How much value did I lose?

[BJH1]

Had an accident in the ACR (see previous post)

http://vca2.viperclub.org/forums/showflat.php?Cat=&Board=UBB14&Number=475925&page=3&view=collapsed&sb=5&o=&fpart=1

Edmunds lists value: $56,400 Trade-In, $60,534 Private Party, $64,000 Dealer Retail.

Defratus Collision, a highly recommended Viper repair shop, will have the car back to me in a month. How much value do you think I lost as a result of the accident?

By the way, thanks to all for the replies on the previous posts, it helped prepare me for the costs and time of repair.

 

[DodgeViper01]

Could lose a bit. It depends if you are going to tell the person but most people would have the car checked before hand. It is not major but it is still an accident so the going rate is between 10-25%.

 

[ViperJohn]

It really depends on the extent of damage and how good the car looks when repaired.

 

[Danny Ocean]

What was the estimate? You left us hanging in the previous post...

D. Ocean
Miami, FLA

 

[Chuck 98 RT/10]

10K to 15K. Contact Bill Pemberton.

 

[Dv8tor]

Had an accident in the ACR (see previous post)

http://vca2.viperclub.org/forums/showflat.php?Cat=&Board=UBB14&Number=475925&page=3&view=collapsed&sb=5&o=&fpart=1

Edmunds lists value: $56,400 Trade-In, $60,534 Private Party, $64,000 Dealer Retail.

Defratus Collision, a highly recommended Viper repair shop, will have the car back to me in a month. How much value do you think I lost as a result of the accident?

By the way, thanks to all for the replies on the previous posts, it helped prepare me for the costs and time of repair.

So why are you interested in it's book value? Are you planning on selling once your car is fixed?

 

[BJH1]

What was the estimate? You left us hanging in the previous post...

D. Ocean
Miami, FLA

Well, I have not heard back yet, but initially he said maybe $20k. This is along the same lines as what some others on this forum had with similar damage.

 

[BJH1]

Just received a call from the shop with a better estimate. Probably about $12k. That's not as bad as I was thinking it would be.

He said the only thing slowing the process is waiting on the front bumper cover.

 

[Big Medicine]

You lost your deductible if fixed right; if it's fixed right it's worth as much as someone is willing to pay for it.

If there is no difference between your vehicle (properly repaired) and one that is just like it, why would yours be worth any less? Because it has a nicer paint job?

I'd say you lost nada. Unless you were planning to sell a 100 point vehicle to a collector for show.

 

[BJH1]

You lost your deductible if fixed right; if it's fixed right it's worth as much as someone is willing to pay for it.

If there is no difference between your vehicle (properly repaired) and one that is just like it, why would yours be worth any less? Because it has a nicer paint job?

I'd say you lost nada. Unless you were planning to sell a 100 point vehicle to a collector for show.

Thanks for the input, this is what I'd like to think is true. People just have an aversion to buying a vehicle that has been in an accident, regardless of how minor the damage before repair. Its just a stigma, regardless if the car is repaired to as new condition.

 

[luc]

If you have a choice between a car that was in an accident and was properly repaired and another one that was never damaged, why will you choose the damaged/fixed one?
You know the answer and it's why you lost some value.

Luc.00GTS

 

[ViperRay]

Keep all of the receipts for all of the work.
If I were buying a car that had been in an accident, it would not be what you told me was damaged and repaired but what you left out.

I would feel better if all the estimates and receipts and "proof" of damage and repair was well documented.
Even consider taking pics of the car before and during the repair process.

I have a few collector cars which have been restored. It helps the price if the resto is well documented.

Just something to consider.

 

[Dv8tor]

I feel yes. It is worth less. 99.9% of people would select a car with more miles and no accident then a car with less miles that has been in an accident and repainted.

Most people that think it should be worth the same if it's been in an accident or not are people who have had an accident in a car and then wanted to sell it.

Now, if he sells the car within a year after it's fixed, it'll look like he doesn't want the car now that it's been in an accident

 

[Big Medicine]

If you have a choice between a car that was in an accident and was properly repaired and another one that was never damaged, why will you choose the damaged/fixed one?
You know the answer and it's why you lost some value.

Luc.00GTS

I guess because you'd sell it for less. Assuming you told me it had been wrecked.

 

[malcoll]

If two vehicles are EXACTLTY identical in mileage, options, color, year, condition.... for sale for the same price.... would you purchase the car that had been wrecked, or the car that had not been wrecked?

Therefore, the wrecked car has to have a lower price to make it more attractive to buy.

 

[Gerald Levin]

There is also a group of people (including me) that would avoid buying a wrecked car period. I would pay more, much more if necessary, to avoid the potential problems, known and unknown, that CAN develop with a damaged car that was repaired. I've always lived under the premise that when you buy high quality, it always remains high quality. And a wrecked then repaired car to me is not high quality. Just my thoughts.

 

[Big Medicine]

One more time for the cheap seats:

How ya gonna know it's been wrecked?

I hope you don't think carfax is going to tell you. If properly repaired, a moderately damaged vehicle will be indistinguishable, except for the nice paint job.

 

[malcoll]

One more time for the cheap seats:

How ya gonna know it's been wrecked?

I hope you don't think carfax is going to tell you. If properly repaired, a moderately damaged vehicle will be indistinguishable, except for the nice paint job.

Because any seller with integrity will tell me when I ask. And any time a fairly new car is sporting new paint.. or a different color.. I always ask if it's been in an accident.

 

[Vreracing]

When it comes time to the final negotiated price, the buyer is going to have some more leverage.

I would admit to the buyer that you had the car worked on. I would insist that he have the car inspected to his satisfaction. That way later, if he finds something, he won't come back to haunt you.

You also may be able to get the insurance company to reimburse you for lost value in the car due to the accident.

 

[Jerry Dobson]

The value is only lost because of human nature wanting an unmolested car. This is normal. If a car has been repaired properly, it will be as good as new.

I have been under a lot of Vipers. Many that have “never” been in an accident are in worse shape than those that have (and been repaired). There are those Vipers that have “rubbed” a curb, when in actuality they have bent the frame or suspension components.

A Viper has a square tube frame. You can not straighten it. Once tubing is bent, it looses its structural integrity. The frame can be cut at the welds and re-sectioned. Race cars do it all the time. It is basically good as new. But then again it has been repaired.

So did you loose value? Most likely yes.
How much?….that depends how on good the repair was.

 

[Big Medicine]

Suppose they don't have any integrity & the paint job seems to fit the year & mileage for the implied condition.

How are !YOU! gonna know?

You're going to honestly tell me you are willing to rely on what someone tells you? That's the whole point of my question!

How are !YOU! gonna know independent of what the seller says?

I'm not saying it's fair, or that I disagree with any reasoning on diminution in value; both scenarios assume you understand the true vehicle history.

So, what I'm asking is, painly, how are you really going to know?

What if you are purchasing from someone who bought it from another individual after it had already been wrecked & the current owner (your seller) doesn't know? You going to accuse him of lying to you?

Caveat Emptor.

 

[rcdice]

My .02 is a loss of value somewhere in the 10-15% range.

This is an interesting topic as I've been kicking around the idea of "one of these days" buying a GTS to heavily modify. My thought was the ideal candidate would be a lightly damaged but properly repaired car. If you are going to modify the crap out of it and potentially paint it anyway, why not save $5-10k on the front end?

This is in sharp contrast to when I bought my RT which I bought from the original owner (ie. I didn't buy it new). On that car, I only wanted a pure, clean, never wrecked, low mileage car. I wouldn't have considered a previously damaged car, at any price.