Diminished Value (help needed)

[65 Cobra]

Looking for some advice.

I am getting my son's car back tomorrow and Farmer's will be making a diminished value offer.

I explained to them I am not looking for a handout, just a fair offer. To show good faith, I declined their offer of a rental car the past 31 days as we have extra cars.

The details.

2018 Premium GT PP1 with about every option but Recaros
MSRP of $51,520.
2,414 miles
$10,350 in damage
Only panels replaced were hood and bumper (fenders blended to match hood) No structure damage but LED lights and Safe N Smart sensors really escalated the damage numbers.

What is reasonable. I have seen online calculators with values of 4-8K.

Thanks in advance

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[Brazos609]

Expect an offer of $400.

 

[65 Cobra]

Expect an offer of $400.

Farmer's ask me if I would forego a DV claim if they kept it from hitting Car Faux. LOL

I am talking to a few services that will prepare a claim for a fixed fee and awaiting their offer.

 

[Angry50]

thats tough, in all honesty on a car like this 2-3k is about what you will lose if someone finds out there was 10k of damage.

 

[Jetnoise]

When do you plan on selling the car?

 

[65 Cobra]

I have no currents plans to sell. Just looking for a fair resolution in case I do in the future.

 

[Brazos609]

Farmer's ask me if I would forego a DV claim if they kept it from hitting Car Faux. LOL

I am talking to a few services that will prepare a claim for a fixed fee and awaiting their offer.

Expect to pay the fee for the letter and when they still refuse to pay expect the service to offer to file a civil case for you for another fee.

 

[Moostang83]

Every company is different. Everyone has proprietary software to determine current market value and then value of vehicles for sale with a loss. Hope it works out for you.

 

[Jetnoise]

I have no currents plans to sell. Just looking for a fair resolution in case I do in the future.

What was the outcome?

 

[65 Cobra]

What was the outcome?

No offers yet. Still waiting.

I have pulled 5 similar cars for cars.com and location the original sticker for each in order to determine market value.

 

[Jetnoise]

No offers yet. Still waiting.

I have pulled 5 similar cars for cars.com and location the original sticker for each in order to determine market value.

I'm scared to ask .....but what's the typical depreciated amount on an undamaged 18 right now?

 

[65 Cobra]

I'm scared to ask .....but what's the typical depreciated amount on an undamaged 18 right now?

15-20%. These are asking prices, not trade in prices.

 

[Jetnoise]

15-20%. These are asking prices, not trade in prices.

that's interesting data! & thanks for sharing!
Now how can you or are you planning to use that data to get an equitable adjustment to your loss?

 

[66Bronc1]

Not sure there is a formula for this. My guess would be 15-20 % less trade in value. This happened to me on my MazdaSpeed 3. I was so upset when my son crashed the car (he was fine, fortunately and most important) but I end up trading it in and my trade in value was 20% less from the accident. I never even drove the car afterwards, I traded it in right away.

 

[Rock&Roll]

Wow just read your other thread. Your son is in school. Driving for only 5 months and was driving a $51k car. He gets hit by someone and I’m quessing your working out all the details ?

Can you adopt me ?

I might be older than you but I’m young at heart and I’m from the generation that says please and thank you. I’ll even take out the garbage, clean the kitchen and cut the grass without being told.

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