New Car Body Repairs - How to calculate value
- Thread starter stockrex
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I think not. A body man will est cost to repair and then subtract that value + ~ 20% would be how I would do it. Ed
It depends on the car and the damage. You not only have to subtract the damage from invoice (not MSRP) but loss of value once repaired.
If the damage got the frame or monocoque its basically a write off and worth the street value of its salvageable parts.
If the damage got the frame or monocoque its basically a write off and worth the street value of its salvageable parts.
Body panels being undented and bondo applied to "straighten" them out, and new paint....isn't worth the same as a factory paint car w/o any damage that was repaired. The insurance companies think these are "fixes." You have a problem/tainted car from the point of repair. I'd figure a min of 10-20% deductions (after "repairs") if body panels were repaired. We can debate whether just some repaint is a "repair." But factory paint almost always holds up better over time than body shop repaints.
Originally Posted By: stockrex
What is the loss value?
Damage is to body panels only.
Thanks,
When a vehicle is in an accident or damaged by vandalism, hail, etc it looses value compared to like vehicles that not been damaged.
Depending on the amount and type of damage it can be negligible or significant.
IMO if I were to buy a new vehicle with significant sheet metal damage (and I have from insurance auctions) reduce the invoice price of the vehicle by 30% plus the cost of new OE parts and labor plus refinishing with quality paint.
If the rear quarters, rockers or roof (non removable panels) are involved even lower, you really don't want this unless its really cheap. JMO Any pics of the damage?
What is the loss value?
Damage is to body panels only.
Thanks,
When a vehicle is in an accident or damaged by vandalism, hail, etc it looses value compared to like vehicles that not been damaged.
Depending on the amount and type of damage it can be negligible or significant.
IMO if I were to buy a new vehicle with significant sheet metal damage (and I have from insurance auctions) reduce the invoice price of the vehicle by 30% plus the cost of new OE parts and labor plus refinishing with quality paint.
If the rear quarters, rockers or roof (non removable panels) are involved even lower, you really don't want this unless its really cheap. JMO Any pics of the damage?
Originally Posted By: stockrex
Trav, no pics yet, but it on the roof and front A pillar.
Roof has 2k of PDR damage easily and more on sides that need repainting possibly.
What happened to this thing, some nut got crazy with a hammer or what? Figure a quality repaint with all that work.
Do you want to keep this or flip it? If you want to make any money on it you need to own it cheap, is this an insurance auction?
Trav, no pics yet, but it on the roof and front A pillar.
Roof has 2k of PDR damage easily and more on sides that need repainting possibly.
What happened to this thing, some nut got crazy with a hammer or what? Figure a quality repaint with all that work.
Do you want to keep this or flip it? If you want to make any money on it you need to own it cheap, is this an insurance auction?
Weather damage Sir without getting into the details :-(.
I found the 17C loss value calculation formula online, that would put the loss value to a very low amount.
I found this:
https://www.iii.org/article/will-my-insurance-pay-loss-my-car%C2%92s-value-if-it-damaged-collision
and this:
https://www.wikihow.com/Calculate-Diminished-Value
Use expert estimates. You can begin to estimate your diminished value by using some expert standbys. For example, some law firms specializing in diminished value estimate that the value lost when a vehicle is in an accident is around 33 percent.[13] This means that your car valued at $15,000 would be worth about $10,000 in reality when you tried to sell it. Use this type of estimation as a starting place for determining your diminished value.
I need source to back up my position on the $$ amount.
I found the 17C loss value calculation formula online, that would put the loss value to a very low amount.
I found this:
https://www.iii.org/article/will-my-insurance-pay-loss-my-car%C2%92s-value-if-it-damaged-collision
and this:
https://www.wikihow.com/Calculate-Diminished-Value
Use expert estimates. You can begin to estimate your diminished value by using some expert standbys. For example, some law firms specializing in diminished value estimate that the value lost when a vehicle is in an accident is around 33 percent.[13] This means that your car valued at $15,000 would be worth about $10,000 in reality when you tried to sell it. Use this type of estimation as a starting place for determining your diminished value.
I need source to back up my position on the $$ amount.
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