F8x depreciation from accident damage?

[DBACE]

Has anyone here ever dealt with an M3 or M4 accident and determined the depreciation of the car because of the accident? What were your findings in regards to the value dropping, and what action did you take if it wasn't your fault?

[elinstylez]

Originally Posted by DBACE

Has anyone here ever dealt with an accident and determined the F8x depreciation of the car, because of the accident? What were y our findings in regards to the value dropping and what action did you take if it wasn't your fault?

I was able to pay a couple hundred dollars for a diminished value report online. Submit the report to the insurance carrier or use it in small claims court.

[MrSmartyPants]

I got a report too, but it was way over the top and unrealistic.

I think the reality is any structural or sheet metal damage has a more detrimental effect on value. Also, a newer, low mileage car stands a better chance of a larger dim value claim. If it's small stuff like bumper covers I wouldn't expect a lot.

[Humdizzle]

you gotta drop 5-10% off the going price for a similar car. at least thats what i saw online when looking over the last couple months.

a big part of the issue is that alot of f80 colors are metallic and very hard to match correctly.

[M4Now!]

I talked directly the the insurance company of the (insert expletive here) who hit me. They used the diminished value from car fax for the damage, and paid.

Note that it required some up-front convincing. "Sir, we will review the car after the repairs are complete and check for diminished value." Uh...no, we won't...

Cheers

[G35POPPEDMYCHERRY]

do you have to own the car to file diminished value? because I two months left on my lease and am planning to buy the car out

[SanchoDivine]

Originally Posted by G35POPPEDMYCHERRY

do you have to own the car to file diminished value? because I two months left on my lease and am planning to buy the car out

The owner of the car can claim diminished value which in your scenario is the dealership.

[sjuhawks19]

I had a decent amount of damage from hitting a deer. My car is leased and it's up in December. I was strongly considering buying it out, but now I don't think I will because it will affect me when I try and sell it. It was one fender, the hood, the bumper, grill, and one headlight. The collision center did a great job on it so you'd never know, but the carfax doesn't lie.

[Mojo561]

Just happened to me last week someone side swiped my M4. I'm looking for a company to help with diminished value report?

[NoMoreAudi]

You cannot make this claim in California.

[mjposner]

Auction results can help, as newer low mileage cars that have accident histories end up on the block instead of back at the dealer. Here's a good example, front damage 2018, priced about 8% less than KBB: https://www.offleaseonly.com/used-ca...55jac86151.htm

[clubracer6]

What about when you're buying? Is a car automatically less when there is accident history? I am looking at one at a dealer and there was an accident but really doesn't go into any detail.

[MrSmartyPants]

Originally Posted by clubracer6

What about when you're buying? Is a car automatically less when there is accident history? I am looking at one at a dealer and there was an accident but really doesn't go into any detail.

It definitely gives the buyer negotiating leverage. However I think the discount also depends on the extent of damage and quality of the repair.

[S.R]

Wondering about this also

[Humdizzle]

Originally Posted by clubracer6

What about when you're buying? Is a car automatically less when there is accident history? I am looking at one at a dealer and there was an accident but really doesn't go into any detail.

of course the dealer wont go into detail. they're trying to sell you a product by any means necessary.

Accidents can be repaired. But you need to know the full extent of the damage. Is the bumper repaint 100% matching in all angles and all lights? do you know whats going on behind that bumper. Did the car leave the road? is the underbody plastic damaged? do the panel gaps match? If the windshield was replaced was it OEM BMW so it works with the HUD?

Unless you are getting a hell of a deal and are fully aware of the extent of damage i'd walk away. Because when it comes time for you to sell the car I guarantee people will lowball you to no end about the accident.

I know of at least 2 F80 6 speeds on autotrader with no accident history but a ppi and pictures revealed otherwise.

[DBACE]

I had the work performed and the place I chose did a great job. Exhaust still just a little bit skewed. The insurance company offered me almost $500 for the diminished value of the car.

[MSport28]

First of all, it depends on the state. The idea of a diminished value claim (aka diminished resale value or DRV) is a function of the courts, not law, so case precedent determines if it is acknowledged, and if so whether or not it can be realized before you actually sell the car and take the "loss." For example, Arizona does not require you sell the car, or even intend to sell it, before you can make the claim. DRV will never apply to leased vehicles.

The key factors are these - how much damage occurred as a percent of the value of the car, and what type of car it is, including mileage and age. If your car is older than say 3 years, you're likely not going to have a valid claim. But let's say you have a 2018 M4 that suffered minor rear end damage, amounting to a new bumper for $2500. This scenario would not earn you much, if anything, because as the owner you could supply the potential buyer (or dealer) the documentation showing it was a minimal accident. However, let's say your $80k M4 suffers $16k in damage from a t-bone accident. Theoretically, 20% of the car has been damaged and that one is gonna take a greater than normal depreciation hit because of it. Professional appraisals look at these percentages and run reports with comparable vehicles to determine DRV.

You can make a DRV claim in your local small claims or justice court, but you're better off including it as a separate-but-related part of your claim with the responsible insurance carrier.

[bb1857]

I had someone cut me off and I hit them going about 65. Ended up being about 14k in damage so I got a diminished value report done that ended up with a value loss of 7300...submitted to other insurance company and they gave me 7200 so it was well worth paying the 300 for the report.

[HomoPirate]

Originally Posted by bb1857

I had someone cut me off and I hit them going about 65. Ended up being about 14k in damage so I got a diminished value report done that ended up with a value loss of 7300...submitted to other insurance company and they gave me 7200 so it was well worth paying the 300 for the report.

I'm interested to know what kind of company you can acquire the report from?

[Clark_Kent]

Originally Posted by DBACE

I had the work performed and the place I chose did a great job. Exhaust still just a little bit skewed. The insurance company offered me almost $500 for the diminished value of the car.

Looks good. How much damage in dollars was this?

[DBACE]

Originally Posted by Clark_Kent

Looks good. How much damage in dollars was this?

The damage took just under $2k to fix.

[Draper]

5-10% seems about right for a minor carfax ding.

Some people will see a carfax hit, inquire about the damage, then make a determination about if the repair was done well, and if it's worth the discount being offered. $2500 on a $50K car is probably enough of a break to make the average buyer feel ok.

Personally, if I'm shopping for a used car, I'm avoiding anything with stories or paintwork. I'm sure I'm not alone here, so you make take into account having a smaller pool of potential buyers.