.... if you can get some $$$ out if the insurance company more power to you, some will give you a coupke sheckles to quiet you down, but it will still always be on Carfax, no matter what.
Do you know it now has a Carfax entry? Body shops are under no obligation to report any work to Carfax. And on the flip side of this, just because a car has a clean car fax doesn't mean it hasn't been repaired some time in the past.
That's exactly the point, you as a owner will take a hit (who cares what dealer sells it for) and diminished value claim is to recoup that hit.
No you will not, if you stand your ground as seller. Read what I wrote. I got full value upon sale, because I did not cower to a salesman. The dealer WILL get full value showing no diminished value because he understands this does not hurt his value when repaired correctly. If seriously damaged a dealer will not even offer a trade and in that case there was diminished value. We had a guy in our club have similar damage as in this post to the tune if $3k. He swore he would get some diminished value $$$. Did he? No. He just got really frustrated. You could sue the other party, but you will pay more than $1900 in legal fees most likely. The point is a $1900 scratch properly repaired will not get you $1900 additional payment fir dimished value....an extra $200, maybe. If we are talking major damage, you may have a fight....a scratch.....no.
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Originally Posted by Red86Cfour
Do you know it now has a Carfax entry? Body shops are under no obligation to report any work to Carfax. And on the flip side of this, just because a car has a clean car fax doesn't mean it hasn't been repaired some time in the past.
You may want to make sure there actually has been a CarFax report made before going to all the trouble of trying to get a diminished value payment.
Im pretty sure that didn't hurt the value of your car. 1900 bucks at a body shop is next to doing nothing these day. Just drive the car and roll on, I wouldn't go through all the trouble to even deal with it. The values are dropping reguardless.
FWIW, if I was looking for a 2015 Corvette and saw yours with a carfax mentioning prior collision repair, I would pass right on by it. So yes, for me it would diminish the value of your car.
As a buyer, if I see a used car (especially a very common one) with an accident report and no mention of it in the details of the add, I click right past that car with no further interest.
If it was really just a scratch, I'd be upfront with pictures and a thorough description of the damage and repair for when it comes time to sell, and maybe you will get full price if you wait and find someone that really wants your specific configuration and you can convince them that the damage was superficial and the repair/paint work was top notch.
Otherwise, there are a million Corvettes out there, so why buy one for full price with an accident report when there are 10 more like it that don't have an accident report?
I'd be looking into getting a diminished value claim for sure, even if it is just a couple grand or so.
I have several decades of claims management experience and dealt with many diminished value claims. Your strongest position will be if you hire/pay an accredited independent appraiser who specializes in diminished value claims. This cost may range from $250-500. As others have said you need to make sure your state recognizes diminished value claims (call your department of insurance). You must do all the leg work and see it through or attorney fees will eat up your possible settlement. Generally speaking these type claim/settlements do not generate big dollars and are more of a nuisance claim for the insurance carrier. Good luck!!
Last edited by Dallas007; May 14, 2019 at 04:18 PM.
Hey guys should I buy this car? It’s everything I want but I noticed the Carfax says it’s been in an accident what do you guys think ?
Offer him way less than what he’s asking!
I’d keep looking there’s plenty of C7s out there with no Carfax issues.
This is why you absolutely should go for a diminished value . Since the damage is not much it may be tough but you have every right proceed with a diminished value claim.
I have several decades of claims management experience and dealt with many diminished value claims. Your strongest position will be if you hire/pay an accredited independent appraiser who specializes in diminished value claims. This cost may range from $250-500. As others have said you need to make sure your state recognizes diminished value claims (call your department of insurance). You must do all the leg work and see it through or attorney fees will eat up your possible settlement. Generally speaking these type claim/settlements do not generate big dollars and are more of a nuisance claim for the insurance carrier. I suggest meeting with the owner of the dealership and see if you can negotiate him providing you an extended warranty or something along those lines to save both of you time and expense. Good luck!!
Did I miss something? Was a dealership employee the person who wrecked the car?
Some states (like MA) allows diminished value claim only against the other party's insurance (assuming them at fault). You can't claim it against your own insurance. So check what your state laws are.
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Diminished value
You may want to make sure there actually has been a CarFax report made before going to all the trouble of trying to get a diminished value payment.
