My Beautiful S2000 Hit - Diminished Value Help
- Thread starter gofast182
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If I was buying a used car (like another classic MB diesel), honestly, Id avoid it or offer less money at best. I think he is smart to chase diminished value... but I have my doubts anyone will pay without spending $$$.
That damage "should" be easy to get like-new again. Could have been worse......
Good luck with the fixes. Like others have said, get the best shop you can.
Good luck with the fixes. Like others have said, get the best shop you can.
Friend of mine in Texas has one identical to yours, I showed him the pics and he is weeping for you, my friend.
If you could get the lady to pay you cash it might not show up on CarFax.
I have read some about diminished value, but unsure if people are actually getting it.
Consumers hold few of the cards when it comes to CarFax or credit reports.
I have read some about diminished value, but unsure if people are actually getting it.
Consumers hold few of the cards when it comes to CarFax or credit reports.
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Originally Posted By: daves87rs
Originally Posted By: bullwinkle
Just make sure to get it repaired by a shop that uses OEM parts, does quality work and stands behind it.
+1
Get it repaired 100% using OEM parts and the paint perfect and you won't notice any real loss in value.
Originally Posted By: silverrat
Sell it and buy the nicest NSX you can! It's a good reason to upgrade
orrrr you can do this because.... well why not if u got the $$$
Originally Posted By: bullwinkle
Just make sure to get it repaired by a shop that uses OEM parts, does quality work and stands behind it.
+1
Get it repaired 100% using OEM parts and the paint perfect and you won't notice any real loss in value.
Originally Posted By: silverrat
Sell it and buy the nicest NSX you can! It's a good reason to upgrade
orrrr you can do this because.... well why not if u got the $$$
Originally Posted By: ls1mike
Originally Posted By: gofast182
Originally Posted By: ls1mike
...If fixed properly why would the value be diminished? ...
It's going to show up on a carfax report. If I wanted to trade the car someday a dealership would be all over that and offer me thousands less even if the structure isn't damaged and it's repaired perfectly.
That was my point. When I traded in the Equinox the accident showed up on Carfax, I got full value, same for my 2004 Silverado which had a claim for the door. They did an appraisal. I would imagine your car repaired properly and being an S2000 I would bet you get blue book.
"Full value" on a trade in? What does that mean when you paid sticker plus: paint sealant, window tint, fabric protector, undercoat, theft protector window etch, extended warranty, wheel locks, and nitrogen?
Originally Posted By: gofast182
Originally Posted By: ls1mike
...If fixed properly why would the value be diminished? ...
It's going to show up on a carfax report. If I wanted to trade the car someday a dealership would be all over that and offer me thousands less even if the structure isn't damaged and it's repaired perfectly.
That was my point. When I traded in the Equinox the accident showed up on Carfax, I got full value, same for my 2004 Silverado which had a claim for the door. They did an appraisal. I would imagine your car repaired properly and being an S2000 I would bet you get blue book.
"Full value" on a trade in? What does that mean when you paid sticker plus: paint sealant, window tint, fabric protector, undercoat, theft protector window etch, extended warranty, wheel locks, and nitrogen?
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Be careful things change its not up to the cops to decide who is wrong sometimes these things change in the meantime i think you will get your car fixed and it will be fine that was a soft hit those cars bend if you look at them wrong.pick up the police report asap and see what it says and go from there.
Originally Posted By: ammolab
Originally Posted By: ls1mike
Originally Posted By: gofast182
Originally Posted By: ls1mike
...If fixed properly why would the value be diminished? ...
It's going to show up on a carfax report. If I wanted to trade the car someday a dealership would be all over that and offer me thousands less even if the structure isn't damaged and it's repaired perfectly.
That was my point. When I traded in the Equinox the accident showed up on Carfax, I got full value, same for my 2004 Silverado which had a claim for the door. They did an appraisal. I would imagine your car repaired properly and being an S2000 I would bet you get blue book.
"Full value" on a trade in? What does that mean when you paid sticker plus: paint sealant, window tint, fabric protector, undercoat, theft protector window etch, extended warranty, wheel locks, and nitrogen?
"Full value" means blue book value. All of those extras add very little if any resale value.
Originally Posted By: ls1mike
Originally Posted By: gofast182
Originally Posted By: ls1mike
...If fixed properly why would the value be diminished? ...
It's going to show up on a carfax report. If I wanted to trade the car someday a dealership would be all over that and offer me thousands less even if the structure isn't damaged and it's repaired perfectly.
That was my point. When I traded in the Equinox the accident showed up on Carfax, I got full value, same for my 2004 Silverado which had a claim for the door. They did an appraisal. I would imagine your car repaired properly and being an S2000 I would bet you get blue book.
"Full value" on a trade in? What does that mean when you paid sticker plus: paint sealant, window tint, fabric protector, undercoat, theft protector window etch, extended warranty, wheel locks, and nitrogen?
"Full value" means blue book value. All of those extras add very little if any resale value.
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Originally Posted By: ammolab
"Full value" on a trade in? What does that mean when you paid sticker plus: paint sealant, window tint, fabric protector, undercoat, theft protector window etch, extended warranty, wheel locks, and nitrogen?
Originally Posted By: KD0ASX
"Full value" means blue book value. All of those extras add very little if any resale value.
Exactly. Blue book trade in on it was 9700 for excellent and
9200 for Very good. They gave me 9200. I expected to get in the 8500 range as the driver seat had some wear and some scratches on the back bumper where the wife introduced herself to a fence.
Who pays for all that other stuff except maybe undercoating if you live where they salt. No tint, no sealant and no need for an extended warranty, but I would not expect to get any money back on that stuff anyway. I wanted it not the dealer or the next person.
"Full value" on a trade in? What does that mean when you paid sticker plus: paint sealant, window tint, fabric protector, undercoat, theft protector window etch, extended warranty, wheel locks, and nitrogen?
Originally Posted By: KD0ASX
"Full value" means blue book value. All of those extras add very little if any resale value.
Exactly. Blue book trade in on it was 9700 for excellent and
9200 for Very good. They gave me 9200. I expected to get in the 8500 range as the driver seat had some wear and some scratches on the back bumper where the wife introduced herself to a fence.
Who pays for all that other stuff except maybe undercoating if you live where they salt. No tint, no sealant and no need for an extended warranty, but I would not expect to get any money back on that stuff anyway. I wanted it not the dealer or the next person.
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Originally Posted By: gofast182
No, I'll call them tomorrow and ask. Thanks for pointing that out. When I talked to them yesterday I was still processing everything. The fun won't start until I can contact her ins. company...
I don't think you should contact her insurance company yourself. Rather, describe your situation and your care for your lovely S2000 to your agent, and let your agent work on this for you (as it's their job). I realize you may want to be involved, but unless you know the ins and outs of the insurance biz, then let your agent gets things moving.
You could be productive asking around for the BEST body shop in your area, cost no object...
No, I'll call them tomorrow and ask. Thanks for pointing that out. When I talked to them yesterday I was still processing everything. The fun won't start until I can contact her ins. company...
I don't think you should contact her insurance company yourself. Rather, describe your situation and your care for your lovely S2000 to your agent, and let your agent work on this for you (as it's their job). I realize you may want to be involved, but unless you know the ins and outs of the insurance biz, then let your agent gets things moving.
You could be productive asking around for the BEST body shop in your area, cost no object...
Always sad when a true enthusiast has been so careful and... this happens. My heart goes out as the outcome is likely poor here.
I agree you should NOT involve yourself with the other person's insurance company. Just get your agent going on it, if they don't move for you then you need new insurance!
You need to be deeply involved in the repair. If done properly it will be better than new and impossible to tell. The quality of the work is what will influence the cars value most...
I agree you should NOT involve yourself with the other person's insurance company. Just get your agent going on it, if they don't move for you then you need new insurance!
You need to be deeply involved in the repair. If done properly it will be better than new and impossible to tell. The quality of the work is what will influence the cars value most...
That blows! I'm so sorry for the damage, and I really can relate, as mama just damaged my truck (you may have seen my thread) . My truck is much worse off than it shows in the pictures. As the cab and door pillars bent inward about an inch. They had a heck of a time getting it straight. Took 3 weeks of work just to get the cab and doors to fit together. AND, they had to order 5 brand new doors just to find one that fit well enough to work with. Actually, the skill level of the tech was impressive. He was unusually capable, intelligent and detail oriented.
Anyway, the dealership/bodyshop (Allstate pro shop) is clearly telling me that diminished value is $4500. Based on the nature and extent of the damage. Real world value of the truck might be $24K, possibly 26K if perfect. Now that it's fixed (and yes you can tell) it's worth $19.5K. Period, end of story.
What you can't see in the pics is the air gaps under the door seals due to cab distortion. It's ugly! Nor can you see the 1 inch gap at the top. At first I thought it was bent doors. But that was not so.
Anyway, the dealership/bodyshop (Allstate pro shop) is clearly telling me that diminished value is $4500. Based on the nature and extent of the damage. Real world value of the truck might be $24K, possibly 26K if perfect. Now that it's fixed (and yes you can tell) it's worth $19.5K. Period, end of story.
What you can't see in the pics is the air gaps under the door seals due to cab distortion. It's ugly! Nor can you see the 1 inch gap at the top. At first I thought it was bent doors. But that was not so.
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Originally Posted By: SteveSRT8
Always sad when a true enthusiast has been so careful and... this happens. My heart goes out as the outcome is likely poor here.
I agree you should NOT involve yourself with the other person's insurance company. Just get your agent going on it, if they don't move for you then you need new insurance!
You need to be deeply involved in the repair. If done properly it will be better than new and impossible to tell. The quality of the work is what will influence the cars value most...
Yeah it sucks.
I called my insurance after it happened to let them know and while very apologetic, they seemed to say, get it started and if you have any problems then call us. I'll be calling them again because I want them involved once I get the police report and can proceed.
I know where I'm taking it for repair. It's a guy a regional S2000 mechanic uses and knows. I've seen work he did on another black S2000 and it was top notch. Only problem is he's not local so after the car is looked at at my house (which I'm still trying to figure out how that will work) I'll pull the fender up, remove the liner, and drive it there.
Always sad when a true enthusiast has been so careful and... this happens. My heart goes out as the outcome is likely poor here.
I agree you should NOT involve yourself with the other person's insurance company. Just get your agent going on it, if they don't move for you then you need new insurance!
You need to be deeply involved in the repair. If done properly it will be better than new and impossible to tell. The quality of the work is what will influence the cars value most...
Yeah it sucks.
I called my insurance after it happened to let them know and while very apologetic, they seemed to say, get it started and if you have any problems then call us. I'll be calling them again because I want them involved once I get the police report and can proceed.
I know where I'm taking it for repair. It's a guy a regional S2000 mechanic uses and knows. I've seen work he did on another black S2000 and it was top notch. Only problem is he's not local so after the car is looked at at my house (which I'm still trying to figure out how that will work) I'll pull the fender up, remove the liner, and drive it there.
Cujet, thanks for sharing. I'm glad to see other people have had some success with diminished value.
Does your state allow diminished value as an element of damages to personal property?
If so, the vehicle has to be appraised by a competent appraiser, first, in undamaged condition, second, as damaged but repaired.
The difference, if any, is the diminished value component.
If so, the vehicle has to be appraised by a competent appraiser, first, in undamaged condition, second, as damaged but repaired.
The difference, if any, is the diminished value component.
Originally Posted By: gofast182
Yeah it sucks.
I called my insurance after it happened to let them know and while very apologetic, they seemed to say, get it started and if you have any problems then call us. I'll be calling them again because I want them involved once I get the police report and can proceed.
I know where I'm taking it for repair. It's a guy a regional S2000 mechanic uses and knows. I've seen work he did on another black S2000 and it was top notch. Only problem is he's not local so after the car is looked at at my house (which I'm still trying to figure out how that will work) I'll pull the fender up, remove the liner, and drive it there.
I feel for you...the S2000 is a magnificent machine and probably one of the best vehicles made in the past 25 years, not to mention the outstanding handling...If you get this properly repaired
DO NOT SELL IT...you WILL regret it later!
Yeah it sucks.
I called my insurance after it happened to let them know and while very apologetic, they seemed to say, get it started and if you have any problems then call us. I'll be calling them again because I want them involved once I get the police report and can proceed.
I know where I'm taking it for repair. It's a guy a regional S2000 mechanic uses and knows. I've seen work he did on another black S2000 and it was top notch. Only problem is he's not local so after the car is looked at at my house (which I'm still trying to figure out how that will work) I'll pull the fender up, remove the liner, and drive it there.
I feel for you...the S2000 is a magnificent machine and probably one of the best vehicles made in the past 25 years, not to mention the outstanding handling...If you get this properly repaired
DO NOT SELL IT...you WILL regret it later!
^^^Diminished value is max at the time of accident. However as time spans it seems to be less and less and finally near nothing once vehicle ages enough.
It seems like something an insurance company would escrow if you finally sell it?
Sorry about your accident. Good luck on repairs.
It seems like something an insurance company would escrow if you finally sell it?
Sorry about your accident. Good luck on repairs.
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