Diminished Value Claim

[attitude]

I am looking for advice on how to go about doing a diminished value claim the correct way. When I called the insurance company of the guy who hit my vette the only info they could provide me was “submit any information that you think might show the accident has caused your vehicle to lose value.” When the car was hit it was valued at $34,800 and I have it for sale at $32,500 and every person that comes to look at it says it’s a great price until they find out it had a fender and a bumper replaced. My thoughts are to have an a professional come estimate the value of my car after the accident, what do you guys think? Does anyone have someone they could recommend to come value you my car?

Thanks in advance!

 

[ChiliPepperGarage]

Have you tried asking here:

https://www.corvetteforum.com/forums/

 

[attitude]

Have you tried asking here:

https://www.corvetteforum.com/forums/

I don’t post there really so I was going to see if anyone on here could help me, the knowledge on RDP always amazes me. If not I’ll go over there and post.

 

[DB / HAV]

There is a diminished value calculator on the web. 2 years ago bought a new X5, 2 days later, stopped at a light and an assclown texting hits me going 45, never hit the brakes. Got the car fixed and got an additional 8K for diminished value. It wasn’t easy but I eventually got it.

 

[Shrub Lurker]

up hill battle

 

[Ziggy]

Documentation.
Find certified evaluation appraisers.

 

[LargeOrangeFont]

Documentation.
Find certified evaluation appraisers.

This.

How many miles on the car? That seems like a decent price, and a bumper and fender replacement on a Vette is not that big of a deal, if nothing structural was touched.

 

[attitude]

This.

How many miles on the car? That seems like a decent price, and a bumper and fender replacement on a Vette is not that big of a deal, if nothing structural was touched.

22,000, because the inner fender was replaced on a c6 vette that is considered structural on the Carfax. No one to my knowledge has looked up the Carfax they just ask me and I tell them. As soon as they here the fender and bumper has been replaced they have no interest, they don’t even offer a lower price just no interest lol

 

[lbhsbz]

IMO, unless there was frame damage or panels were actually repaired rather than replaced, then there is no diminished value. Unbolting old parts and bolting on new parts changes nothing...

Would you consider a diminished value claim for replacing a curbed wheel? What about a water pump? Keep the body shop receipt and show it to anyone who questions what happened and tries to beat you down on price.

 

[attitude]

IMO, unless there was frame damage or panels were actually repaired rather than replaced, then there is no diminished value. Unbolting old parts and bolting on new parts changes nothing...

Would you consider a diminished value claim for replacing a curbed wheel? What about a water pump? Keep the body shop receipt and show it to anyone who questions what happened and tries to beat you down on price.

C6 Corvettes don’t have a frame and tell that to the last three people who walked after the heard its had panels replaced and repainted. You’re are also forgetting about paint blending, even though every panel was off the car when it was painted/blended and it looks damn good it’s still in the back of your mind that it’s not original.My car was valued at 34,800 when it was hit, there is no way I could get that now, I can’t even get 32,500...

 

[lbhsbz]

C6 Corvettes don’t have a frame and tell that to the last three people who walked after the heard its had panels replaced and repainted. You’re are also forgetting about paint blending, even though every panel was off the car when it was painted/blended and it looks damn good it’s still in the back of your mind that it’s not original.My car was valued at 34,800 when it was hit, there is no way I could get that now, I can’t even get 32,500...

OK, let me re-phrase....if nothing bent was straightened/pulled, and all damaged components were simply replaced, then it no different than GM putting the thing together at the factory.

If the paint matches, and is of acceptable quality (not like GM OE paint was anything to write home about)...You're dealing with guys who want a corvette but their wives won't let them have one. I'd actually call it an upgrade...since at least it's new and not 10+ years old now.

 

[attitude]

OK, let me re-phrase....if nothing bent was straightened/pulled, and all damaged components were simply replaced, then it no different than GM putting the thing together at the factory.

If the paint matches, and is of acceptable quality (not like GM OE paint was anything to write home about)...You're dealing with guys who want a corvette but their wives won't let them have one. I'd actually call it an upgrade...since at least it's new and not 10+ years old now.

Nothing had to be straightened but even to me it’s always in the back of your head, the car was immaculate before the accident the new paint didn’t help it at all as there was no scratches or chips to fix. I just had a younger girl come look at it today everything went great and she said I’ll take it as long as everything on Carfax checks out so I saved her the trouble and told her about the accident and she walked...

 

[attitude]

OK, let me re-phrase....if nothing bent was straightened/pulled, and all damaged components were simply replaced, then it no different than GM putting the thing together at the factory.

If the paint matches, and is of acceptable quality (not like GM OE paint was anything to write home about)...You're dealing with guys who want a corvette but their wives won't let them have one. I'd actually call it an upgrade...since at least it's new and not 10+ years old now.

On a side note I do hope I find someone like you who comes to look at the car because it is perfect but so far no one can get passed it’s had a bumper and a fender replaced, and then some people only care if it’s on the Carfax which it is so then they pass lol

 

[LargeOrangeFont]

This goes back to my original point.. if all that was replaced is what you said, the people that have looked at your car are misinformed.

They more than likely painted those replacement parts off the car, then bolted them back on, unless you know they blended the paint down the side of the car.

 

[attitude]

This goes back to my original point.. if all that was replaced is what you said, the people that have looked at your car are misinformed.

They more than likely painted those replacement parts off the car, then bolted them back on, unless you know they blended the paint down the side of the car.

They blended on to the hood and on to the driver door, all of it was done off the car by Selman Chevy. As soon as they hear new bumper and new fender they walk, no one has even looked at the Carfax.

 

[lbhsbz]

no one has even looked at the Carfax.

Then keep your mouth shut and sell the damn car

 

[jones performance]

there are certain cars that i think peole just wont buy if they have been wrecked at all. a vette is one since it effects resale, obviously.

 

[attitude]

Then keep your mouth shut and sell the damn car

If they ask I’m not going to lie, don’t need that karma since I’m going to turn around and buy another vehicle lol.

 

[attitude]

there are certain cars that i think peole just wont buy if they have been wrecked at all. a vette is one since it effects resale, obviously.

Exactly it isn’t a everyday driver that someone is going to run into the ground. People that want a 13 year old car with only 20k miles on it don’t want it to have an accident. If it was a 70-100k mile vette it probably wouldn’t matter so much but because it’s low miles people expect it to be perfect.

 

[MillerTime]

I am in the bodyshop business, so we deal with wrecked cars and customers trying to get diminished value claims.

#1 Diminished value usually only applies if the vehicle is damaged, due to no fault of your own, if it was your fault, it will be tough to get traction depending on the state.

#2 In my opinion if there is any claim or anything showing on carfax, then that will affect the value....to some people, but not everyone, BUT on this type of car, it will probably affect the value

#3 a c6 absolutely has a frame, the inner fenders are glued to them. Zo6 has an aluminum one, lower end have steel.

#4. Contact a dealership and ask them what the difference in value is if they were to purchase it from you.

#5. After working for a long time at dealerships, there is a pretty high percentage of used vehicles that have had some kind of paint work done, reported or not. We had tons of new vehicles that had transport damage, lot damage, service damage etc., but usually it's taken care of internally, so probably would never make it on a car fax. So honestly carfax is kind of a tricky deal, sometimes it makes a bigger deal than what it is, other times it wont show anything, even tho the car may have had a ton of repairs done.

Good luck!


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[attitude]

I am in the bodyshop business, so we deal with wrecked cars and customers trying to get diminished value claims.

#1 Diminished value usually only applies if the vehicle is damaged, due to no fault of your own, if it was your fault, it will be tough to get traction depending on the state.

#2 In my opinion if there is any claim or anything showing on carfax, then that will affect the value....to some people, but not everyone, BUT on this type of car, it will affect the value

#3 a c6 absolutely has a frame, the inner fenders are glued to them. Zo6 has an aluminum one, lower end have steel.

#4. Contact a dealership and ask them what the difference in value is if they were to purchase it from you.

#5. After working for a long time at dealerships, there is a pretty high percentage of used vehicles that have had some kind of paint work done, reported or not. We had tons of new vehicles that had transport damage, lot damage, service damage etc., but usually it's taken care of internally, so probably would never make it on a car fax. So honestly carfax is kind of a tricky deal, sometimes it makes a bigger deal than what it is, other times it wont show anything, even tho the car may have had a ton of repairs done.

Good luck!


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Thank you for the advice! and you are absolutely correct about the frame. I knew that was one of the main things different on my car than on a GS or base, idk why I had it in my head my car was a unibody today. My apologies to whoever I wrongly corrected!

 

[MillerTime]

Thank you for the advice! and you are absolutely correct about the frame. I knew that was one of the main things different on my car than on a GS or base, idk why I had it in my head my car was a unibody today. My apologies to whoever I wrongly corrected!

Spend a couple bucks and pull the carfax so you know....then at least you will know what's on it. Or some dealership or places like givemethevin will pull them for you

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[attitude]

Spend a couple bucks and pull the carfax so you know....then at least you will know what's on it. Or some dealership or places like givemethevin will pull them for you

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I have the Carfax that’s how I know the inner fender being replaced is looked at as structural, which I think is complete shit but what can you do.

 

[JayBreww]

How aggressive are you on your asking price to others listed? If it were only a few thousand difference from a clean carfax vs. yours, i think we all know which one we’d buy.


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[Shrub Lurker]

who reported any of this to car fax ? Dealer body shop?

 

[attitude]

How aggressive are you on your asking price to others listed? If it were only a few thousand difference from a clean carfax vs. yours, i think we all know which one we’d buy.


Sent from my iPhone using Tapatalk

It should be about a 35k car compared to what’s out there, mine is listed for 32.5 obo and I would probably take 30k for it. The issue isn’t the price it’s the fact that no one wants it, I haven’t even been given an offer after they find out about the fender and bumper. That’s what brought me to the diminished value claim.

 

[attitude]

who reported any of this to car fax ? Dealer body shop?

I would assume the body shop or insurance.

 

[nameisbond]

You need to get a professional appraisal. Next, depending on how long ago the accident was, longer you wait the more up hill the battle.

I can see why this is a problem. I walk from cars like yours.

 

[LargeOrangeFont]

It should be about a 35k car compared to what’s out there, mine is listed for 32.5 obo and I would probably take 30k for it. The issue isn’t the price it’s the fact that no one wants it, I haven’t even been given an offer after they find out about the fender and bumper. That’s what brought me to the diminished value claim.

That thing will sell for $30k. You are just going to have to go through a few people looking at it. You might get $2-3k out of the diminished value claim.

 

[HitIt]

How aggressive are you on your asking price to others listed? If it were only a few thousand difference from a clean carfax vs. yours, i think we all know which one we’d buy.

Exactly. And this is the justification for the diminished value claim.

Honestly, I wouldn't buy the car. You are exactly right that people who are looking for a car with your specs want a garage queen. And they know if they keep looking, they will find one. If I was in the market, A $5k discount might make me start thinking about it. Call it irrational but generally owning a vette is irrational

 

[LargeOrangeFont]

Exactly. And this is the justification for the diminished value claim.

Honestly, I wouldn't buy the car. You are exactly right that people who are looking for a car with your specs want a garage queen. And they know if they keep looking, they will find one. If I was in the market, A $5k discount might make me start thinking about it. Call it irrational but generally owning a vette is irrational

At $30k it is a $5k discount.

If he advertised this for $28k it would be gone by lunch. The damage just limits his buyer pool a bit.

 

[HitIt]

At $30k it is a $5k discount.

Yep, I know, and as I said I wouldn't be a buyer but I would start thinking more seriously about it. Anyway, that gives a rough idea of what I would consider the minimum diminished value. Not that my opinion is worth anything.

 

[ST LUCIE APPRAISAL]

I am looking for advice on how to go about doing a diminished value claim the correct way. When I called the insurance company of the guy who hit my vette the only info they could provide me was “submit any information that you think might show the accident has caused your vehicle to lose value.” When the car was hit it was valued at $34,800 and I have it for sale at $32,500 and every person that comes to look at it says it’s a great price until they find out it had a fender and a bumper replaced. My thoughts are to have an a professional come estimate the value of my car after the accident, what do you guys think? Does anyone have someone they could recommend to come value you my car?

Thanks in advance!

If your car had structural repairs done, it will lose approximately 30%-40% of its pre-accident fair market value. If no structural damage then maybe 15% because dealers will be able to certify the car.

 

[Ziggy]

If your car had structural repairs done, it will lose approximately 30%-40% of its pre-accident fair market value. If no structural damage then maybe 15% because dealers will be able to certify the car.

I had a guy sue my store for damage that occurred on a road test(other driver faulted 100%). He got $10k , for a bent wheel and repaired/repainted 1/4 panel......on a 2 yr old $40k car.
.
Essentially 25% on a 2 yr old car with average miles.

 

[530RL]

I had a GMC extended cab 4x4 that was sideswiped. I did the online diminished value and they gave me 2500 bucks. USAA paid that claim as they insured the person who hit me.

It does show up on Carfax. The insurance company reports the accident.

 

[D19]

I am looking for advice on how to go about doing a diminished value claim the correct way. When I called the insurance company of the guy who hit my vette the only info they could provide me was “submit any information that you think might show the accident has caused your vehicle to lose value.” When the car was hit it was valued at $34,800 and I have it for sale at $32,500 and every person that comes to look at it says it’s a great price until they find out it had a fender and a bumper replaced. My thoughts are to have an a professional come estimate the value of my car after the accident, what do you guys think? Does anyone have someone they could recommend to come value you my car?

Thanks in advance!

How long ago was your car hit? Can you file for diminished value months or years after the accident/ claim?

 

[attitude]

How long ago was your car hit? Can you file for diminished value months or years after the accident/ claim?

It was hit in March but it was a hit and run that was caught on camera so it took State Farm months to finally admit their customer was at fault, now that they have excepted fault I am going to go after diminished value.

 

[Highrisespl]

If your the claimant you can file against the insurance company that is handling the file. If you went through your carrier you won’t be able to file the additional claim because it’s in your contract. The insurance company has a formula that they use but I believe it will require an appraisal from carmax or local dealer to show the loss in value from a traditional NADA value.

 

[attitude]

I called Selman Chevy today to see if they had a person they recommended to give me a before and after value and the recommended Carmax

 

[LargeOrangeFont]

That’s not a good start.

 

[attitude]

That’s not a good start.

Im going to take it there on Friday and see what the difference is, I might also take it to a Chevy dealer and get the difference on trade in as well.

 

[Cole Trickle]

Sucks..... I know there are lawyers that deal in this and it's going to be an ongoing issue with carfax reporting this stuff.

All cars get bumped and scratched eventually but carfax is now letting it become a tool for depreciation. I think it will be a fight but maybe one worth tackling.

https://www.thebalance.com/diminished-car-value-after-accident-2645571