Hire a DV assessment company. They'll do the research for you and provide a sworn statement of the value lost.

-td

 

Agree about the history. The cigarette smell would have been the deal breaker for me. The key here is does the overall condition negate the Carfax issue? The right car doesn't come along everyday. I wouldn't let a couple thousand stop me on a 50-60K car if had all the right options. There's a buyer out there that won't care about the bumper cover. There are many "undamaged" cars out there that may have not been cared for so well. There are many variables at play here, not just the carfax. All of us know how hard it is to find the right car. The seller should use that in standing his ground on the negotiated price.
Now if the DM can be recouped through other means, then this whole discussion is moot. But those processes can make them not worth the time.

 

Car insurance is a State regulated industry in the US. Some states have accepted and legislated the concept of diminished value some have not. Insurance companies lobby heavily against it. Fortunately New Mexico is a DV state and you can petition the truck operator’s insurance co. for an additional cash settlement to cover any future loss. If you think the offer is too low, most states have a mediated appeal procedure. You would need an appraisal of the car stating the value before and after the accident repair. Every D V state will have dozens of appraisers who do this procedure. Stick to your guns, DV for a Porsche is a very real and substantial thing.

 

Even fixed with Porsche parts, a repair is only as good as the paint job. So, I disagree that this is a non-issue as long as it's fixed with genuine parts. The sad fact is that as small as that scrape is, the whole front bumper cover needs to be replaced and repainted to match the rest of the car. The matching is the hard part.

If neither the buyer nor seller know what the discounted price should be, and the insurance company has already agreed that there will be a diminished value payment, then the simple answer is to negotiate with the insurance company and get as much as you can.

Here in NC, most companies will require you to get a qualified automotive appraiser or a credentialed expert in that marque to write up an estimated quote for the diminished value. Then the insurance company uses that as a starting point to negotiate a payment.

A Porsche-certified body shop should be able to provide you with references for someone who does this.

 

In TX, I filed a DV claim from getting rear-ended in my 335. I just took the car to CarMax and told them about the incident (after fully repaired). I took their quote and compared it to similar cars listed online with no accidents. There was about $3500 difference. I used this to negotiate an $1100 settlement. It would have been higher, but the car had had prior paintwork already.

I would think you could easily get $2k, and pass that to the buyer. He gets a $2k reduction AND a perfect front bumper cover. I say win-win.

 

agreed completely. one way or the other an accident report on the carfax will cause some problems. Not everyone is a well versed 'car-guy', and hence the accident report will send many potentially buyers running for cover.

exactly what i was thinking... if i were interested in buying the car (and seeing truly how minor the damage was); i would take some of that 2grand in savings and have the freshly painted bumper, new (old) leds+headlamps 3M'd. it's a shame such little damage was 5 grand worth of repairs.

 

I am sorry to hear about your incident, but am glad for the discussion, as I have a similar situation. (Just 16 days after I bought a highly optioned 2014 Cayman S [CPO] with 2,600 miles on it last June a State Trooper drove his SUV straight into the front of my car while I was stopped, honking and praying he wasn't going to hit me! I was just a few blocks from my home and had barely even driven the car. I have had diminished value nightmares ever since. And of course when the state police are involved in and the cause of an accident, it doesn't take but a few moments before the "accident" shows up on CarFax.)

To look on the bright side, you actually have a perfect way to establish diminished value and if you are able to recover it from the truck driver's insurance, you're golden. Day before the incident you had a negotiated price to sell the car to a willing buyer. Now simply ask the buyer what they are willing to pay now, given all the information you have shared, and the difference is the diminished value, which you should (hopefully) recover from the truck driver's insurance. It doesn't have to be a speculation about the amount of diminished value--let the buyer establish that now.

As many others have said, Porsche buyers are very particular about cars with "histories" and regardless of how minimal the facts are, the big fact is that something happened. I totally agree that it shouldn't have much impact on the value, but the market isn't interested in my opinion, unfortunately.

Also, as others have said, just having the history will cause many buyers to pass without even listening to the facts, so I would not let this particular buyer get away without buying the car. They are so close and apparently still willing to close. Just ask them for a bid and take it if you believe it's fair and close.

He's to a positive sale and great outcome!

 

"To look on the bright side, you actually have a perfect way to establish diminished value and if you are able to recover it from the truck driver's insurance, you're golden. Day before the incident you had a negotiated price to sell the car to a willing buyer. Now simply ask the buyer what they are willing to pay now, given all the information you have shared, and the difference is the diminished value, which you should (hopefully) recover from the truck driver's insurance. It doesn't have to be a speculation about the amount of diminished value--let the buyer establish that now."

This could sound like a scam to the insurance company. The buyer could offer $10k below. The ins co. should just accept that? The appraiser has to be a qualified/trusted agent for this to work.

 

I would negotiate a price change with the buyer and also hire a DV consultant. I had an acura that had been rear ended. Original insurance offer was for 1k for diminished value, I hired a DV consultant for 250 bucks and ended up walking away with 4500 from insurance.

 

surprisingly I hired an appraiser, his initial value was for $2k more than what I had received as an offer from the buyer. And that was with the diminished value! After pushing on the hit on AutoCheck he revised the value to $48500. Now the insurance company is stating that they will offer 10% of the repair cost, or $400. The buyer is asking for 10% of the value of the car! I'm in a rock and a hard place! Now I just want this car gone. I just got it back from the body shop and it is in better condition than before, mostly because the new clear bra is perfection!

 

$5k off is a big discount. Counter with $2k off and see if you can get it sold.

 

5k price cut, not because that's the extent of damage, but because the car fax is screwed. If you pay cash to repair damage, I think 2k cut would be in order

 

this is one of the major problems with european sports cars - people dont want to buy if an accident. take it to carmax before this appears on further places. sell. forget it. move on.

 

When I was rear ended the insurance company offered a diminished value of the cost of the repair. My repair cost me $1700, so they fixed it and cut me a check for $1700. You should be able to get it fixed and get the insurance company to cut you a $5000 check with not much of a hassle. Anything more than the repair amount will be much more difficult.

 

they were only offering $400 on a $5k repair bill. The buyer offered $2k reduction and I took it. Now its off to the insurance company to try and recoup that. Hoping that I don't have to go the route of a lawyer!