My 2007 LS460L got rear ended
07-21-15, 07:00 AM
#31
First, you will have to resell this car at some point in time. When that time comes, more likely than not the potential purchaser will see the car's history and will either want a discount from what the car's value would have been had it not been in an accident or will simply walk away (put yourself in a buyer's shoes). In either case you will have to sell for less than market value and for that reason you would ideal be compensated for that loss.
Second is that diminished value is determined at the present rate. Meaning that if today you car's value would have been $35k but is now $30k, you should get compensated for $5k. However, you may or may not sell this car today, and if you decide to sell in 4 years when the car's FMV is down to $25k, the accident might impact your price such that you might have to discount it only $2500. So in essence, the diminished value can help with selling the car in the future.
As for how to go about the whole process, I would suggest you search google for something like "car diminished value." You will probably find quite a bit of helpful into that will get things moving for you.
Good luck and stay safe.
07-21-15, 07:22 AM
#32
Driver
Thread Starter
Thanks so much I'm so impressed with the knowledge of the CL forum members I guess that's why we own a Lexus lol I'm waiting for the phone call from the body shop I hope I hear from them today. Thanks so much for the information I really appreciate it.
As Nospinzone mentioned, it's basically the difference between the value or an "untouched" car versus one that's been in an accident. Of course, diminished value has a direct correlation with the overall value of the car (i.e., a $150k Ferrari that's been in an accident will take a larger hit at re-sale than a $35k Lexus). However, I would not overlook this issue for a couple of reasons.
First, you will have to resell this car at some point in time. When that time comes, more likely than not the potential purchaser will see the car's history and will either want a discount from what the car's value would have been had it not been in an accident or will simply walk away (put yourself in a buyer's shoes). In either case you will have to sell for less than market value and for that reason you would ideal be compensated for that loss.
Second is that diminished value is determined at the present rate. Meaning that if today you car's value would have been $35k but is now $30k, you should get compensated for $5k. However, you may or may not sell this car today, and if you decide to sell in 4 years when the car's FMV is down to $25k, the accident might impact your price such that you might have to discount it only $2500. So in essence, the diminished value can help with selling the car in the future.
As for how to go about the whole process, I would suggest you search google for something like "car diminished value." You will probably find quite a bit of helpful into that will get things moving for you.
Good luck and stay safe.
First, you will have to resell this car at some point in time. When that time comes, more likely than not the potential purchaser will see the car's history and will either want a discount from what the car's value would have been had it not been in an accident or will simply walk away (put yourself in a buyer's shoes). In either case you will have to sell for less than market value and for that reason you would ideal be compensated for that loss.
Second is that diminished value is determined at the present rate. Meaning that if today you car's value would have been $35k but is now $30k, you should get compensated for $5k. However, you may or may not sell this car today, and if you decide to sell in 4 years when the car's FMV is down to $25k, the accident might impact your price such that you might have to discount it only $2500. So in essence, the diminished value can help with selling the car in the future.
As for how to go about the whole process, I would suggest you search google for something like "car diminished value." You will probably find quite a bit of helpful into that will get things moving for you.
Good luck and stay safe.
07-23-15, 04:35 AM
#34
Lead Lap
iTrader: (1)
Mrcoach, in case you're not aware, the finish level of the paint on the LS is levels above most other cars. This post isn't about being overly fussy, just be sure that the smoothness and clarity matches the rest of the car when they're done. That's part of what you paid for when purchasing the car. Good luck 
07-23-15, 09:12 AM
#35
Driver
Thread Starter
Ray I was shocked myself this is a 5 star auto body and I expected around 20k and most people thought it was totaled. It's nothing short of a miracle.
07-23-15, 09:16 AM
#36
Driver
Thread Starter
Swfla I absolutely agree and I did mention it I was told all the big parts like hood and fenders were oem and as far as paint goes he offers a lifetime warranty on his work and the paint will look better than new.
We shall see about that..
We shall see about that..
Mrcoach, in case you're not aware, the finish level of the paint on the LS is levels above most other cars. This post isn't about being overly fussy, just be sure that the smoothness and clarity matches the rest of the car when they're done. That's part of what you paid for when purchasing the car. Good luck
07-23-15, 09:21 AM
#37
Lexus Fanatic
I'm not surprised that they didn't write the car off. I felt that because the damage was to the rear, that damage was mostly cosmetic. If the collision had happened to the front, then potential for more costly damage would result (suspension, cooling, steering etc).
Glad it all worked out for you.
Glad it all worked out for you.
07-23-15, 09:28 AM
#38
Driver
Thread Starter
Thanks Chris
I like the wheels on your car what are they?
I like the wheels on your car what are they?
I'm not surprised that they didn't write the car off. I felt that because the damage was to the rear, that damage was mostly cosmetic. If the collision had happened to the front, then potential for more costly damage would result (suspension, cooling, steering etc).
Glad it all worked out for you.
Glad it all worked out for you.
07-23-15, 11:11 AM
#39
Lexus Fanatic
07-23-15, 09:03 PM
#40
Driver
Thread Starter
Sweet! I probably need tires in about 5k miles maybe I will treat my baby to a new pair of shoes.
If you don't mind me asking what the price point was for 4 and who carries them?
If you don't mind me asking what the price point was for 4 and who carries them?
Thanks. TSW Strip (20")
http://www.1010tires.com/images/whee...M_lg_super.jpg
http://www.1010tires.com/images/whee...M_lg_super.jpg
07-24-15, 07:15 AM
#42
Lexus Fanatic
Not to burst your bubble, but many times the estimate for bodywork goes up once they start tearing the car down. It could easily wind up being $20k, and theres a chance at some point after being hit with a supplement from the body shop the insurance company would total it.
07-24-15, 07:58 AM
#43
Moderator
Not to burst your bubble, but many times the estimate for bodywork goes up once they start tearing the car down. It could easily wind up being $20k, and theres a chance at some point after being hit with a supplement from the body shop the insurance company would total it.
07-24-15, 11:16 AM
#44
Not to burst your bubble, but many times the estimate for bodywork goes up once they start tearing the car down. It could easily wind up being $20k, and theres a chance at some point after being hit with a supplement from the body shop the insurance company would total it.
07-24-15, 05:47 PM
#45
Driver
Thread Starter
I appreciate your input but I doubt it would go up that much because it took him 2 days to tear the car down and make the very detailed estimate.
Not to burst your bubble, but many times the estimate for bodywork goes up once they start tearing the car down. It could easily wind up being $20k, and theres a chance at some point after being hit with a supplement from the body shop the insurance company would total it.