Diminished value claim

[F32_440i]

Hi guys, I need advice. I found m4c 2017, perfect spec but it had accident. Car verticals show 10 000€ repair in 2018 and current owner doesn't have any picture of the accident but he told me it was accident on highway, that was what first owner told him. Should I buy it or avoid it? How bad is 10 000€ damage?

[NORAGRETS]

Originally Posted by F32_440i

Hi guys, I need advice. I found m4c 2017, perfect spec but it had accident. Car verticals show 10 000€ repair in 2018 and current owner doesn't have any picture of the accident but he told me it was accident on highway, that was what first owner told him. Should I buy it or avoid it? How bad is 10 000€ damage?

Kinda a thread hi-jack and not at all related to the OP post

[M3SQRD]

I’m curious why you think you can use post-Covid bubble depreciated values with peak-Covid inflated values when estimating your DV? Based on your statement, you’re saying the DV continues to increase as the car continues to depreciate in value which is not true.

[NORAGRETS]

Originally Posted by M3SQRD

I’m curious why you think you can use post-Covid bubble depreciated values with peak-Covid inflated values when estimating your DV? Based on your statement, you’re saying the DV continues to increase as the car continues to depreciate in value which is not true.

Because the accident was in 2022…so that’s the point of reference

[M3SQRD]

Originally Posted by NORAGRETS

Because the accident was in 2022…so that’s the point of reference

I understand the use of 2022 to define its undamaged value but using its 2024 used market value doesn’t make sense to me. Also, DV is a fixed % at the time of the accident and it should not increase with the depreciation of the car.

[NORAGRETS]

Originally Posted by M3SQRD

I understand the use of 2022 to define its undamaged value but using its 2024 used market value doesn’t make sense to me. Also, DV is a fixed % at the time of the accident and it should not increase with the depreciation of the car.

I’m not using its 2024 used value. All $ values are from 2022 here.

[alex2364]

Originally Posted by NORAGRETS

I’m not using its 2024 used value. All $ values are from 2022 here.

You literally said, "A private party sale of my car at this point in time is $52,000 so at the top end there’s a $24,000 price difference between comparable sales and my current vehicle sale price."

[NORAGRETS]

Originally Posted by alex2364

You literally said, "A private party sale of my car at this point in time is $52,000 so at the top end there’s a $24,000 price difference between comparable sales and my current vehicle sale price."

I literally misspoke. I’m using 2022 and so is geico

[NORAGRETS]

Got em up to $13,250...

Still pushing it. All you naysayers....smh smh

[mikerunt]

Pics or it didn’t happen 😉

[M3SQRD]

Originally Posted by NORAGRETS

Got em up to $13,250...

Still pushing it. All you naysayers....smh smh

You didn’t say what you paid for the car in late 2021 or early 2022 but, based on the severe damage the car sustained ($35k), I’d say the DV is around ~20% so $12k-14k. I never said their first offer was their best offer. I was questioning the use of 2024 depreciated valves to determine DV. Geico increasing their DV offer to ~$11k and then $13.25k - this sounds about right (roughly 20%) and, with it being their third offer, I think this is as high as they’re willing to go.

[NORAGRETS]

Originally Posted by M3SQRD

You didn’t say what you paid for the car in late 2021 or early 2022 but, based on the severe damage the car sustained ($35k), I’d say the DV is around ~20% so $12k-14k. I never said their first offer was their best offer. I was questioning the use of 2024 depreciated valves to determine DV. Geico increasing their DV offer to ~$11k and then $13.25k - this sounds about right (roughly 20%) and, with it being their third offer, I think this is as high as they’re willing to go.

I just got an updated offer from them this morning at $15,000 flat

[NORAGRETS]

Originally Posted by mikerunt

Pics or it didn’t happen 😉

Took out the identifying information but there yah go

[NORAGRETS]

Originally Posted by M3SQRD

You didn’t say what you paid for the car in late 2021 or early 2022 but, based on the severe damage the car sustained ($35k), I’d say the DV is around ~20% so $12k-14k. I never said their first offer was their best offer. I was questioning the use of 2024 depreciated valves to determine DV. Geico increasing their DV offer to ~$11k and then $13.25k - this sounds about right (roughly 20%) and, with it being their third offer, I think this is as high as they’re willing to go.

I bought it in February 2022 I paid like $69,000 all in including taxes fees and covered/enclosed transport costs from NC to MA.

[NORAGRETS]

debating if I keep pushing them to the policy limit of $17,000 or just sign the thing and be done with

[M3SQRD]

Originally Posted by NORAGRETS

I just got an updated offer from them this morning at $15,000 flat

Nice! You’re doing an awesome job negotiating with them! $15k is close to what I thought they’d pay which is ~20% before I new what you paid for the car. The “flat” response sounds like they are done negotiating with you. You got them to up to > 2x of their initial offer

[NORAGRETS]

Originally Posted by M3SQRD

Nice! You’re doing an awesome job negotiating with them! $15k is close to what I thought they’d pay which is ~20% before I new what you paid for the car. The “flat” response sounds like they are done negotiating with you. You got them to up to > 2x of their initial offer

Lol they're def sick of me hounding them but it was worth it for sure

[Yuille36]

Originally Posted by NORAGRETS

Lol they're def sick of me hounding them but it was worth it for sure

This is unfortunately what you must do these days to get anything done. Stay of their *ss The same goes for never accepting the insurance companies first offer.

[NORAGRETS]

Originally Posted by Yuille36

This is unfortunately what you must do these days to get anything done. Stay of their *ss The same goes for never accepting the insurance companies first offer.

Oh yeah def never agree to first offer for ANYTHING insurance related