wrecked 911 - what is decline in value?
12-23-2012, 12:49 PM
#16
12-23-2012, 01:15 PM
#17
Three Wheelin'
Bad day - another driver caused my 911 40th AE to sustain damage (front end impact). It is not enough to total it. It will have an estimate of $27k worth of repairs. Do any of you have an idea of the percentage decline in value?
It is with a great shop, with a loyal p-car following. I will be seeking diminished value from the responsible party.
Would you keep it and drive it?
Or, try to sell it and buy another one?
Thanks all & Merry Christmas!
It is with a great shop, with a loyal p-car following. I will be seeking diminished value from the responsible party.
Would you keep it and drive it?
Or, try to sell it and buy another one?
Thanks all & Merry Christmas!
12-23-2012, 01:15 PM
#18
Drifting
Diminished value could be a possibility and would ultimately depend on when you plan on selling your car and to whom.
You may need to speak with an attorney to see if the coverage you purchased includes this as a potential loss and the values and limitations thereof. Read your policy thoroughly and you may find your answer.
If you crash a new Hyundai and it is close to totaled but rebuilt, it would have a diminished value as well. The next owners of the vehicle may not bother to check so it may not be an issue.
You may need to speak with an attorney to see if the coverage you purchased includes this as a potential loss and the values and limitations thereof. Read your policy thoroughly and you may find your answer.
If you crash a new Hyundai and it is close to totaled but rebuilt, it would have a diminished value as well. The next owners of the vehicle may not bother to check so it may not be an issue.
12-23-2012, 02:04 PM
#19
Race Director
Based on what colleagues have told me from their experience, DV claims seem to get settled for 10-20% of the cost of the repairs. As an example, repairs of $30K would yield a DV settlement of anywhere from $3K to $6K.
More important that getting a DV check is ensuring the car is repaired properly. Macster nails the process on the head. Doing so has two benefits:
-- if you keep the car, you know it is safe to drive, and can expect the same performance, feel and longevity that the pre-collision car had
--if you sell the car, you can demonstrate to prospective buyers the care and expense that went into repairing the vehicle, which can help minimize the dimished sales value from the collision (although there will be some potential buyers that won't be interested, nothing can be done about them)
As others noted, you were not hurt which is the most important thing. The car took the abuse, which is what it is designed to do.
Good luck
More important that getting a DV check is ensuring the car is repaired properly. Macster nails the process on the head. Doing so has two benefits:
-- if you keep the car, you know it is safe to drive, and can expect the same performance, feel and longevity that the pre-collision car had
--if you sell the car, you can demonstrate to prospective buyers the care and expense that went into repairing the vehicle, which can help minimize the dimished sales value from the collision (although there will be some potential buyers that won't be interested, nothing can be done about them)
As others noted, you were not hurt which is the most important thing. The car took the abuse, which is what it is designed to do.
Good luck
Case in point is my 03 Turbo which shortly after I bought it in 09 (with just over 10K miles on it) hit a mule deer. The cost to repair came to over $25K. Front trunk lid, bumper cover, one headlight, wheel/tire, radiator, A/C condenser, lots of brackets, etc., vapor recovery system, and paint.
But I was very adamant the car be properly repaired as per Porsche's collision repair requirements.
The car was properly repaired and the CPO warranty remained intact and in fact took care of various aliments: failed radiator fan shaft which took out the radiator (and yes, both the tech and I confirmed the fan and all hardware were factory parts even though I had the collision repair paperwork showing that all parts used were new factory parts); noisy idler roller bearing; leaky 6-speed speed tranny (tranny was replaced!); shifter, and clutch accumulator and slave cylinder.
The car now has over 102K miles (around 90K miles added since the mule deer accident) and has no issues arising from the accident or its repair.
'course the car will always have some stigma from having been in an accident, but as time goes by and miles accumulate (and with no issues appearing from the accident repair -- which in CA is covered by a lifetime warranty as long as I own the car!) this counts for less.
DV was not on the table for my Turbo since I had to file a claim against my insurance and DV is specifically excluded.
In the case of the OP's car: First and foremost the goal is to determine if the car is repairable -- has suffered no serious damage to the chassis/tub/structure -- and then get it properly repaired.
Then and only then see about a DV claim. But regardless of this outcome walk away with a car that has been properly repaired and returned to as close to its pre-collision condition as humanly possible.
12-23-2012, 02:07 PM
#20
Rennlist Member
When my fender bender was repaired, the cost went to $20k. Not that hard if you consider the bi-xenon headlamp is $3k by itself, bumper, $2k+, etc. Ironically, the fender was cheap, but when you start adding all the little stuff, it really adds up.
The other ing is I asked my insurance company why they didn't total the car because the value isn't high at over 100k miles. They said, they simply did not have the ability to find a comparable replacement due to my mileage. All the replacements had half my mileage, and in some special cases, they will for-go totalling a vehicle and elect to foot the astronomical cost to fix it.
But really, just get it fixed right and enjoy the car. These are volume production cars and fixing them isn't some black art nor are they hammering on aluminum body panels.
The other ing is I asked my insurance company why they didn't total the car because the value isn't high at over 100k miles. They said, they simply did not have the ability to find a comparable replacement due to my mileage. All the replacements had half my mileage, and in some special cases, they will for-go totalling a vehicle and elect to foot the astronomical cost to fix it.
But really, just get it fixed right and enjoy the car. These are volume production cars and fixing them isn't some black art nor are they hammering on aluminum body panels.
12-23-2012, 05:46 PM
#21
Rennlist Member
Thread Starter
Thanks to all for the replies. The other party and their insurance has accepted fault.
One of the posts intrigued me - take the insurance estimate proceeds and sell the car as is.
How many have had success with this?
Thanks & Merry Christmas!
One of the posts intrigued me - take the insurance estimate proceeds and sell the car as is.
How many have had success with this?
Thanks & Merry Christmas!
12-24-2012, 01:11 AM
#22
Rennlist Member
Thread Starter
12-25-2012, 10:31 AM
#24
For the insurance company, finding a comparable 40th AE will be difficult. . IMO, try to save yourself some time and patience and attempt to get it totalled. Ask the adjuster what the comparable value would be for a similar car like your car before the accident, provided your car has a clean carfax....... you'll be better off shopping for a replacement!
Dont deal with the hassle of getting it repaired to Porsche standards..you will be in for a long road and/or a steady stream of taking care of alot of details such as misaligned panels, poorly blending of the paint panels, squeaks in the dash, poor door or frunk seal issues, overheating, front fans dont turn on , AC not cooling well, electrical glitches, etc.
Dont deal with the hassle of getting it repaired to Porsche standards..you will be in for a long road and/or a steady stream of taking care of alot of details such as misaligned panels, poorly blending of the paint panels, squeaks in the dash, poor door or frunk seal issues, overheating, front fans dont turn on , AC not cooling well, electrical glitches, etc.
12-25-2012, 02:00 PM
#25
Race Director
The problem is the estimate to fix the car is probably low and the insurance saves some money.
In the case of my 03 Turbo I mentioned in a previous post some time into the repair the body shop had to go back to the insurance company for another $5K.
This brought the repair cost up from $20K to $25K.
12-25-2012, 02:06 PM
#26
Race Director
When my fender bender was repaired, the cost went to $20k. Not that hard if you consider the bi-xenon headlamp is $3k by itself, bumper, $2k+, etc. Ironically, the fender was cheap, but when you start adding all the little stuff, it really adds up.
The other ing is I asked my insurance company why they didn't total the car because the value isn't high at over 100k miles. They said, they simply did not have the ability to find a comparable replacement due to my mileage. All the replacements had half my mileage, and in some special cases, they will for-go totalling a vehicle and elect to foot the astronomical cost to fix it.
But really, just get it fixed right and enjoy the car. These are volume production cars and fixing them isn't some black art nor are they hammering on aluminum body panels.
The other ing is I asked my insurance company why they didn't total the car because the value isn't high at over 100k miles. They said, they simply did not have the ability to find a comparable replacement due to my mileage. All the replacements had half my mileage, and in some special cases, they will for-go totalling a vehicle and elect to foot the astronomical cost to fix it.
But really, just get it fixed right and enjoy the car. These are volume production cars and fixing them isn't some black art nor are they hammering on aluminum body panels.
The reason is Porsche keeps/maintains high standards for its body/panel jigs/fixtures so a door made/fitted in '03 can be replaced with a door made in '12 can and will fit the same.
The body shops tell me there are other brands of cars where the door made in afternoon will not fit the car made in the morning of the same day.
This is why I believe as long as the basic structure of the car is good, not bent, that the damage is confined to just bolt on panels, mechanical systems these cars can and are repaired to their pre-collision condition.
