Diminshed value question
My lease is up the end of this month. 2008 IS-F USB loaded with every option. Mileage is 25,000 with all service work history. Here is the deal. Last year I ran into a barricade on a back road doing 50 mph (no lights on the barricade and didn't see it until it was too late). Blew out the windshield and I couldn't see, went off the road and up an incline and landed between two trees. No structural damage to the car at all. All work was superficial. New hood, windshield, front fascia and the rest was paint. Total came to $7,000 and like an idiot I put it through insurance and now it shows up on car fax.
Question is, this car would likely bring $40,000 if I was to sell it. I can buy it out pretty reasonable but since it's got that $7,000 damage on car fax how much will that lower the value?
Trying to decide if I should let the car go or buy it and trade it or sell it later but don't want to do it if the diminished value takes it down to $35,000 or so.
Question is, this car would likely bring $40,000 if I was to sell it. I can buy it out pretty reasonable but since it's got that $7,000 damage on car fax how much will that lower the value?
Trying to decide if I should let the car go or buy it and trade it or sell it later but don't want to do it if the diminished value takes it down to $35,000 or so.
Intermediate
Joined: Feb 2011
Posts: 360
Likes: 5
From: California (Sunnyvale)
My take is let the car go. Here are the reasons, even if you keep the car and later want to sell, it will be very difficult for you to explain the accident and the damages. Very few will believe that after this much damages there were no chassis damage. It will be a hassle to sell it later.
My 2 cents.
My 2 cents.
Lexus Connoisseur
Joined: Mar 2001
Posts: 19,846
Likes: 578
From: USA
Doesn't matter if its a leased car. You are supposed to return the car to the lessor in the condition you first borrowed it from. So if there are signs of collision repairs or sheetmetal replacement, or repaint...esp mileage overage those items will count against you when you turn in the car.
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Shnerez420
SC - 1st Gen (1992-2000)
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Aug 9, 2004 07:46 PM
