insurance claim - Impact on value
#1
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insurance claim - Impact on value
Hey guys,
I have been lurking around this forum for months now and I am now ready to step out of the shadows as I am committed to owning a 993TT very soon.
I am now looking at a low mileage car (sub 20k) that got in an accident a couple of years ago. The damage is well documented as are the repairs...I was wondering if the price of the car should be adjusted by much? (if it makes a difference, the impact was on the side door and rear quarter panel. Both were replaced).
As far as I'm concerned, I don't really care for the damage if the repairs have been done well...are people generally spooked by a car that has an insurance claim on its Carfax? I just don't want to overpay and lose tons of $ if ever I decide to sell the car down the road. With the crazy prices we're seeing these days, I want to make sure I covered all bases..
Thanks for your help! I look forward to officially joining the group
I have been lurking around this forum for months now and I am now ready to step out of the shadows as I am committed to owning a 993TT very soon.
I am now looking at a low mileage car (sub 20k) that got in an accident a couple of years ago. The damage is well documented as are the repairs...I was wondering if the price of the car should be adjusted by much? (if it makes a difference, the impact was on the side door and rear quarter panel. Both were replaced).
As far as I'm concerned, I don't really care for the damage if the repairs have been done well...are people generally spooked by a car that has an insurance claim on its Carfax? I just don't want to overpay and lose tons of $ if ever I decide to sell the car down the road. With the crazy prices we're seeing these days, I want to make sure I covered all bases..
Thanks for your help! I look forward to officially joining the group
#3
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Buy it smart now. When ready to sell, price it smart. It will sell again. Sure, less than a no-story car.
#4
Burning Brakes
My humble opinion of two scenarios:
A. Brass tacks??? chop 15-20k off it so then it's worth 85/90K with blemish... and if sorted well. And you''ll see more of a flat line of value going forward as opposed to appreciating like some others that don't have the black mark on record. I could see a little paint work sure okay these cars are not spring chickens but as long as ****there's no documented frame damage**** That will scare everyone away forever from an investment perspective.
B. 10 years time no one will care. And it will appreciate as the herd continues to thin. For example I'd love an old pre 74 long hood and i could care less if it was in just a lil fender bender.
A. Brass tacks??? chop 15-20k off it so then it's worth 85/90K with blemish... and if sorted well. And you''ll see more of a flat line of value going forward as opposed to appreciating like some others that don't have the black mark on record. I could see a little paint work sure okay these cars are not spring chickens but as long as ****there's no documented frame damage**** That will scare everyone away forever from an investment perspective.
B. 10 years time no one will care. And it will appreciate as the herd continues to thin. For example I'd love an old pre 74 long hood and i could care less if it was in just a lil fender bender.
#5
Excellent point on B) above. In 10-15 yrs people will be dying to have one of these icons and well documented history of the fix should cover you ok. But as others have said it just won't appreciate as fast as a non-story example. But let's face it the value of these things will never go down at this point...slow down sure but go down...I highly doubt it. Get in now while you can.
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Thank you all so much for your input. I'd rather assume shhhzaammm's option A ...if option B materializes that's just a bonus.
I doubt I'll be able to buy smart and have the seller (dealer) chop the price so that it reflects the damage history. I'll keep looking so if you hear of a nice black/black for sale, let me know
I doubt I'll be able to buy smart and have the seller (dealer) chop the price so that it reflects the damage history. I'll keep looking so if you hear of a nice black/black for sale, let me know
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#9
Burning Brakes
I won't argue with any of the advice you've been given. I can share with you my experience as a seller of my 97tt less than a year ago. After four days of ownership the car was vandalized in Las Vegas. You can search my posts and get bored to tears and relive my trauma, all at the same time. The damage was only cosmetic...a few hammer blows to break the front, rear and passenger door window. One strike on the hood and several blows to the right rear fender....pictures posted on this forum. The car is the one pictured as my avatar. Prior to purchase I had a PPI performed. One cylinder failed the PPI and the seller agreed to pay for a top end job. I spent an extra 6500 on while it's apart stuff. So what I had for sale was a 97'tt with 28k with a new windshield and rear window with all new seals from bare metal. Zero rust, zero accident damage, fresh top end and zero evidence of the cosmetic damage. I was asking 84k. I can't tell you how many guys said they would love to buy the car but since it was not the original paint they just couldn't consider it. I did sell the car for 82k and my guess is that the fools that didn't buy the car because of the paintwork are as regretful as I am for selling it in the first place.
#10
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I won't argue with any of the advice you've been given. I can share with you my experience as a seller of my 97tt less than a year ago. After four days of ownership the car was vandalized in Las Vegas. You can search my posts and get bored to tears and relive my trauma, all at the same time. The damage was only cosmetic...a few hammer blows to break the front, rear and passenger door window. One strike on the hood and several blows to the right rear fender....pictures posted on this forum. The car is the one pictured as my avatar. Prior to purchase I had a PPI performed. One cylinder failed the PPI and the seller agreed to pay for a top end job. I spent an extra 6500 on while it's apart stuff. So what I had for sale was a 97'tt with 28k with a new windshield and rear window with all new seals from bare metal. Zero rust, zero accident damage, fresh top end and zero evidence of the cosmetic damage. I was asking 84k. I can't tell you how many guys said they would love to buy the car but since it was not the original paint they just couldn't consider it. I did sell the car for 82k and my guess is that the fools that didn't buy the car because of the paintwork are as regretful as I am for selling it in the first place.
Besides the color of that car, Arena Red, is my favorite. Might PTS that color.