I know you’re probably WAY over your miles, so turning the lease in is probably not feasible, but having said that - how do the numbers look? I’m sure you’ve compared turn-in (plus mileage penalty) vs buy-out vs trade-in vs outright sale (to I.e. Carvana)?

 

Did you happen to check Vroom? A little over a week ago I checked them and Carvana, and Vrooms offer on my X3 was $2k higher than Carvana. I don't know much about them though.

 

I will try Vroom.

Carvana was awful...$23k LOL

 

What? They offered me more for my 2013 ES back in August.

 

yeah, totally absurd LOL.

 

Just curious, how did you file the diminished value claim and how long do you have after the accident to file?

 

I told the insurance adjuster I wanted to pursue diminished value, and he set me up with a person there that does that and he contacted me about a week later with the offer and appraisal.

He said you can file within 2 years.

 

I'm late to this discussion, but want to make the point that Carvana's $3500 number is closer to the true DV figure than $2400 and constitutes powerful evidence of the same. Coupled with their (absurd) $23K offer, they were saying that DV exceeds 10%.

 

You’re probably right, but the question is how much hassle it’s worth

 

Use the data from Manheim I sent you and the Carvana offer to your advantage. Can they pull the $2400?

 

I would assume that they can until anything is agreed to. Would they? Probably not.

FWIW they estimated the cars value at about $43k.

 

I’d get some more buy-out quotes (Vroom, Shift, Carmax) and see what they say.

 

This is a stock answer that would represent what you'd encounter at a Lexus dealership at trade-in time. If I wanted to purchase a new Lexus, I'd choose an authorized dealer over a Carvana-type outfit.

You will typically lose from 10%-15% of the trade-in value on most late-model cars that have had minor to moderate repairs.

So, in the case of a $40,000 Lexus, the vehicle's diminished value would be $4,000-$6,000.

If there had been structural damage or air bag deployment, you would be looking at losing almost half the value of the car. That's in a trade. In an outright sale, assuming structural or air bags, a Lexus dealer will give you 25 cents on the dollar if they decide to buy it at all.

 

We had a similar thing happen to us being rear ended. Was a three year old 2015 RX. I was told it is usually a percentage of the total work done in dollars. Friend in Richmond had a six month old Highlander have similar damage as you and received $2,000.

Separate note just checked because I heard many years ago the 7 series BMW had a very high depreciation rate. Linked is article showing second highest . Seems great buy of a two to three year old model looking only at cost.

https://www.forbes.com/sites/jimgorz...h=3a3100b75f4a

 

There is no formula, algorithm or ad comparison that can substitute for real world results when it comes to selling or trading your car. That perceived loss, attained by careful research, is the amount of diminished value a car owner is due.