WOW, and you thought our cars were expesnvie to fix?
06-24-2009, 11:24 AM
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Originally Posted by pjinca' post='922359' date='Jun 24 2009, 12:21 PM
06-24-2009, 11:27 AM
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My Ride: 2008 550I LOADED, all options except HUD and NV
Now another reason NOT to buy a Hyundai - how does a $10k car lose $7200 in value after a parking lot accident? EEESH!!!
06-24-2009, 11:28 AM
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My Ride: 2007 530i. Purchased 6/28/07. Titanium Silver Metallic, Black Dakota Leather, Dark Poplar Trim, Steptronic, Premium Package, Cold Weather Package, Bluetooth, Adaptive Control Xenons. 10/30/07 Added OEM 124s with 245/40/18 & 275/35/18 Michelin Pilot Sport A/S tires. Installed red Cal Covers� from BavAuto. 11/21/07 Added OEM all-weather floor mats (for winter, carpet in summer) and coat rack. 6/26/08 installed M5-style rear spoiler. 6/30/08 put on red reflectors. 8/22/08 Euro turn signal stickers applied. 3/20/09 Installed Shadowline Trim. 3/27/09 Added Matte Black Kidney Grilles from Trinity. 4/03/09 Installed Bimmian Shadow Matte Black 530i Badges. 4/04/09 Installed LED license plate lights from Trinity. 5/01/09 Installed Brabus Interior LED Kit and White Angel Eyes. 5/02/09 Put in Brabus 6K Fogs. 5/14/09 Removed charcoal filter. 5/15/09 Installed light smoke LED side marker lamps from Trinity. 5/21/09 Sprint Booster. 6/12/09 Painted exhaust tips flat black. 6/13/09 Pulled red Cal Covers and painted calipers low gloss black. 6/27/09 RPI Ram Air Scoop from Trinity. 8/15/09 Installed Brabus's silver invisibulbs front and rear. 9/24/09 Installed R-Dash license plate LEDs from Brabaus (John).
That's crazy. I guess minor collision repair costs about the same on any car, so relatively speaking, these inexpensive cars easily could end up totaled.
06-24-2009, 11:29 AM
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Originally Posted by pjinca' post='922371' date='Jun 24 2009, 12:27 PM
Now another reason NOT to buy a Hyundai - how does a $10k car lose $7200 in value after a parking lot accident? EEESH!!!
06-24-2009, 11:32 AM
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My Ride: 2008 550I LOADED, all options except HUD and NV
Originally Posted by CWS530' post='922375' date='Jun 24 2009, 12:28 PM
That's crazy. I guess minor collision repair costs about the same on any car, so relatively speaking, these inexpensive cars easily could end up totaled.
06-24-2009, 12:03 PM
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My Ride: 2008 Porsche 911 Carrera S Convertible. Midnight Blue, 6 Speed.Retired - 2007 997 Carrera S, Midnight Blue, Grey leather, premium audioRetired - 2007 550i, Monaco Blue over Beige, Navigation, Logic 7, Cold Weather Pack, Comfort Access, Sport Package
Model Year: 2008
It's all relative to the cost of the car - a relatively low speed incident with my 545 after a guy behind us failed to realize that traffic stopped on the freeway actually ended up doing close to $12,000 in largely cosmetic damage. As others have said, for incidents like those in the report there's effectively a minimum cost of repair that's almost independent of the original value of the car.
06-24-2009, 12:07 PM
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My Ride: 2008 550I LOADED, all options except HUD and NV
Originally Posted by swajames' post='922413' date='Jun 24 2009, 01:03 PM
It's all relative to the cost of the car - a relatively low speed incident with my 545 after a guy behind us failed to realize that traffic stopped on the freeway actually ended up doing close to $12,000 in largely cosmetic damage. As others have said, for incidents like those in the report there's effectively a minimum cost of repair that's almost independent of the original value of the car.
The Hyundai Accent is currently the least expensive car in America, by MSRP, at just under $10,000. With four minor, parking-lot speed accidents, you can reduce its worth by $7,203, according to a new report
06-24-2009, 12:35 PM
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My Ride: 2008 Porsche 911 Carrera S Convertible. Midnight Blue, 6 Speed.Retired - 2007 997 Carrera S, Midnight Blue, Grey leather, premium audioRetired - 2007 550i, Monaco Blue over Beige, Navigation, Logic 7, Cold Weather Pack, Comfort Access, Sport Package
Model Year: 2008
Originally Posted by pjinca' post='922417' date='Jun 24 2009, 01:07 PM
Actually the report is quite clear with respect to the damage to devaluation:
The Hyundai Accent is currently the least expensive car in America, by MSRP, at just under $10,000. With four minor, parking-lot speed accidents, you can reduce its worth by $7,203, according to a new report
The Hyundai Accent is currently the least expensive car in America, by MSRP, at just under $10,000. With four minor, parking-lot speed accidents, you can reduce its worth by $7,203, according to a new report
http://www.iihs.org/news/rss/pr061109.html
$7203 is actually the total cost of the four repairs that were the subject of the study. They're listed in a table in the IIHS press release.
The reduction in value point in the Yahoo story is essentially lazy journalism. While the car will have a diminished value if the repairs or insurance claim are visible to a buyer, it won't of course be the simple total of all the repair costs. Additionally, the four repairs in question were a full replacement of front and rear bumper and a corner repair only on the front and rear bumper, and a full replacement by definition also repairs the corners so there's some journalistic license taken there too. We're back to the points others made which is a front bumper replacement is going to roughly 2 to 3K irrespective of whether you have a BMW or a Hyundai, but it's obviously more material in relation to the original purchase price of the car in the case of a $10K compact car like those in the report.
06-24-2009, 12:41 PM
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My Ride: 2008 550I LOADED, all options except HUD and NV
Originally Posted by swajames' post='922441' date='Jun 24 2009, 01:35 PM
Here's the full IIHS release:
http://www.iihs.org/news/rss/pr061109.html
$7203 is actually the total cost of the four repairs that were the subject of the study. They're listed in a table in the IIHS press release.
The reduction in value point in the Yahoo story is essentially lazy journalism, as the four repairs were for a full replacement of front and rear bumper and a corner repair only on the front and rear bumper (and a full replacement by definition also repairs the corners). While the car will have a diminished value if the repairs or insurance claim are visible to a buyer, it won't of course be the simple total of all the repair costs. We're back to the points others made which is a front bumper replacement is going to roughly 2 to 3K irrespective of whether you have a BMW or a Hyundai, but it's obviously more material in relation to the original purchase price of the car in the case of a $10K compact car like those in the report.
http://www.iihs.org/news/rss/pr061109.html
$7203 is actually the total cost of the four repairs that were the subject of the study. They're listed in a table in the IIHS press release.
The reduction in value point in the Yahoo story is essentially lazy journalism, as the four repairs were for a full replacement of front and rear bumper and a corner repair only on the front and rear bumper (and a full replacement by definition also repairs the corners). While the car will have a diminished value if the repairs or insurance claim are visible to a buyer, it won't of course be the simple total of all the repair costs. We're back to the points others made which is a front bumper replacement is going to roughly 2 to 3K irrespective of whether you have a BMW or a Hyundai, but it's obviously more material in relation to the original purchase price of the car in the case of a $10K compact car like those in the report.
Granted, and if you have 4 parking lot accidents maybe it's time for a bus pass anyway