It has to be mentioned that you have lost a large percentage of potential buyers. Generally if someone is looking for a Porsche.... they're looking for one with no stories!

This should factor in. Hope you get more like 20%

Ken

 

Sorry to hear of your misfortune, its one of my worst fears of owning a car like this.

I think as others have noted, it is in the order of 10-20%. The sad reality is that a Porsche unlike your typical Honda or mainstream car is far greater scrutinized as to its prior ownership, condition and record. And yes many dealerships will stay clear of accident laden cars as they want to sell and promote "clean" cars for sale such as carmax.

 

Porsche dealerships also can't CPO any car that's been hit on either side. Front bumper, rear bumper and front hood is ok but they have problems with everything else.

 

aaks38, pewter, & sandwedge all make excellent points!

Bottom Line: It becomes a difficult sale....

Believe me, we all feel for you! Good Luck

 

Being a dealer myself I don't buy any cars that have paint work of any sort let alone an accident on Carfax or Autocheck. 10% is about the max that you should expect for diminished value as that is about the hit it will take if sold at the auction and the repair work is evident.

 

I would get the professional appraisal as advised. I went through the same thing years ago with a 450SL. The diminished value was a lot more than 10%. When the appraiser showed up State Farm shut up- and paid.

 

i agree w/ others on getting an appraisal, however I dont agree w/ the 10% figure.

Personally i wouldnt buy a story car for only a 10% discount. Just using random #'s would you buy a repaired car for $45k vs an identical car w/ no accidents for $50k? I wouldnt. $40k maybe.
goodluck.

BTW I cant help think about all the Saab owners who found out y'day that their warranties are no longer valid!

 

Does that work the same with leased cars as well. I'm thinking diminished value is diminished value whether you own it or lease it. Thanks in advance.

Tom

 

I did exactly just that. My car (2005 C2S Cab) was rear ended two years into ownership and I had it repaired by one of the best Porsche body shops in the state of Ct. (Jim Newton Auto, Canton Ct.) And because the dealership was familiar with their work, I kept the car for another two years without incident eventually trading it in for a turbo. When I traded it in to the Porsche Dealership they gave me a great price and I ordered a 2010 Turbo. I felt it was better this way than dealing with the private sector first hand. They first checked the car out top to bottom. It was in mint condition; I happen to be a concours addict. They told me what they could sell the car for and gave me a great price on trade. It was the fall of 2009, the economy was starting to slow down and I was in the right place at the right time. Needless to say I watch my rear view mirror all the time at stop lights now. So most importantly get your car repaired properly. You can't fix the fact that you've had an accident. It's not the end of the world. But what can be the end of the world is if it isn't repaired to OEM specs and quality. Then you will lose considerable value that will be hard to recover. I hope this helps with your decision making.

Jay

 

No, as long as a leased car is repaired properly, there's no problem turning it in at the end of the lease. That's one of the advantages of leasing.

 

That actually depends upon the state you reside in. Here in GA diminished value is paid on leased cars, and it's paid to the person leasing the car, not the leasing company. Some states do not allow DV on leased cars or pay it to the leasing company. The appraiser will know your states laws.

 

Hi - I've been looking for a discussion lke this, although I see it is a couple years back that your accident happened. Last week I was side-swiped by another vehicle. Damage to my '07 Carrera S is a minor scratch and dent driver's side fender and door, but quite a 'scrunchy' dent to the rear section above the rear driver side wheel mainly due to the way that the Porsche's 'hips' curve out (beautifully - needless to say), plus wheel damaged (I' spose beyond repair - they are the Turbo wheels) and rear bumper slightly damaged. Maybe now that its been a while - you can give me an indication of what to expect regarding loss of value and cost of repair?

 

I made a diminished value claim on my previous vehicle (a super low millage 2003 Nissan 350Z) after I was rear ended on the freeway (was found to be 100% the other drivers fault). I had purchased the vehicle for $17,125 less than a year prior. It was nearly totaled and needed over $13k in repairs. When I initially filed for my claim, I asked for $2500 in diminished value (based on quotes from dealers). They said they needed a diminished value expert to examine the car (on their dime) and I ended up getting $3.9k in diminished value and selling the car for $12,250 a year later (after picking up a nice 997S from a rennlister). I ended up putting new tires and brakes on the car in the interim (@$1.2k) so all considered only suffered about $2k in depreciation over the course of the two years I owned it.

 

For cost of repair you need to have the car inspected by a Porsche Approved Collision Center shop in your area.

For loss of value I can't help much. You first want to focus on having the car fixed as good as humanly possible so there is as little real loss of value as possible.

When I explored loss of value I was told that one way is to sell the car make the best deal then compare this to what the car would have brought had it not been in an accident. The problem is with the car sold the thinking is time heals the "wound" so one will accept less money.

The other is coming up with a real value for the car had it been sold just prior to the accident. This can only be estimated at best and you can be sure if an insurance company has any say it will be underestimated.

Get the car fixed as good as humanly possible. Then worry about DV...

 

The way I approach something like this is, to put yourself in the shoes of a buyer. Here's a sweet 911 C2S, but it has accident damage. How much less am I willing to pay for it than if it were virginal?

For me personally, ballpark, with those miles, I'd expect about $6000.

I concur with the advice of a professional appraisal. Well worth it, and you can always ask the insurance company to pay for it.