Car Hit - Diminished Value Question
06-08-2009, 05:31 PM
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My Ride: 2008 535i, platinum gray with cream beige dakota leather, premium, sport, comfort access, navigation, heated seats, sport auto with paddles, premium sound, sat radio, ipod
My PERFECT 535 was hit in the rear to the tune of $2250 in damages to paint and replace the rear bumper and to repack the anti-whiplash headrests.
This damage will show up on a CarFax when I resell the car and expect it will cost me in the end. The damages are minor, but a CarFax that shows a previous wreck and supplemental restraint system deployment can only make the car less valuable in a transaction, regardless of what I know the real extent of damages to be. I worry it could cost me thousands!
How much diminished value am I entitled to, how do I calculate that amount, and how do I go about getting a fair settlement from the other driver's insurance company? Hiring an attorney will cost me 1/3rd the settlement. The insurance companies have their "formulas" but I doubt it'll be very fair. Any advice is appreciated!
This damage will show up on a CarFax when I resell the car and expect it will cost me in the end. The damages are minor, but a CarFax that shows a previous wreck and supplemental restraint system deployment can only make the car less valuable in a transaction, regardless of what I know the real extent of damages to be. I worry it could cost me thousands!
How much diminished value am I entitled to, how do I calculate that amount, and how do I go about getting a fair settlement from the other driver's insurance company? Hiring an attorney will cost me 1/3rd the settlement. The insurance companies have their "formulas" but I doubt it'll be very fair. Any advice is appreciated!
06-09-2009, 03:53 PM
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My Ride: 2008 535i, platinum gray with cream beige dakota leather, premium, sport, comfort access, navigation, heated seats, sport auto with paddles, premium sound, sat radio, ipod
Are there no attorneys among us all? This is a 5 series site, right? Maybe I should ask in the 7 series site....
Anyone?
Anyone?
06-09-2009, 04:14 PM
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You really don't have much damage. To say it will 100% effect the resale value won't be a true statement. Many and I mean many cars are sold every day with minor damage in there life and they sell the same as cars with no damage. Now if we are talking like 10K of damage now you got a case.
Personally it isn't worth pursuing. Get it fixed and keep the pics if it ever comes up when your reselling the car. That little bit of damage isn't going to scare away 99% of the buyers. If they do offer you anything I'd take it, but I sure won't try bickering with them.
Personally it isn't worth pursuing. Get it fixed and keep the pics if it ever comes up when your reselling the car. That little bit of damage isn't going to scare away 99% of the buyers. If they do offer you anything I'd take it, but I sure won't try bickering with them.
06-09-2009, 04:19 PM
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the only people who provide legal advice for free are people who probably shouldnt be providing legal advice. there are lawyers on this board. you will not see them get involved with a legal q & a session.
that said, it may affect value if you sell it privately. i would take pictures of the before and after. if i was buying a car privately and saw minor damage like that from the owner, maybe some quick snaps of the progress at the shop, i would brush it off.
when you turn a car into a dealer, they wont check. ever notice the dealer makes an offer on your used vehicle and dont even drive it.
that said, it may affect value if you sell it privately. i would take pictures of the before and after. if i was buying a car privately and saw minor damage like that from the owner, maybe some quick snaps of the progress at the shop, i would brush it off.
when you turn a car into a dealer, they wont check. ever notice the dealer makes an offer on your used vehicle and dont even drive it.
06-09-2009, 05:19 PM
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My Ride: 2008 535i, platinum gray with cream beige dakota leather, premium, sport, comfort access, navigation, heated seats, sport auto with paddles, premium sound, sat radio, ipod
Good advice all. I appreciate the input. I am feeling better!
06-09-2009, 06:28 PM
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Originally Posted by wantmye90' post='906024' date='Jun 9 2009, 08:19 PM
Good advice all. I appreciate the input. I am feeling better!
06-09-2009, 07:18 PM
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Originally Posted by wantmye90' post='904796' date='Jun 8 2009, 08:31 PM
My PERFECT 535 was hit in the rear to the tune of $2250 in damages to paint and replace the rear bumper and to repack the anti-whiplash headrests.
This damage will show up on a CarFax when I resell the car and expect it will cost me in the end. The damages are minor, but a CarFax that shows a previous wreck and supplemental restraint system deployment can only make the car less valuable in a transaction, regardless of what I know the real extent of damages to be. I worry it could cost me thousands!
How much diminished value am I entitled to, how do I calculate that amount, and how do I go about getting a fair settlement from the other driver's insurance company? Hiring an attorney will cost me 1/3rd the settlement. The insurance companies have their "formulas" but I doubt it'll be very fair. Any advice is appreciated!
This damage will show up on a CarFax when I resell the car and expect it will cost me in the end. The damages are minor, but a CarFax that shows a previous wreck and supplemental restraint system deployment can only make the car less valuable in a transaction, regardless of what I know the real extent of damages to be. I worry it could cost me thousands!
How much diminished value am I entitled to, how do I calculate that amount, and how do I go about getting a fair settlement from the other driver's insurance company? Hiring an attorney will cost me 1/3rd the settlement. The insurance companies have their "formulas" but I doubt it'll be very fair. Any advice is appreciated!
06-10-2009, 01:47 AM
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My Ride: 2008 535i, platinum gray with cream beige dakota leather, premium, sport, comfort access, navigation, heated seats, sport auto with paddles, premium sound, sat radio, ipod
Originally Posted by turboawd' post='906124' date='Jun 9 2009, 09:28 PM
if you sell the car privately, you should be ok as long as its documented(photos). but if you were to trade the car in, a dealer would give you less regardless of how minor the accident was, because the car wont have a clear carfax, which means they more than likely will send the car to auction, or sell to another dealer.
I wonder if there's a way to determine what the car is worth today with a clean car fax versus what it is worth without a clear carfax. That's how much I think the insurance company should pay me for diminished value. Perhaps I will talk to my local BMW dealer... see what he says.
06-10-2009, 03:40 AM
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My Ride: 2008 535i Monaco blue/cream beige, light poplar trim, sport, nav, premium, Logic 7, 6 speed manual
My other rides:
Departed: 2006 530xi Silver gray/black, anthracite maple trim, cold, sport, nav, premium, Logic 7, 6 speed steptronic, bluetooth, adaptive xenons
Departed...2002 525i White/beige, 5 sp manual
Originally Posted by wantmye90' post='906590' date='Jun 10 2009, 04:47 AM
I am afraid that you may be right. One poster said that dealers couldn't care less, that they often times don't even test drive the car... but I think a car with a blemished carfax is a red flag to any potential buyer. CarFax's don't always define the extent of damage, and in my case a statement like "Supplemental Restraint System Deployed" - even if just the headrests - is going to spook a potential buyer.
I wonder if there's a way to determine what the car is worth today with a clean car fax versus what it is worth without a clear carfax. That's how much I think the insurance company should pay me for diminished value. Perhaps I will talk to my local BMW dealer... see what he says.
I wonder if there's a way to determine what the car is worth today with a clean car fax versus what it is worth without a clear carfax. That's how much I think the insurance company should pay me for diminished value. Perhaps I will talk to my local BMW dealer... see what he says.
There appear to be some companies that work with diminished value issues (google Edmunds diminished value to find links), but my sense from reading through one of these was that this is probably an unregulated "speciality", and it might be hard to determine whether they were legit. GL with getting this worked out. Keep us posted. I'm sure this is information we may all have opportunity to need one day...