diminished value

Asked by Oct 31, 2015 at 01:53 PM about the 2009 Chevrolet Corvette

Question type: General

my low milage 09 corvette was rearended now  it shows an accident how do i
figure the deminished value

4 Answers

228,945

No set amount. Are you selling private or trading in? Depends on who did the repair work and how well. Does the car have a salvage/rebuilt title?

1 out of 1 people think this is helpful.
63,275

If it shows "total loss vehicle" or "salvage/rebuilt, or reconstructed title" on the vehicle history report, that's the kiss of death. Or if the accident was recent and now you're trying to sell the car. For example, in 2000 my Sister's '93 Chevrolet Cavalier was backed into. It was minor damage but it shows up on a vehicle history report. When she sold the car in 2014 it didn't effect the value at all. She'd kept the receipt and showed potential buyers that it was repaired by a reputable body shop and the damage was minor. The fact that she was selling the car 14 years later also proved that she wasn't trying to dump it because it wasn't repaired right or that there was any ongoing problems because of the accident. Now if she'd tried to sell it, say, 6 months after the accident that may have looked suspicious. HTH. - Jim

12,545

Tom is correct on a "totaled or salvaged/rebuilt title. Some insurance or loan companies will not touch it. If the car is totaled, get the money from the person causing the accident or his insurance company. Find out what your car was worth before the accident and start from there asking for the pay off. Either way you will lose on this.

The best way to determine how much diminished value your Corvette suffered is to obtain a diminished value appraisal from an expert. You would then present the appraisal to the at-fault insurance company to recover your lost value. http://diminishedvaluecheck.com

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