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So I purchased a 2014 Lexus IS250 AWD back in September and I wrecked it recently. Well, it wasn't my fault as the woman involved in the accident did a blind 3-point turn and got a ticket and her insurance will cover it.
Nonetheless, my question is how should I proceed? Doing some quick research suggests that since it was in a major accident it will lose 10-30% in resale value. I am getting it repaired and they gave an estimate of at least $10,000 in repairs, that's before even taking the car apart. Is it even worth holding on to for a few more years or would it be best to just get it repaired and sell it for another car? I've been getting mixed opinions on this issue.
Thanks in advance.
Passenger wheel is actually in much worse shape than it looks.
Swerved to avoid the lady, ran over a sign and shattered the windshield...
Talk to a lawyer In Virginia, but there might be a Virginia case that allows you to recover the diminished value for your car. The diminished value is the lower value for your car if you were to sell it now that it has an accident on its Carfax. You will probably have to hire a neutral diminished value expert to provide a report to the insurance company.
For example, before the accident your car may be worth $25,000.00 if you were to sell it. Now it may be worth $22,000.00. You may be entitled under Virginia law to recover some or all of that $3,000.00 difference. At least that will help mitigate the damage you will suffer when you go to sell your car, whether it be now or in the future.
Talk to a lawyer In Virginia, but there might be a Virginia case that allows you to recover the diminished value for your car. The diminished value is the lower value for your car if you were to sell it now that it has an accident on its Carfax. You will probably have to hire a neutral diminished value expert to provide a report to the insurance company.
For example, before the accident your car may be worth $25,000.00 if you were to sell it. Now it may be worth $22,000.00. You may be entitled under Virginia law to recover some or all of that $3,000.00 difference. At least that will help mitigate the damage you will suffer when you go to sell your car, whether it be now or in the future.
Best of luck.
Yeah that's how I'm proceeding currently.
Is it worth keeping the car though is the question I suppose. I'm not under water on it and getting the additional funds would serve as funds for another purchase.
Is it worth keeping the car though is the question I suppose. I'm not under water on it and getting the additional funds would serve as funds for another purchase.
Totally personal preference. All up to you. If you don't want to drive a car knowing it was in an accident and repaired, sell it and get something fresh and new.
Is it worth keeping the car though is the question I suppose. I'm not under water on it and getting the additional funds would serve as funds for another purchase.
Sorry that happened to you - what a huge bummer. I guess I don't see the real difference in the value that you expect to recover (due to the dimished value) whether you sell it now or later. I think it's totally your preference. If you don't want to keep an almost new car that was wrecked because you don't feel as safe or as happy with it, then I wouldn't disagree with the idea of getting rid of it for something else. If it feels good as new to you once you get it back with repairs, maybe you will decide to keep it.
Sorry that happened to you - what a huge bummer. I guess I don't see the real difference in the value that you expect to recover (due to the dimished value) whether you sell it now or later. I think it's totally your preference. If you don't want to keep an almost new car that was wrecked because you don't feel as safe or as happy with it, then I wouldn't disagree with the idea of getting rid of it for something else. If it feels good as new to you once you get it back with repairs, maybe you will decide to keep it.
True, need to really think about it.
So frustrating, I worked my *** off for years to get that car. Ruined in 6 months.
I am going through this as I was rear-ended 3 weeks ago. I have done a lot of research. After the car repairs are done you need to contact an diminished value appraiser. They will assess a diminished value and you need to make a DV claim against the insurance company. This should theoretically compensate you for the difference between what you would get for a car with a clean record vs yours. You need to tell the adjustor of the insurance company that you plan to make a DV claim - this is not something they will (typically) offer you but they do know about it. It may also depend on your state how successful those claims are.
I don't know why my numbers are yet but I am hoping to come out at the point where the amount I can sell my car for plus the DV claim plus the normal depreciation of my car for the first 18 months should pencil out to being able to buy a brand new one, which is what I plan to do.
My loaded custom-order silver 2014 IS 350 F-sport (RWD) is on the for-sale pages here if anyone is interested (Phoenix area).
Great advice above. If it was me, I would sell it. The car does't feel the same anyone after an accident. Imagine if a gf were to cheat and taking her back! Every car I ever owned after an accident was never the same. Might be okay with a little fender bender but $10k in damages is a different story.
I am going through this as I was rear-ended 3 weeks ago. I have done a lot of research. After the car repairs are done you need to contact an diminished value appraiser. They will assess a diminished value and you need to make a DV claim against the insurance company. This should theoretically compensate you for the difference between what you would get for a car with a clean record vs yours. You need to tell the adjustor of the insurance company that you plan to make a DV claim - this is not something they will (typically) offer you but they do know about it. It may also depend on your state how successful those claims are.
I don't know why my numbers are yet but I am hoping to come out at the point where the amount I can sell my car for plus the DV claim plus the normal depreciation of my car for the first 18 months should pencil out to being able to buy a brand new one, which is what I plan to do.
My loaded custom-order silver 2014 IS 350 F-sport (RWD) is on the for-sale pages here if anyone is interested (Phoenix area).
Thanks for the insight. Do you plan to buy another IS? After doing some math, that'll just be tough for me to do and makes it even more frustrating.
Originally Posted by Glock47
Great advice above. If it was me, I would sell it. The car does't feel the same anyone after an accident. Imagine if a gf were to cheat and taking her back! Every car I ever owned after an accident was never the same. Might be okay with a little fender bender but $10k in damages is a different story.
Yeah it's exactly how I feel, but I don't know that I have much of a choice than to keep it. Unless I want to trade it for something like a TLX or even a GTI/WRX.
I'm not under water, but I still owe a good deal on the car. I don't think having it repaired and selling it + receiving DV will be enough for me to get another IS.
03-02-15, 07:33 AM
Car Accident Opinions...
