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Diminished Value opinion

Discussion in 'Model X' started by crashedx, Mar 3, 2018.

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  1. crashedx

    crashedx New Member

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    I was the lucky winner to find my bumper ripped off my parked Model X a couple nights ago. The other driver stuck around, had insurance and got a ticket. Now the fun part as I start dealing with the other insurance company.

    My 2017 X 75D has 4,700 miles on it and was in perfect condition. I fully expect this to take months to fix and it will show up as an accident on the Carfax report.

    I live in a state that allows claiming Diminished Value when not at fault. Once the car is fixed, I'm trying to determine if I should hire an attorney to go after the other insurance company for the diminished value. I'm looking for opinions on how how much people think the car has depreciated by this accident and the fact it will show up on Carfax. As of last night, Kelly Bluebook said the car was worth $83K for private party sale and $77K for trade-in in excellent condition.

    What do you think the diminished value is from this? Get an attorney?
     

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  2. mongo

    mongo Well-Known Member

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    If the only damage is the bumper and wheel skirting without any bent metal, I don't see any diminished value beyond the physiological impact of having been repaired. It will still be in excellent condition with no frame damage. Keep the records of the repair for proof during future sale.
     
  3. Kuhz

    Kuhz Member

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    That is the whole point of diminished value. In the future when a prospective buyer is looking at two same cars, which one will they buy, clean no history or one with accident? Also at trade in you’ll get less just because of the history of an accident no matter how minor it was.
     
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  4. mongo

    mongo Well-Known Member

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    Yes, I am aware of the point of DV. However, there is a difference between a structural repair and a replaced plastic bumper cover. Since they were talking about getting a lawyer to pursue the DV, I was trying to temper expectations of what the OP might be able to recoup.

    A repaired frame is not like a new frame. A replaced bumper cover with new clips is. Otherwise, any repair that requires removal would cause DV.

    Compare: windshield replaced due to stone: no report, windshield replaced due to truck with unsecured load, insurance claim, report. That is what I meant by the only difference is physiological and a buyer might comprehend that, or they might never choose the one with a mark on its record regardless of price delta.

    OP will need to get the repair details and feed them to one more knowledgeable than I to get a valid number.
     
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  5. HadoukenZR

    HadoukenZR Member

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    If you can claim DV then get an estimate (online company or other sources) and demand that compensation from the other insurance company.

    Anything that requires repair, structural, bumper, paint correction, whatever) and if shown on CarFax reports later on WILL affect your resale value.

    My past experience. I got rear ended at a red light from same lady who wasn't paying attention in my GT-R. I went online to DV assessment site, got an estimate, forwarded that to the insurance company, and they agreed to pay me $2K DV. I didn't even require a new bumper but it did need to be re-painted.

    Point is... Anything that is replaced (structural or not) or in my case (and yours too I assume) requiring repainting is a valid case.
     
  6. chillaban

    chillaban Active Member

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    FWIW I was just at Carmax yesterday getting an A4 appraised. They took off $3500 on the trade in simply because of a parking lot fender bender which required the front bumper to be replaced by a genuine OEM part.

    They were rather up front about it — it hadn’t shown up on CarFax yet so they ran it with and without self reported repair work. I was a bit surprised by the impact, over 10% of the offer.

    So yeah it sure seems like there is justification for a DV claim. Being involved in an accident of any magnitude seems to impact the resale value significantly.
     
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  7. legend502

    legend502 Member

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    Any update on your DV claim? what did you decide to do?
     
  8. Uncle Paul

    Uncle Paul Active Member

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    Think you should sue CarFax for spilling the beans.
     

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