STLUCIEAPPRAISAL

Sometimes I'm amazed by what information comes back from my diminished value researchers. Maybe you'll be surprised as well. Of course, a Vette that has undergone structural repairs will lose significant value. I tell prospective clients to expect a 35.00% loss in value. Opinions of unbiased experts (6) usually vary but not this time.
2015 Chevrolet Corvette Z06 LZ3 Coupe 41,087 Miles FMV $60,000 Retail $65,000
Date of Loss November 2018
Rear and Front Damage $22,000.00, Disabled/Towed, Structural Damage
Diminished Value Approximately 45.83% = $27,498.00

383vett

Trade in value for a 2015 3LZ Z06 in my area is 46-50K. If a car sustains 22K of damage, isn't that considered totaled? Why would a person spend 22K to repair a car that is worth 28K? If it is declared a total, the salvage value must be worth well over 6K.

STLUCIEAPPRAISAL

We just run an NADA for pre-accident values. I honestly have no idea what value the insurance company put on the car but they chose not to total it.

Some clients with very high repair estimates ask for a DV appraisal prior to repairs in an effort to convince the insurance company that it would be in their best interest to total the car and recover the salvage vs. initial repair estimate + supplement + rental + diminished value.

RegnaR

Definitely hoping the car will be totaled with 22k in damage to include structural damage.

STLUCIEAPPRAISAL

Nope. The insurer chose to fix it. Occasionally an initial estimate may be much lower than the final repair amount after the car is torn down, computer problems, etc.BY then the shop has undertaken repairs and it's too late to reverse course.

tzoid9

There are very few automobiles out there today that truly hold their value....the few that do fall into a category that many of us can't afford or do not want to spend that kind of money for, anyway. I could be wrong with this guess, but I'd wager I am correct by saying....most Corvette owners and buyers are not purchasing a Corvette for it's investment value or ROI. They buy them because they love that car, or they always wanted one, or they like it's tracking or racing capabilities, or ???
Sorry, but the subject of "Diminishing Value" of a Corvette is boring and worthless to me. I had a new C7 Z06 in 2016, sold it for something else and now, I have just purchased another new Z06....I just loved that car, wished I had never sold it and decided to buy another new one. So now I am drowning in diminished value.

"What Me Worry", Alfred E. Neuman, circa 1962, Mad Magazine. I hope others enjoy your post, it was informative and was well written.

RegnaR

I think you are missing the point of the thread about a diminished value estimate for a car that was in an accident.

Thomasmoto

I just like seeing your avatar every time you post. Lol

Bill Dearborn

What do you consider to be structural damage? Are bolt on body panels or suspension pieces considered structural?

Bill

STLUCIEAPPRAISAL

No.

Yorgaki1

These boys buy 'em all the time. Entertaining

tzoid9

You could be correct, It sounded like a Corvette that's been in an accident, even though it was expertly repaired, has a diminished value because of it's prior accident. That seems to be rather normal for most cars from what I've seen. If I still have the concept of this thread messed up, please don't worry.

Yep, Thomasmoto, I saw her walking in a shopping area in Antwerp, Belgium about 10 years ago....took her picture and I still love her...HA!

23/C8Z

Around here you're about 5k low on both sides. And not for a 3LZ.

where are you claiming this to be happening?

Big Lebowski

tzoid9

Yep....them, Subarus and Ferraris..............

383vett

davepl

Not to be dense, but is that 27498 the as-is value damaged or the post-repair value?

STLUCIEAPPRAISAL

LOL, not dense. Maybe I need to give better explanations. The $27,498.00 is how much the car lost in value. So now the car is worth only $32,502.00 vs. the pre-accident FMV (in my opinion) of $60,000.00.

Ferntree

Awesome - you need to post a screensaver sized shot of that one!