depreciation after accident?
#1
depreciation after accident?
I read here on the org awhile ago that if you get into
a car accident, then your resale value drops considerably.
Today, some lady fell asleep at the wheel and rear ended my
Maxima while we were driving through a tunnel.
(Yes, she told the police that she fell asleep.)
As for damage, the rear bumper is barely hanging on, and there appears to be a slight bend in the metal (quarter panel?) just behind the right rear window. Looks like the frame was kind of crunched a bit or something.
Anyways, I remember reading on an old thread that you can
demand that the other person's insurance pay for the cost
of depreciation that happens when the car has been in an
accident.
I mean, if you try to trade in your 02 max in three years, you
will definately get more money for it if its carfax history(or whatever it is called) is clear than if it has been in a fender bender and repaired. Does this sound right?
Can anyone tell me what I need to say or refer to when I
ask the other person's insurance to pay extra for depreciation?
a car accident, then your resale value drops considerably.
Today, some lady fell asleep at the wheel and rear ended my
Maxima while we were driving through a tunnel.
(Yes, she told the police that she fell asleep.)
As for damage, the rear bumper is barely hanging on, and there appears to be a slight bend in the metal (quarter panel?) just behind the right rear window. Looks like the frame was kind of crunched a bit or something.
Anyways, I remember reading on an old thread that you can
demand that the other person's insurance pay for the cost
of depreciation that happens when the car has been in an
accident.
I mean, if you try to trade in your 02 max in three years, you
will definately get more money for it if its carfax history(or whatever it is called) is clear than if it has been in a fender bender and repaired. Does this sound right?
Can anyone tell me what I need to say or refer to when I
ask the other person's insurance to pay extra for depreciation?
#2
I tried this approach when i got rear ended. The insurance company said they would reopen my case and consider a diminished value settlement but, only if i could prove it. They said i would have to trade my car in and get documentation that the amount offered was less due to an accident. Your state may have certain laws providing guidance for such a claim but many do not. Even the lawyers i spoke to here couldn't give me much advise other than to ask for it. A few of them had no knowledge of it at all. That's about all the info i can give you.
#3
If you plan to trade the car in, don't worry about it. The dealer will not ask you if it has been in an accident because they don't want to know. It takes the liability off of them. What they don't know, they don't have to pass on to perspective buyers.
However, if you plan to sell it in a private-party transaction, that's a different story. It's probable that the perspective buyer will run a CarFax report. In that case, you're screwed.
However, if you plan to sell it in a private-party transaction, that's a different story. It's probable that the perspective buyer will run a CarFax report. In that case, you're screwed.
#4
Originally posted by billyman
If you plan to trade the car in, don't worry about it. The dealer will not ask you if it has been in an accident because they don't want to know. It takes the liability off of them. What they don't know, they don't have to pass on to perspective buyers.
However, if you plan to sell it in a private-party transaction, that's a different story. It's probable that the perspective buyer will run a CarFax report. In that case, you're screwed.
If you plan to trade the car in, don't worry about it. The dealer will not ask you if it has been in an accident because they don't want to know. It takes the liability off of them. What they don't know, they don't have to pass on to perspective buyers.
However, if you plan to sell it in a private-party transaction, that's a different story. It's probable that the perspective buyer will run a CarFax report. In that case, you're screwed.
We also run a carfax report as well.
#5
Originally posted by BLKMAX005SPD
I work at a dealership, You can tell if a car has been in an accdent or not. We check out the cars before we give the customer the numbers of what it is worth.
We also run a carfax report as well.
I work at a dealership, You can tell if a car has been in an accdent or not. We check out the cars before we give the customer the numbers of what it is worth.
We also run a carfax report as well.
I know people can tell when a car has had repair work. Even I can tell 99% of the time, but I was always under the impression the most car dealers are under a "don't ask, don't tell" policy.
Thx for the info BLKMAX005SPD. I'll keep that in mind from now on.
#6
Nope...well the law in PA is if a car has been in an accendent you have to tell the customer...otherwise if they find out later they can sew.
But good luck anyways...
JUST TAKE IT TO A GOOD BODY SHOP!!!!!!!!!!!!!!!!!!
That way it will cover it up better!!!!
Good luck
But good luck anyways...
JUST TAKE IT TO A GOOD BODY SHOP!!!!!!!!!!!!!!!!!!
That way it will cover it up better!!!!
Good luck
Thread
Thread Starter
Forum
Replies
Last Post