Trying to estimate value of M3 with prior accident damage

[spyderbret]

Looking to sell and having difficulty figuring out what my car is worth. The issue I'm having trouble with is that I was rear ended last year. About $9k in damage. What kind of value hit should I be expecting?

It’s a 2016 M3 in Tanzanite Blue with Opal White interior, Comp Pack, Carbon Ceramic Brakes, and lots of CF bits.

Here's my 20k review:
20,000 mile review

Manheim has these in the low $40's with accident damage to mid $50's with low mileage.

What are your thoughts?

TIA!

[nicknaz]

I think you said it yourself. "low $40s with accident damage"

Go to carmax and that will give you a concrete estimate.

[UNCbigM]

Originally Posted by nicknaz

I think you said it yourself. "low $40s with accident damage"

Go to carmax and that will give you a concrete estimate.

Rock bottom, all else fails offer that is...

[Flacht3]

My thought is:

Go to Carmax. See what they offer. You may be pleasantly surprised (I was). If you're not...then at least you have your baseline.

[nickl630]

Originally Posted by Chris_DM

My thought is:

Go to Carmax. See what they offer. You may be pleasantly surprised (I was). If you're not...then at least you have your baseline.

Depends if the car has structural damage (probably with 9k in damage). If so Manhiem is about accurate, minus some since it'll run with a frame damage announcement.

I'd plan on expecting 40-43k if so.
If its just some paintwork and a replaced bumper... mid to high 40's.

Edit: if you have photos of the damage I'd be able to tell you pretty easily.

[spyderbret]

Thanks guys. Going to Carmax today to get an offer. There was no structural damage, it was contained to the rear bumper and stuff underneath and they had to replace the exhaust from cats back as far as I could tell. I looked back and total was just over $7k so I was a little high on my number. I will keep you posted just so you have a comparison.

[boss2k]

You can assume a 5K hit for the damages, look up the car value in kbb or Edmund's in good condition and then deduct 5K. You should have got diminished value to compensate the loss in value.

That's what I got when I traded in my 16 M in Janurary which was rear ended with 10K damage.

[spyderbret]

Originally Posted by boss2k

You can assume a 5K hit for the damages, look up the car value in kbb or Edmund's in good condition and then deduct 5K. You should have got diminished value to compensate the loss in value.

That's what I got when I traded in my 16 M in Janurary which was rear ended with 10K damage.

Thanks for the info! I tried a diminished value claim and was denied twice so I gave up. Not thrilled about that today......

[boss2k]

Originally Posted by spyderbret

Thanks for the info! I tried a diminished value claim and was denied twice so I gave up. Not thrilled about that today......

Why were you denied ? i think its a state law that you are entitled DV when the accident is a no-fault one. Did you go through any reputable agents who handles DV claims, they charge a nominal fee and can write up a report.

My insurance company automatically sent me a check which i disputed for a higher amount.

[RobbyMack]

Originally Posted by boss2k

Why were you denied ? i think its a state law that you are entitled DV when the accident is a no-fault one. Did you go through any reputable agents who handles DV claims, they charge a nominal fee and can write up a report.

My insurance company automatically sent me a check which i disputed for a higher amount.

Diminished value doesn't apply in every jurisdiction. OP's profile says NV, I'm fairly certain NV is a state that does not mandate the carrier provide that compensation.

[spyderbret]

Yeah, I pushed it as far as I could without involving an attorney. At least I felt like I did....

Anyway, $44,000 from Carmax and the accident did not show up on AutoCheck....

YMMV

[canukgtp]

So I gotta ask...why you selling the car? Just because of this accident? The post you linked above seems to indicate you were enjoying the car quite a bit not too long ago.

and did you sell it to Carmax?

[boss2k]

Originally Posted by spyderbret

Yeah, I pushed it as far as I could without involving an attorney. At least I felt like I did....

Anyway, $44,000 from Carmax and the accident did not show up on AutoCheck....

YMMV

did you disclose to Carmax the accident even it did not show up on autocheck and is the price 44K after the accident?

[Draper]

Originally Posted by boss2k

did you disclose to Carmax the accident even it did not show up on autocheck and is the price 44K after the accident?

CarMax won't care about repairs unless they show up on CarFax, AutoCheck, etc...

[nickl630]

Originally Posted by Draper

CarMax won't care about repairs unless they show up on CarFax, AutoCheck, etc...

Not 100% true. Their appraisers are trained to find repairs be it structural or just painted panels. They know as well as us that CarFax/Autocheck are unreliable sources and not always accurate.

Most likely in the case they noted the painted bumper and removed any doubt by checking other areas that the car was sound, and gave him a fair offer.

[Draper]

Originally Posted by nickl630

Not 100% true. Their appraisers are trained to find repairs be it structural or just painted panels. They know as well as us that CarFax/Autocheck are unreliable sources and not always accurate.

Most likely in the case they noted the painted bumper and removed any doubt by checking other areas that the car was sound, and gave him a fair offer.

True. They may care about bad repairs, but in my experience they won't mark you down just because a panel has been touched up or resprayed.

If the car is complete without obvious issues, and the carfax is clear, they have no reason to look very hard.

[spyderbret]

Originally Posted by boss2k

did you disclose to Carmax the accident even it did not show up on autocheck and is the price 44K after the accident?

I did disclose the accident because I assumed it would show up but the person I was dealing with said they base it on the AutoCheck report so if it did not show up there it's not factored in.

Originally Posted by canukgtp

So I gotta ask...why you selling the car? Just because of this accident? The post you linked above seems to indicate you were enjoying the car quite a bit not too long ago.

and did you sell it to Carmax?

I am trading it in on a Porsche Carrera T. I actually really like it but I wanted another sports car. I still have a sedan and SUV in the garage so I didnt really need the 4 doors on the M3. I love this particular color and package combo and will miss it but it's time for a change. I'm fickle that way when it comes to cars....

I did not sell to Carmax because the offer I got from the Porsche dealer plus the "tax credit" for trading it in got me to a little over $47k so it was not worth selling to Carmax. To be fair Carmax also pointed out I would get a "tax credit" if I bought from them but I had no intention to do that. Everyone I talk to and everything I read online says M3's are a dime a dozen due to lease turn in's. These will be serious value buy's for second and third owners!!! Prices are dropping fast.....

[3PedalMINI]

Originally Posted by spyderbret

I did disclose the accident because I assumed it would show up but the person I was dealing with said they base it on the AutoCheck report so if it did not show up there it's not factored in.

I am trading it in on a Porsche Carrera T. I actually really like it but I wanted another sports car. I still have a sedan and SUV in the garage so I didnt really need the 4 doors on the M3. I love this particular color and package combo and will miss it but it's time for a change. I'm fickle that way when it comes to cars....

I did not sell to Carmax because the offer I got from the Porsche dealer plus the "tax credit" for trading it in got me to a little over $47k so it was not worth selling to Carmax. To be fair Carmax also pointed out I would get a "tax credit" if I bought from them but I had no intention to do that. Everyone I talk to and everything I read online says M3's are a dime a dozen due to lease turn in's. These will be serious value buy's for second and third owners!!! Prices are dropping fast.....

Not necessarily true, M4s are literally a dime a dozen. It is true that the F series Ms have sold more then any other generation, however it's something like for every M3 sold 3-4 M4s are also sold.

In the same breath, you cannot buy these cars and think they are going to hold their values. That's why people buying CS models are idiots for thinking it will be an investment. I mean look at the GTS?

It's also why these cars should always be leased. If the price Plumets you can purchase out the lease lower then your residual, if it's higher, then you sell it back and pocket the difference.

Depreciable assets = lease
Appreciating assets = purchase

[georgere]

Originally Posted by 3PedalMINI

Not necessarily true, M4s are literally a dime a dozen. It is true that the F series Ms have sold more then any other generation, however it's something like for every M3 sold 3-4 M4s are also sold.

In the same breath, you cannot buy these cars and think they are going to hold their values. That's why people buying CS models are idiots for thinking it will be an investment. I mean look at the GTS?

It's also why these cars should always be leased. If the price Plumets you can purchase out the lease lower then your residual, if it's higher, then you sell it back and pocket the difference.

Depreciable assets = lease
Appreciating assets = purchase

How can you buy lower than residual/buyout value stated in the lease agreement?

Also I'd like to add that if one buys a car for long term, purchase is a better deal as opposed to lease then buy.

Of course there are unknown factors such as one doesn't know if he/she will actually like to keep the car long term... I mean these cars are special and the the problem with special is that over time it becomes not so special anymore, sometimes....

[F83-6MT]

How did the paint come out from a blending/matching perspective?

A window on my garage blew out and etched the paint on essentially every panel on the driver's side of the vehicle and I'm concerned the Tanzanite blue will be hard to match.