Accident Resale Value - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
Reply
 
LinkBack Thread Tools
post #1 of 16 (permalink) Old 03-26-2010, 08:47 PM Thread Starter
Le Mans: Prototype Class
 
Join Date: Mar 2006
Location: Tampa,FL
Posts: 2,116
Accident Resale Value

So today I got in an accident in my 2008 Mazda 3, I was just in the process of prepping it for sale to buy another car. Im curious bout how a title that states the car was in an accident even if everything is 100% after the accident affect the resale value of my car.


Am I stuck with the thing forever now or am I going to be able to get a decent amount of cash back.
*Angel-Of-Darknes* is offline  
Sponsored Links
Advertisement
 
post #2 of 16 (permalink) Old 03-26-2010, 10:18 PM
Le Mans: GT Class
 
Join Date: Jun 2006
Location: High Speed Chase Capital
Posts: 739
Re: Accident Resale Value

run an Autocheck by Experian to get your score. i took my 3 to the closest dealer in my area which was Honda about a month ago and they offered me $10,500. it's got 23k miles. when i asked why so low compared to KBB, salesman said their used car inventory has been sitting there for 3 months.

http://www.autocheck.com/?siteID=0&WT.mc_id=0
5150-007 is offline  
post #3 of 16 (permalink) Old 03-27-2010, 09:44 AM
F1 Driver
 
fatabbot's Avatar
 
Join Date: Dec 2062
Location: Suburbia, Texas
Posts: 17,662
Re: Accident Resale Value

Even if there's no obvious record of an accident, a decent appraiser/buyer will be able to tell the car was wrecked.

Are you going to face added depreciation? Yep. Some states allow for diminished value claims, so (if the wreck was someone else's fault) you may want to pursue that with the other party's insurance co.
fatabbot is offline  
post #4 of 16 (permalink) Old 03-27-2010, 10:18 AM Thread Starter
Le Mans: Prototype Class
 
Join Date: Mar 2006
Location: Tampa,FL
Posts: 2,116
Re: Accident Resale Value

So then I basically need to file a claim with the other insurance or have my insurance company seek after the lost value in the car.
*Angel-Of-Darknes* is offline  
post #5 of 16 (permalink) Old 03-27-2010, 10:23 AM
F1 Driver
 
fatabbot's Avatar
 
Join Date: Dec 2062
Location: Suburbia, Texas
Posts: 17,662
Re: Accident Resale Value

[quote author=*Angel-Of-Darknes* link=topic=169381.msg3587666#msg3587666 date=1269699523]
So then I basically need to file a claim with the other insurance or have my insurance company seek after the lost value in the car.
[/quote]

Insurance is regulated by the state, so it just depends on what your state rules are. Can't hurt to try.
fatabbot is offline  
post #6 of 16 (permalink) Old 03-27-2010, 10:27 AM
F1 Driver
 
Join Date: Feb 2007
Location: Queens, NY
Posts: 4,709
Send a message via AIM to apena85
Re: Accident Resale Value

If you get it to the dealer before anything shows up in the car fax, and the work is good they will never know you were in an accident unless you tell them.


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.

Drive to the limit, find the limit, and stay there.
apena85 is offline  
post #7 of 16 (permalink) Old 03-27-2010, 10:43 AM
F1 Driver
 
fatabbot's Avatar
 
Join Date: Dec 2062
Location: Suburbia, Texas
Posts: 17,662
Re: Accident Resale Value

[quote author=apena85 link=topic=169381.msg3587677#msg3587677 date=1269700035]
If you get it to the dealer before anything shows up in the car fax, and the work is good they will never know you were in an accident unless you tell them.
[/quote]

Yeah, just depends on the appraiser. A good appraiser will be able to tell no matter how good the work is. Since most trades get wholesaled anyways, you may luck out and get less scrutiny.
fatabbot is offline  
post #8 of 16 (permalink) Old 03-29-2010, 09:26 AM
Senior Member
 
Join Date: Aug 2005
Location: Ellicott City, MD
Posts: 9,451
Re: Accident Resale Value

[quote author=fatabbot link=topic=169381.msg3587691#msg3587691 date=1269700995]
[quote author=apena85 link=topic=169381.msg3587677#msg3587677 date=1269700035]
If you get it to the dealer before anything shows up in the car fax, and the work is good they will never know you were in an accident unless you tell them.
[/quote]

Yeah, just depends on the appraiser. A good appraiser will be able to tell no matter how good the work is. Since most trades get wholesaled anyways, you may luck out and get less scrutiny.
[/quote]

And if they twig to a previous accident and you were the only owner you can be in some deep crap. As far as I know, all states require you to reveal the known history of the vehicle at the time of sale. This includes to dealerships. So if you lie and say it has never been in an accident and they figure out otherwise you could be in deep crap. At the very least you'll probably look at a steep 'discount' on the offer and/or just being told they aren't interest. They might also decide to share that info around, so you could have problems selling it anywhere.

Frankly, honesty is the best policy. Unless the car was completely wrecked, no biggie. Most dealers and even most individuals won't care to much if you know it had some minor sheet metal repairs, or a replaced bumper, some suspension components or something because of an accident. If the inspection looks fine and it drives fine, so be it. Sure, there might be a couple who care, but not many. Now frame damage that was fixed, that is a different story.
-Matt
azazel1024 is offline  
post #9 of 16 (permalink) Old 03-29-2010, 01:01 PM
Grand Am Series
 
Join Date: Nov 2007
Location: EP, Minnesota
Posts: 250
Re: Accident Resale Value

As someone above said, persue the appropriate insurance company for "diminished value".

This seems relevant: http://www.diminishedvalue.com/explained/faq.php


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
Workdawg is offline  
post #10 of 16 (permalink) Old 03-29-2010, 06:33 PM Thread Starter
Le Mans: Prototype Class
 
Join Date: Mar 2006
Location: Tampa,FL
Posts: 2,116
Re: Accident Resale Value

I seem to be getting decent info here on the forums. Let me just tell a few things that Ive been hearing and how nothing seems to add up. Then again There are things that do add up

as stated above Ive come to find that if the car is repaired and is in good shape especially since new parts will be used and not a bunch of bondo bs on my car. then the value supposedly wont be hurt or hurt much. Frame work and suspension work is a deff mark down in value I do agree to that as well as the insurance company.

I have been pursuing the diminished value, I asked my insurance company about it today and said that GA is the state where you can do that but not florida. Although I am finding that hard to believe because it appears on the internet in several places that you can do that in FL. So its seems to show much people do not know how there.

I think its going to take some more digging around to get the answers.
*Angel-Of-Darknes* is offline  
Sponsored Links
Advertisement
 
Reply

  FMVperformance.com : The site for all your Ford Mazda and Volvo needs > Misc > Lounge

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the FMVperformance.com : The site for all your Ford Mazda and Volvo needs forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome