Hazbill

My 2014 ES350 was hit by driver that ran red light causing $8000 worth of damage. Is there any data showing diminished value? Would this meet Lexus CPO protocol?

Gronemus

It is my understanding that most if not all manufacturer CPO programs will not accept a vehicle that sustained major damage.

Yeah, it sucks when you get hit by some moron because even if the car gets fixed as good as new it just isn't worth as much in the eyes of most people when it becomes time to sell or trade in...

Dave Mac

No, I am not aware of any data on diminished value but I can tell you it is very real and the insurance companies have dedicated "diminished value claims adjusters" who will offer you very little. This is a case where I'm afraid you will need an attorney with some experience in the field to represent you or you will get almost nothing.

A couple of examples of the process: One son had a very minor accident (new bumper skin only) in a new Mercedes and a year later three dealers refused to even take the car as a trade on a Lexus and a fourth offered $8K below trade value without even seeing the car. Second son's wife had a 10 year old Honda Civic with less than 40K miles involved in a repairable accident and the diminished value expert determined the diminished value to be $xx dollars but reduced rather than increased the amount for the 40K miles.

Dave Mac