SoKali-RX

iTrader: (4)

Well fellas, I was thinking about trading in my 2011 GS350 in immaculate condition for a 2016 RX350 FSPORT until I got hit on the passenger side this past Friday. Took the car in per insurance and got an estimate. Looks like they're replacing both passenger doors, the rear quarter panel, and repainting the rear bumper. The genius in the other car thought it was okay to floor the reverse pedal without looking behind because she had "backup sensors" and said it was not her fault because the sensors didn't go off...Of course she happens to be in a giant SUV and no damage on her car except my paint on her bumper...

So my question is, at this point, if I get the repairs done at a Toyota/Lexus collision center, would my trade-in value drop significantly? I was thinking about just doing a straight up trade-in to my local Lexus dealership. Any advice would be much appreciated. Thanks!

arnieosp

iTrader: (1)

regardless who repairs you car, its value will drop dramatically because Carfax and similar services will now show that the car had been involved in a crash. If I were you, after the car is completely fixed, I would demand from the insurance company compensation for "diminished value". It can be as high as 25% of the car value.

GS350Lexus

iTrader: (5)

Well a lot of times it takes months or sometimes years for carfax to have an accident under the vin. I would suggest to just go and trade it in right away after it is fixed. Also ask for Diminishing value

SoKali-RX

iTrader: (4)

Thanks for the reply guys! Do I ask for the diminished value now after the car is fixed or when I am about to trade the car in? This is the first time I've been involved in an accident so I'm not too familiar with the whole process. Also, do they send you a check for the diminished value? How is it calculated?

I wish I could trade it in now, but the RX is not out yet.

pman6

not her fault?

idiot in suv.

jinnanzhao

Your situation is very similar as mine. My 2008 RX 350 was total loss in an accident two weeks ago. I also expected to trade-in for the 2016 RX 350, but you known we cannot wait until it come into market. According my experiences, the insurance company usually will pay your loss including the repair cost and diminishing value. In most cases, you cannot negotiate the price because they already calculate the money when you involve in the accident. If you don't satisfy the price, you can provide the evidence to the insurance company with your repair shop, and they may revalue your lost. By the way, my insurance company is progressive, and I don't know other insurance companions how to run the claim.

jdoelger

Have a 2010 LS and was rear ended. Repairs were 10K and diminished value exceeded 5K. Insurance company did cut a check.

Lexusfixer

The estimate has been written, the value has already dropped, fix it sell it and take your loss. Or hope you can sell to a private party who doesn't run a carfax check if you could sleep at night doing that. It is highly unlikely Lexus would take a wreck as a trade and if they did they would break it off in you for sure.

gr8fulRed

as others have recommended, seek compensation for the "diminished value" from the at fault Insurance company. If you're not getting cooperation on this issue or if you feel the settlement is not fair, there are people that specialize in "diminished value" cases and will put together "proof" of loss in value even after repairs are made. I know of one here in Okc, Ok.

As for carfax, auto check,etc...those may not be updated for a decent amount of time....so, the dealer you trade with may or may not know of the repaired damage. Obviously though, the repairs will have to be top notch or else they'll know anyways, lol. Selling to an individual would bring more $$$ and most people would not be aware of it's "diminished value" even if having been told it was involved in a minor accident....as long as they are pleased with the cosmetic appearance. Some my take issue, but many would not. Wrecked or not...you'll get furked on value when you trade to a Lexus dealer.

user420

Sold my last car to CarMax after an accident and subsequent repair. Whatever system they use it was on their records within 90 days.

Bavaria

FYI, when I considered trading my '07 for a '15, the Lexus appraiser opened all four doors and I think the trunk. When I inquired why, he advised he was ensuring the (I believe) VIN plate attached to each door and trunk was in place. If they were missing, the car was assumed to be in an accident.

SoKali-RX

iTrader: (4)

Thanks for all the response. Just got a call yesterday from the insurance company saying the other party's insurance accepted liability. That was quick. Hopefully I can trade in the car before the accident shows up on my CarFax. Luckily the damages are only superficial. Will be parting out soon, so keep an eye out!