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Diminished Value

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Old Mar 3, 2021 | 08:08 PM
  #1  
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From: vero beach florida/ connecticut
Default Diminished Value

My almost new 2019 TTS was hit by the gate in the community where I live as I entered the place. The right rear quarter was hit not too badly but enough that they have to reshoot the whole panel.
The damage is $700 but I know when it comes to these cars any paint work is a red flag. I told the head of the association that there is damage beyond the repair and that went over his head.
Do I have a legitimate claim in this case and if so should I get a lawyer.
Thanks
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Old Mar 3, 2021 | 08:17 PM
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You will need a lawyer, diminished value report and an expert in diminished value. This will not be an easy fight or win for you, good luck.
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Old Mar 3, 2021 | 08:43 PM
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Originally Posted by cooler2442
You will need a lawyer, diminished value report and an expert in diminished value. This will not be an easy fight or win for you, good luck.
It was fairly simple when I went through this on my old C4S. I got 11k, the lawyer took 1k out of that. Should be easy to search for a diminished value guy.
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Old Mar 6, 2021 | 12:24 PM
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Your car will lose 10% - 15% of it's pre-accident fair market value. Obtain a comprehensive DV report that isn't based on a formula, algorithm, ad comparisons, book value comparisons or other short cuts and you should be all set without needing an attorney. Expect some back and forth. It comes with the territory. Hire an appraiser who will help you with how to respond to low ball offers, etc.
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Old Mar 6, 2021 | 01:46 PM
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Originally Posted by rmauro
My almost new 2019 TTS was hit by the gate in the community where I live as I entered the place. The right rear quarter was hit not too badly but enough that they have to reshoot the whole panel.
The damage is $700 but I know when it comes to these cars any paint work is a red flag. I told the head of the association that there is damage beyond the repair and that went over his head.
Do I have a legitimate claim in this case and if so should I get a lawyer.
Thanks
im sorry to hear and hope you weren’t injured. You definitely have a legitimate claim. I had success with DV claim after my 2016 Cayenne Turbo S was struck by delivery truck at Porsche dealership. I personally didn’t use a lawyer but that may speed up the process. I’m unsure of that. There was certainly a lot of back and forth regarding my claim. The biggest thing I learned was to get the right appraiser. First appraiser who guilty party used was a joke. I sought out my own appraiser at recommendation of the Porsche certified shop that did my repairs. Your local Porsche certified repair shop may have their own recommended appraiser. This second appraiser knew the value of the car and the relative uniqueness of the vehicle. I’m sure your car would fit this. Beyond the DV settlement paid to me, all certified Porsche repairs were paid. It’s unfortunately a prolonged process but you can be successful in recouping some of your loss. Feel free to PM. Good luck.
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Old Mar 6, 2021 | 11:26 PM
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@rmauro - gosh. what a predicament. good luck and sorry to hear this.
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Old Mar 7, 2021 | 05:57 AM
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Thanks for the replies. My DV appraiser said he would check out the car after the repair. I am taking it to a certified P car body shop in WPB.
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Old Mar 7, 2021 | 07:24 AM
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Pictures would help. I assume you eliminated the possibility of PDR and a quality paint correction on that panel?
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Old Mar 7, 2021 | 10:23 AM
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If the whole panel needs refinishing $700.00 is way light to have it done properly.
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Old Mar 7, 2021 | 10:34 PM
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Originally Posted by rmauro
My almost new 2019 TTS was hit by the gate in the community where I live as I entered the place. The right rear quarter was hit not too badly but enough that they have to reshoot the whole panel.
The damage is $700 but I know when it comes to these cars any paint work is a red flag. I told the head of the association that there is damage beyond the repair and that went over his head.
Do I have a legitimate claim in this case and if so should I get a lawyer.
Thanks
Your story went over the head of the head of the association?? UGH - I feel for you. Hope you get her back to pristine working order. And btw not surprised it went over the head of the head.
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Old Mar 11, 2021 | 02:09 PM
  #11  
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Make sure you keep pictures of the damage. $700 is nothing.
If you called the police it might end up on a carfax. If it does end up on a carfax with "damage reported" it could impact the value. If it doesn't end up on a carfax it would be up to you to disclose the damage to a potential buyer. Personally, I wouldn't care nor would it impact the value of if I was buying it.
A lawer will cost you more than any diminished value on the car.
TK

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