Diminished Value Claim - Corvette Forum
 
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post #1 of 6 (permalink) Old 04-21-2009, 07:41 PM Thread Starter
 
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Diminished Value Claim

I'm not sure this is the right forum for this question, but here goes...

Bought a 2008 Coupe 3LT Z51 package - every option but the custom leather interior, on September 4, 2008 during the GM employee discount promotion. Sticker was $57,945.

On October 17 my wife and I were taking our very first weekend road trip down to College Station to see the Texas Tech vs A&M football game. We stopped for a bite to eat on the east side of Ft. Worth, and after hopping back onto the freeway, quicky moved into the center lane of the 3 lane freeway and begun to pass an 18 wheeler (Peterbuilt conventional nosed tractor)traveling in the fast lane...as I was about 90% passed the truck it decided to change lanes to the center land and proceeded to clip my left rear corner panel, spun me sideways and then t-boned me in the drivers side door and pushed us over 800 feet down the freeway at 65mph! The driver, seeing the smoke from my tires being ground square, thought she had a blow out and let off the gas and proceeded to steer the truck to the left side of the road and slowly come to a stop. It wasn't until we came to a complete stop and my wife and I crawled out the passenger side of the car did the drive realize my brand new Corvette with only 646 miles on it was pinned against her radiator - the drivers side mirror sheered off, drivers side window blown out and significant body and left rear axle damage. My wife and I had nightmare's for weeks having visions of that truck rolling over the top of us, squishing us like sardines - it's a miracle we weren't crushed.


Luckily my wife and I were not seriously injured, although we we incredibly sore for weeks afterward and I had to visit a chiropractor for several treatments when my back finally gave out about 5 weeks later.

But cut to the chase - total Chevrolet dealer collision center bill came to $12,349.01. No frame damage, mostly cosmetic, 1 rim, all 4 tires, rear left suspension arms and bushings, door glass, mirror, door panel, rear qtr panel skin, paint and interior cleanup from glass.

The car actually did remarkably well - since we were both doing 65 the impact was minimal and most of the damage was from being pushed, not impacted.

I am attempting to pursue a diminished value claim with the responsible parties' insurance company and retained a professional diminished value apprasier who calculated that due to the vehicle being a high performance exotic car with a unique and sophisticated buyer's market, the car has expirienced a significant negative diminished value of up to 30% of it's original value due to the extent of the damage - up to an $18,461 loss. The insurance company is offering to settle for just $7500, which includes loss of use and reimbursement of medical expenses - essentially offering no diminished value settlement at all.

The car was virtually brand new _ I bought it purely as a weekend pleasure car, already having a daily commuter for work. As I said, it only had 646 miles on it at the time of the accident!

I'm ready to turn it over to an attorney.

My question to the forum is this: would you buy this vehicle if it were listed for sale and the accident was disclosed at time of sale? In your opinion, how much has the vehicle diminished in value because of the accident.

Does anyone have any experience or success stories relating to diminished value claims?

I appreciate your feedback and look forward to your responses.

Last edited by Sundance; 04-21-2009 at 08:33 PM.
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post #2 of 6 (permalink) Old 12-16-2009, 05:21 AM
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I just purchased a used '07 C6. I would not have considered a vehicle with an accident history. There is no telling exactly how much damage there was under the skin. Carfax and other companies will likely show accident records as it did with several that I looked at. I noticed that cars with an accident listed in Carfax reports sold for substancially less than clean cars. I'd definitely press for diminished value.

Dennis
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post #3 of 6 (permalink) Old 04-14-2016, 04:12 PM
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Lightbulb Carfax and their lack of accident information

Quote:
Originally Posted by dyogi View Post
I just purchased a used '07 C6. I would not have considered a vehicle with an accident history. There is no telling exactly how much damage there was under the skin. Carfax and other companies will likely show accident records as it did with several that I looked at. I noticed that cars with an accident listed in Carfax reports sold for substancially less than clean cars. I'd definitely press for diminished value.

Dennis
After 17+ years, my hidden accident information was finally responded to.

On December 23, 1998, our Son's new 1999 Corvette @ 001,500 miles was totaled by a deer @ 35 MPH. We kept possession of the wreck until the claim was resolved. The Dealership and I inspected the wreck. This car should not be repaired. When the claim was paid, I placed water proof notes in the car. On April 02, 2016 I received this email: "Dear Sir; I had purchased this corvette from an acquaintance in 2007. When I purchased the person had a clean car fax and a clean title. I later found out that this car was totaled in NJ, and the insurance co. moved it 3 times.........your notes were found by my repairman." I responded with the VIN 1G1YY22G4X5109326 and it was the same. I also emailed this guy some scanned photos. His local D.A. wants to trace the car's history and press charges. But I think, due to the time frame, they're out of luck. This car was sold at an auction for $20,000+ in early 1999 and not worth it. I offered $10,000 to the insurance company but they wanted more. The new owner soon found out what he got--from a fast inspection, he did not see: The frame was bent, the trans-axle leaked, the front radiator support was broken, cracks in the side rocker panels under the doors, both seats broken off their tracks, the remote 6 CD player crushed, rear wheels damaged along with tires. Our Dealership transported the car to their shop for inspection. They cut off much of the quarter panels as they were beyond repair. The first photo--the car after crash. The second photo after inspection as the car was returned to our home for storage. Never fully trust Carfax as their reports are based upon what they received from Insurance Companies, repair shops, etc. A new exact equipment replacement Corvette was ordered within 48 hours. The Insurance Company downloaded the information on the car's black box and paid the claim. This was the first year that accident information could be obtained.

Due to the many Deer accidents in NJ, I told our Son, the last thing you want is to hit a deer head on. There's a risk of the deer entering the vehicle via the windshield. This was winter, with some freezing conditions. He attempted to miss the Deer but due to lack of room, he spun out. There wasn't enough room or time to recover even with traction control. The rear tires hit a low retaining wall as the rear of the car hit a tree. The Police and Insurance company had questions that were answered by the download of the accident information. I hit a deer the week before in my E-250 Club Wagon but that was a different higher vehicle. I plan to send the current owner additional photos on this event + the video inspection. The car did its job and no human got hurt. I think the current owner's time limit has expired for anything to be done. ALWAYS DO A COMPLETE INSPECTION OF ANY USED VEHICLE! I'm new to this site and must figure how to post photos.
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post #4 of 6 (permalink) Old 04-14-2016, 04:21 PM
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Quote:
Originally Posted by Sundance View Post
I'm not sure this is the right forum for this question, but here goes...

Bought a 2008 Coupe 3LT Z51 package - every option but the custom leather interior, on September 4, 2008 during the GM employee discount promotion. Sticker was $57,945.

On October 17 my wife and I were taking our very first weekend road trip down to College Station to see the Texas Tech vs A&M football game. We stopped for a bite to eat on the east side of Ft. Worth, and after hopping back onto the freeway, quicky moved into the center lane of the 3 lane freeway and begun to pass an 18 wheeler (Peterbuilt conventional nosed tractor)traveling in the fast lane...as I was about 90% passed the truck it decided to change lanes to the center land and proceeded to clip my left rear corner panel, spun me sideways and then t-boned me in the drivers side door and pushed us over 800 feet down the freeway at 65mph! The driver, seeing the smoke from my tires being ground square, thought she had a blow out and let off the gas and proceeded to steer the truck to the left side of the road and slowly come to a stop. It wasn't until we came to a complete stop and my wife and I crawled out the passenger side of the car did the drive realize my brand new Corvette with only 646 miles on it was pinned against her radiator - the drivers side mirror sheered off, drivers side window blown out and significant body and left rear axle damage. My wife and I had nightmare's for weeks having visions of that truck rolling over the top of us, squishing us like sardines - it's a miracle we weren't crushed.


Luckily my wife and I were not seriously injured, although we we incredibly sore for weeks afterward and I had to visit a chiropractor for several treatments when my back finally gave out about 5 weeks later.

But cut to the chase - total Chevrolet dealer collision center bill came to $12,349.01. No frame damage, mostly cosmetic, 1 rim, all 4 tires, rear left suspension arms and bushings, door glass, mirror, door panel, rear qtr panel skin, paint and interior cleanup from glass.

The car actually did remarkably well - since we were both doing 65 the impact was minimal and most of the damage was from being pushed, not impacted.

I am attempting to pursue a diminished value claim with the responsible parties' insurance company and retained a professional diminished value apprasier who calculated that due to the vehicle being a high performance exotic car with a unique and sophisticated buyer's market, the car has expirienced a significant negative diminished value of up to 30% of it's original value due to the extent of the damage - up to an $18,461 loss. The insurance company is offering to settle for just $7500, which includes loss of use and reimbursement of medical expenses - essentially offering no diminished value settlement at all.

The car was virtually brand new _ I bought it purely as a weekend pleasure car, already having a daily commuter for work. As I said, it only had 646 miles on it at the time of the accident!

I'm ready to turn it over to an attorney.

My question to the forum is this: would you buy this vehicle if it were listed for sale and the accident was disclosed at time of sale? In your opinion, how much has the vehicle diminished in value because of the accident.

Does anyone have any experience or success stories relating to diminished value claims?

I appreciate your feedback and look forward to your responses.
We turned our diminished value claim over to an Attorney who handles that type of claim. My wife's, then new with 003,500 miles, Lincoln MKZH was hit in the right rear quarter. I attempted to deal with the other insurance company but they weren't interested. Our loss in value is $6,500. No one, in their right mind, would pay full value for a repaired vehicle. The repair cost was just under $10,000. The car now has an additional 20,000 miles on it with no issues except the accident history. My advice, do not waste your time as an Attorney will have a better chance to recovery any diminished value loss.
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post #5 of 6 (permalink) Old 04-14-2016, 04:31 PM
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NOTE: Photos of the wrecked Corvette with clean Carfax is my profile photo.
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post #6 of 6 (permalink) Old 12-19-2016, 07:38 AM
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They don't hold their value too good these days.
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