Loss of value

[korvettekarl]

What can I do about the 10K loss of value I am going to have once I get my car back from the body shop? I was hit on December 16 on the right rear wheel. Broke the upper A-arm as well as the wheel. Also had to replace the rear tub because some cracking in that are. The body shop is GM and is doing everything right. But I was talking to a salesman while I was down there looking at my car. They are going to drop me from excellent to fair in the Kelly Blue Book trade in value. The accident wasn't my fault. Has anyone tried this with the insurance companies? I hate to take that big of a loss. Everyone uses CarFax now days.

 

[KANE]

What can I do about the 10K loss of value I am going to have once I get my car back from the body shop? I was hit on December 16 on the right rear wheel. Broke the upper A-arm as well as the wheel. Also had to replace the rear tub because some cracking in that are. The body shop is GM and is doing everything right. But I was talking to a salesman while I was down there looking at my car. They are going to drop me from excellent to fair in the Kelly Blue Book trade in value. The accident wasn't my fault. Has anyone tried this with the insurance companies? I hate to take that big of a loss. Everyone uses CarFax now days.

I wouldn't consider a sales person a professional automotive valuator. It is their job to get you in a car and create the highest margin for the lot.


You'll need to be able to show loss of value to the insurance company.

Most of the time, this is done at the time of sale because during the sale you have proof of fair market value- what you agreed to with the sales person.


However, you don't know when you'll be selling.

Hmmmm... ;squint:

I'd contact an automotive appraiser and see what they say. It wouldn't hurt to get their opinion since they deal with cars from an investment perspective everyday.

 

[NORTY]

I know a guy that was rear ended by an inattentive tourist. His tub was crushed also. The frame was checked and still straight. After th repairs were done, he went after the tourists insurance (USAA.) He sued for deminished value. He got $33,000 add'l from the settlement. His was a 2008 A6 Z51 with 1600 miles when it got hit. He sold the car after the repairs and bought a Z06. Then IT got rearended (I was passenger!) He's going thru the same thing all over again. We call him "Boom-boom!"

His wife likes her new kitchen...:W

 

[vett boy]

Both are good advice .

I can tell you I would always use a carfax if I we're to buy anything used .I would never buy a used vett that has had damage .

 

[JThomas]

I understand a person not wanting to buy a vehicle that has been hit. But what I can't figure is why should the value be diminished by 10k, just because it was hit.

It's being repaired by a GM facility? To GM Standards? With GM parts? Are they a quality facility that's trying to do a quality job?

IMO, the salesman is just tying to get the guy prepared for a low ball figure in the event the guy wants to trade the car.

As for Car Fax reports, isn't there a limit as to how much damage needs to be done to a car in order for it to be listed on Car Fax? What's the estimate of the damage?

My '07 Z was struck in the quarter, ten months after the purchase. The body shop worked extremely hard to paint the new quarter panel with the same amount of orange peel as the rest of the car, just so it would all match/blend together.

Good luck.

 

[Cruzen]

In your lawsuit against the party that hit you, your lawyer was supposed to get an amount for devaluation of your vehicle. If they did not then you're stuck. If you did not sue them then your stuck. That's called the consequences of using public roads.

You may want to ask your tax professional as there may be some write off for loss of asset. I'm not sure but I do remember something about that.

However, Unless the job is completely botched, I seriously doubt you will take a 10K hit. More like maybe a 1K to 3K at worst. Whatever you do, make sure you do not sign for the repairs until you have had the car for several days. If the dealer won't go along with that get your lawyer to give him a friendly call. You usually have 30 days to assess the work they did and get any mistakes fixed. Remember that it's your car and does not belong to the dealer or the insurance co. It should be repaired to your expectations.

By the way those car FAX reports are a bit less than accurate. Several years ago we ran a 2001 Porsche that was for sale on Ebay and the report came back clean. We later go pictures and repair documentation to show the car had been flipped in California. This was not the first bogus report we ran into.

 

[Cruzen]

OFF TOPIC QUESTION!
By the way, I see you have a 57 Belair, I have a 55 Belair. Do you ever attend the tri five chevy Gambler Classic in Laughlin. This year I believe it's the week after Easter.

 

[korvettekarl]

I will try to make the Laughlin run. Got the car back yesterday. I cannot tell any difference from before the accident. They did an excellent job. Yes it was GM dealership. My problem is the devaluation. I have not spoken to the other person's insurance company about devaluation yet. I try keep lawyers out if equation if at all possible. I will be contacting them soon. I am REAL busy at work right now with the SHOT show at our facility.Thannks for all the input. Gotta go. I'll be back at lunch if I get one today.

 

[mbwalker]

IMO, the salesman is just tying to get the guy prepared for a low ball figure in the event the guy wants to trade the car.

I was thinking the same thing...then sells it w/a huge markup.

 

[Cruzen]

I will try to make the Laughlin run. Got the car back yesterday. I cannot tell any difference from before the accident. They did an excellent job. Yes it was GM dealership. My problem is the devaluation. I have not spoken to the other person's insurance company about devaluation yet. I try keep lawyers out if equation if at all possible. I will be contacting them soon. I am REAL busy at work right now with the SHOT show at our facility.Thannks for all the input. Gotta go. I'll be back at lunch if I get one today.

Keeping lawyers out of the equation is a nice concept if you can afford to take such a financial loss. Personally I don't like dealing with them either.

Good luck!

 

[catbert]

Anyone with a late model Vette who sustains enough damage to show up on CarFax should automatically demand (ask for) deminished value compensation from the insurance company. Your proof of deminished value is the fact that it shows up on CarFax. The amount depends on the reported damage.

 

[KANE]

Anyone with a late model Vette who sustains enough damage to show up on CarFax should automatically demand (ask for) deminished value compensation from the insurance company. Your proof of deminished value is the fact that it shows up on CarFax. The amount depends on the reported damage.

That is a great way to show documentation of a change in the marketability of a car. I hadn't even thought about that- using the appraisal and a carfax in a one / two punch.

;squint:...

I'd think a Carfax report and at least three creditable appraisers would seal the claim for diminished value.




Great post Catbert!


Happy hunting Karl!

 

[korvettekarl]

Thanks for all the replies. I will have to get some appraisals and call up the insurance adjuster.

 

[tim414]

Both are good advice .

I can say I would always use a carfax if I were to buy anything used .I would 'probably' never buy a used vette that has been wrecked .

Last summer ('09) when I was in market for my first Vette I considered allot of different ideas on/for my 'first' vette. One was a '07 Z06 which was in Atlanta at the time. (I live North of Dallas). It was at ("Buyavette.com) showroom. The carfax on that car was not yet ready-they supply carfaxes free to public. The car had gotten my immediate attention because (since I had been looking at allot of vettes and was keenly aware of market prices) of 'low' price advertised for the car. It was 39k advertised where most were 51-59k at the time. I immediately picked up phone and called. It was because it had been wrecked. They claimed it was repaired and nothing wrong w/car. According to them (Jason was salesman) it was listed day and half before. I hung up phone telling salesman I would get back after I had a few hours to ponder idea of 'used wrecked vette'. I had called back few hours later to ask question and another guy had already phoned in a deposit.
Yep, our Vettes are pristine until involved in accident. Suddenly they can become a good buy at the expense of it's owner. And it's hard to prevent these fools who get out and not pay attention causing damage. If that happens to me, you can bet I'm retaining attny to make right and get me back into a non-wrecked vette. I'm with you though....I would probably 'not' buy a wrecked vette, unless I could see the damage before it's repaired and then know the folks who are doing those repairs....

 

[korvettekarl]

Well my saga comes to an end. I ended up trading it in on a 2010 Grand Sport. I had the dealer who did the repair work over a barrel. I asked them if they stood behind their body repair shop. They stated they did. I then asked why they were deducting so much, they had done the repairs. We finally came to a mutually agreeable price, trade in value and shook on it. I didn't take a beating on the Z and got the first Grand Sport in Vegas at a reasonable price. Thanks for all the replies.

 

[tim414]

Well my saga comes to an end. I ended up trading it in on a 2010 Grand Sport. I had the dealer who did the repair work over a barrel. I asked them if they stood behind their body repair shop. They stated they did. I then asked why they were deducting so much, they had done the repairs. We finally came to a mutually agreeable price, trade in value and shook on it. I didn't take a beating on the Z and got the first Grand Sport in Vegas at a reasonable price. Thanks for all the replies.

Nice ride....congrats....

 

[catbert]

OK - We can officially stop feeling bad for you....right?:L

 

[korvettekarl]

TRhanks. Still loving it.