sr20bet

A friend of mine was looking to buy a isf that had a racoon hit the front left fender and the fender was dented. In addition the car had to do a low curb jump to avoid a car which served into the lane which the isf was travelling in. All repairs were done by the Lexus dealer and the total cost of the two accidents have a total of around $14,000. The wheels alone were a few grand. The car is a 2008 model with about 70k miles. The overall condition is 9/10 other than the aforementioned.

What do you think the diminished value would be for the two accidents if the car was repaired correctly? The diminished value is the value of the car worth without the accidents minus the value of the car with the accidents.

I know this is all very difficult to ascertain because there are so many variables. However any constructive feedback is appreciated in advance. Maybe some methodologies as to how to ascertain the value would also be appreciated.

ULTSISF

iTrader: (2)

First of all, what price are they asking? Air bags deployed during these incidents? Who is selling the vehicle private or dealer?

sr20bet

2008 isf, 70k miles, first original owner who just had some bad luck with a racoon and someone cutting him off. asking about $29k

No airbags deployed.

When the racoon was hit: Fender was dented and replaced with a new fender, work done by lexus dealer (not sure what body shop lexus used)

When the curb was jumped: front suspension and related components were all changed and the wheels where all replaced under warrant. The curb was low, so there was nothing underneath that touched the curb. No body work was damaged.

darbs242

iTrader: (5)

thats a completely legit deal. i was talking to a dealer about trading my isf in on a gtr and they were gonna give me 28 and i have been in two accidents that totaled close to 25 in repair. these cars cost a lot to fix especially if you hit wheels...

DIMINISHED

You shouldn't be hurt too much on a 2008 Lexus. If it were newer the dealer might gig it 20% of the trade-in value assuming no frame damage.

scamsel

ha, you are uniquely qualified to comment on this thread

sr20bet

Thanks foe the feedback.

However if you need er had the accident, how much more would they have given you? If you had to guess it did they say anything?

Also if you buy a gtr they can give you more on the trade because there is more money to play with on the profits from the gtr. ie there is more room to play with in terms of the numbers.

9aristo

iTrader: (10)

this thread crashed my internal processing unit.

WillRockwe

accidents involving body work should not diminish the value of a car at all if they were fixed properly. Only if the frame is involved do you have a compromised vehicle. I just had the driver side door replaced on my '11. It looks new (it IS new), certainly the value is not diminished.

Schmexus

I fully disagree. A percentage of people(myself included) wouldn't even consider buying a vehicle with a reported accident. Two reported accidents will DEFINITELY drop the value of a vehicle as there will be significantly less potential buyers willing to purchase a vehicle with such a history.

A vehicle with a clean/clear, accident free vehicle history is more desirable than a vehicle with multiple accidents that required significant repair work. If you had your choice and there was no price difference, which would you pick? There is your answer.

ULTSISF

iTrader: (2)

I concur to this....granted if you're shopping on budget then that's another thing to look into. The ISF is a super reliable vehicle is been proven already.

sr20bet

I agree with this.

If there were two identical cars and one had 2 accidents and the other had not accidents. there is a difference in the value of the two cars from many perspectives.

there is a difference in:
1. marketability
2. the unknown potential of problems (you say small accident, people distrust you and think you are hiding something)
3. the fact that it's not original paint and when you go to trade it in they will use a paint meter to measure the paint. they will offer you less once they know that it has been painted. the question is how much less

the difference you would pay between the accident and non-accident car is called the diminished value.

however to have anything of statistical sig. you would need 100 identical cases and take an average. that would never happen, so it's a judgement call more often than not.

WillRockwe

I think the difference is in the term "reported accident". Minor accidents (which mine was) tend not to be reported and usually involve less damage. I agree that the Carfax report influences resale value.

kauaian

iTrader: (18)

Perfect analogy! Then there is the factor of how much do YOU want that particular vehicle (year, color, options, etc.) a vehicle will have different value per person as it's only worth what one is willing to pay.

I have bought vehicle with accidents on file and one with a rebuilt/salvage title and had no problems selling them. Of course the type of accidents, amount and type of damage makes a big difference. My last supra Had a rebuilt/salvage title. It was stolen back in 98 and the entire drive train was stolen. Some states branded the title as a rebuilt and others salvage. Of course the purchase and sale prices did reflect the title branding.