Crunch
#16
Lexus Fanatic
My thoughts are accidents greatly affect selling prices on cars...I see on my other forum the discussion of "diminished value" and they go after the person at fault. I know on this sub forum, we always seem to discuss southern cars, 1 or 2 owner, no accidents.....and cars of this vintage are old enough to have had accidents and they are not on the Carfax, so that is no guarantee....my .02.....it would be good for the other party to pay the diminished value claim...the idea is that the victim is made whole....
http://www.carinsurance.com/Articles...lue-claim.aspx
http://www.carinsurance.com/Articles...lue-claim.aspx
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enigma25 (07-10-17)
#17
Rookie
Thread Starter
take some pictures of the damage for future buyers.tell the insurance company that you want diminished value for the frame damage.are you sure that frame damage will be on the carfax?Best of luck.
if this is a problem keeping it I would trade it in the moment you get it back before the repair gets on the carfax.
if this is a problem keeping it I would trade it in the moment you get it back before the repair gets on the carfax.
I am not sure if it will show as frame damage on a CarFax, but I have seen cars listed with a CarFax report, and frame damage comes up as a big, nasty 'X'. I have a little time to make up my mind about trading it, but that might be the best bet.
I'll speak to my attorney later today and ask him about penning a letter to the other party's insurance company for diminished value due to the frame damage.
Thank again!
Best,
Rick
#18
My thoughts are accidents greatly affect selling prices on cars...I see on my other forum the discussion of "diminished value" and they go after the person at fault. I know on this sub forum, we always seem to discuss southern cars, 1 or 2 owner, no accidents.....and cars of this vintage are old enough to have had accidents and they are not on the Carfax, so that is no guarantee....my .02.....it would be good for the other party to pay the diminished value claim...the idea is that the victim is made whole....
http://www.carinsurance.com/Articles...lue-claim.aspx
http://www.carinsurance.com/Articles...lue-claim.aspx
#19
You can sometimes get a few grand for diminished value. Don try and do it yourself though. Go through someone that specializes in diminished value. I have done it with any car that had an accident that was not my fault. The other insurance will request an expert come out and appraise value. You can provide comps for non accident and accident cars. One HUGE factor is age of the vehicle. After a car is 7+ years old the payout for diminished value is greatly reduced. With a car your age it may be tough to get much, but the low miles may play a factor. However, it is worth a shot. The other thing I always kept in mind was if I planned on driving the car a while then I just drove it accident or not. In another few years the car will be even older. Accident or not a 15+ year old LS with 100K+ miles on it is only going to be worth so much accident history or not. Good luck with your repairs. Accidents suck but glad you are ok.
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enigma25 (07-11-17)
#20
Driver School Candidate
Take it from an expert, your car has lost approximately 40% of it's trade-in value prior to the accident. It is the structural damage that makes the loss of value so high, no Lexus dealer will put it on the lot, instead they will send it right to auction.
#21
Rookie
Thread Starter
Thank you for your input, but I have a question; how did I lose 40% of my trade in value before the accident?
#23
Rookie
Thread Starter
i'm assuming that's what he meant as well. I have decided that I am going to part with the car as soon as I get it back. I've talked to a few dealers about trading it and no one had any problem taking it on trade after they look at it. I truly despise selling used cars privately, so trading it is going to be my method of disposal.
I'm sure the value I get on a trade will vary with my choice of replacement vehicle.
and so the search begins...
I really want to thank everyone for their opinions and input. There's a lot of wisdom on this forum and it's greatly appreciated.
thank you all!
I'm sure the value I get on a trade will vary with my choice of replacement vehicle.
and so the search begins...
I really want to thank everyone for their opinions and input. There's a lot of wisdom on this forum and it's greatly appreciated.
thank you all!
#24
Pole Position
i hear you on the selling privately.i have sold several over the years and only sold solid cars and traded in any cars that had issues.
what might you be looking at to replace you 430?I often wonder what it would get to replace mine if i had too.
i am waiting for the c7 corvette to get into the upper $30k price point.dont have any kids to have a back seat anymore
what might you be looking at to replace you 430?I often wonder what it would get to replace mine if i had too.
i am waiting for the c7 corvette to get into the upper $30k price point.dont have any kids to have a back seat anymore
#25
Rookie
Thread Starter
i hear you on the selling privately.i have sold several over the years and only sold solid cars and traded in any cars that had issues.
what might you be looking at to replace you 430?I often wonder what it would get to replace mine if i had too.
i am waiting for the c7 corvette to get into the upper $30k price point.dont have any kids to have a back seat anymore
what might you be looking at to replace you 430?I often wonder what it would get to replace mine if i had too.
i am waiting for the c7 corvette to get into the upper $30k price point.dont have any kids to have a back seat anymore
And I hope you approve of my vehicle replacement choice; 2008 MBZ CLK 550, Cabriolet. Complete 180 to say the least! It's a true four seater Fourseason convertible with a little under 400 hp a seven speed with paddle shifters and realistically all of the technology I need for right now in my life !! I have a new wife and two little girls and I think we're going to enjoy the hell out of it ! What do you think?😎
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enigma25 (07-11-17)
#28
Pole Position
I will admit I have met some genuinely nice, sincere, buyers selling used cars, bikes and boats, but overall, it's a lot of time dealing with difficult people.
And I hope you approve of my vehicle replacement choice; 2008 MBZ CLK 550, Cabriolet. Complete 180 to say the least! It's a true four seater Fourseason convertible with a little under 400 hp a seven speed with paddle shifters and realistically all of the technology I need for right now in my life !! I have a new wife and two little girls and I think we're going to enjoy the hell out of it ! What do you think?😎
And I hope you approve of my vehicle replacement choice; 2008 MBZ CLK 550, Cabriolet. Complete 180 to say the least! It's a true four seater Fourseason convertible with a little under 400 hp a seven speed with paddle shifters and realistically all of the technology I need for right now in my life !! I have a new wife and two little girls and I think we're going to enjoy the hell out of it ! What do you think?😎
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enigma25 (07-12-17)
#29
Rookie
Thread Starter
#30
Instructor
If it is fixed to look good and you like the car, its got at least 15 more years in it. So keep it and drive till it falls. You dont care if it has frame damage! BTW, if its not your fault you should be able to MAKE the other insurance company PAYfor full restoration.