What does a major repair do to value?

[vintage]

I have a 2000 2-dr coupe. An uninsured motorist ran a red light (about 4 seconds late) and hit me in the right front fender. The impact pushed me into the car on my left. Major damage to my beautiful 'vette! Uninsured motorist coverage will cover the cost of repair, estimated at $17M. My question to you: How will a major repair impact the value of my car, even if the repair is perfect?

 

[Ripp 73]

Well.... thanks to online places like CarFax and such anyone who looks at buying your car down the line will see that it was involved in an accident. That could hurt the value right there, even if the repair is done perfectly. I'm sorry this happened, but I hope everyone involved in this accident is ok health wise.

 

[KOPBET]

I've heard folks talk about diminished value. You should discuss this with your insurance agent.

Send a PM to Bob Chadwick.

 

[IH2LOSE]

I have a 2000 2-dr coupe. An uninsured motorist ran a red light (about 4 seconds late) and hit me in the right front fender. The impact pushed me into the car on my left. Major damage to my beautiful 'vette! Uninsured motorist coverage will cover the cost of repair, estimated at $17M. My question to you: How will a major repair impact the value of my car, even if the repair is perfect?

Sorry for your troubles

Yes you are entitled to diminished value but the hard part is being able to prove what your diminished value is.

 

[Eric]

Check out these two threads from others who have dealt with this. Lots of good info.

http://corvetteactioncenter.com/forums/showthread.php?t=47657
http://corvetteactioncenter.com/forums/showthread.php?t=53454

Good luck!

 

[hardnoks]

Carfax

1)it will only show up in carfax if it is reported to them.2)if there was no frame damage and the repair is done professionally with no detrimental factors to driveability,you stand a 50/50 shot of resale suffering because of this.carfax is not always accurate,so if it is in fact reported to them,make sure it is with all the correct facts!carfax IS NOT the final word!good luck.

 

[Edmond]

Nothing makes me more ad than reading a story about an uninsured motorist hitting anyone. I buy insurance, I follow the laws and I protect myself. They should let you take this idiot to court and wring him for everything to cover the cost of the repairs and then some!

 

[jrose7004]

Thats too bad! Glad you weren't hurt!

 

[bluecoupe]

Keep the 17K and sell what's left of the Vette "as is" on ebay. Buy another one that hasn't been wrecked. Prices are low so you should be able to find a nice low mile cream puff.

 

[Ed02]

Nothing makes me more ad than reading a story about an uninsured motorist hitting anyone. I buy insurance, I follow the laws and I protect myself. They should let you take this idiot to court and wring him for
everything to cover the cost of the repairs and then some!

I feel the same way. In NC you can't get a drivers license let alone a vehicle registration without proof of insurance so why do I need to carry and pay for uninsured motorist insurance? When they catch these guys without insurance they ought to lock them up and pull their license. Of course they probably don't have one of those either. Didn't mean to hijack the thread, but that's bugged me for years. Sorry about your ride, hope it all works out for you.

 

[schmaltzr]

Uninsured Motorist

The same is true in Washington State. I'm required to have proof of insurance at all times in the car. The problem is that most uninsured drivers are uninsured for a reason. The same reason they are in accidents with often times borrowed cars. They are irresponsible individuals. They like it that way. No responsibilities. The answer is indentured servitude to the individuals they have affected. That would wipe the smile off their face.

 

[vett boy]

Would you buy a car that has been in a major wreck? Before i'd buy a used vett i'd run a car-fax.Doesn't matter how well the repair was done it's still damaged goods.Selling on e-bay or parting out as Bluecoupe mentioned might be the way to go.Nice down payment on a c-6 and it helps our G.M workers @B.G.