Diminished Value (accident today)

[Felix808]

Wife got reservation, ordered etc, waited two years.

A lot of us waited that & more & still got stuffed .

Fortunately, my dealer stayed true to their deal .

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[Cornbred]

A lot of us waited that & more & still got stuffed .

Fortunately, my dealer stayed true to their deal .

Same for wife. But my wife never gave two sh!ts about cars. I showed her the initial release video because I was planning on reserving and ordering a two door. Wife sat there watching that video and when it was done she looked up and said “I want that.” I was shocked and had to ask if she was serious which she replied “I’m getting that.” She did, she waited with laptop in hand to get her reservation. She waited patiently for two years. She loves her bronco. She had a 2017 Edge, she didn’t trade it in, she kept it because she wanted to make sure she liked the bronco. First day bringing it home I look out the kitchen window and she’s standing in the driveway just staring at it, seeing this I walk out and say “so I’m guessing you’re selling the Edge.”

After the accident OF Course we made sure we were all safe, not hurt, thankful it wasn’t worse. But now that it’s hours later…she pissed lol I know she’s upset and hurt because her bronco was damaged and she was asking about DV and I thought I’d start this thread trying to help and I get stupid responses about living, being happy etc. As I said , she has never been a car enthusiast until she got the bronco. She’s always looking for local bronco meets etc. I’ve told her several times to get on here but she does facebook thing.

 

[BCKMRKR]

Sorry about your accident. Yes, your car is now worth less than one without an accident. I briefly dealt with DV when my wife's X3 M40i was hit. Apparently the % varies by state, and in my case (CA) the maximum DV was still tiny on a $65k car. It was eventually totaled ($28K on a ~$56K value), and we received replacement value.

In your case, it's probably not going to be worth much (based on the damage amount and value of the Bronco), and you will likely need to do much of the work yourself. You'll probably hear something like it's a Bronco, not a <insert exotic car>, from the insurance.

If you have any thoughts of selling, take good photos (or get them from the insurance company) and document with receipts. Someone buying a Bronco (to use as intended offroad) will likely be more understanding about prior damage than an exotic car buyer.

 

[USSCajun]

It doesn’t look structural, have it fixed and drive it. After 3-4yrs depreciation will even out and it won’t matter. It only matters, DV, if you are trying to sell it just after buying it.

 

[Felix808]

Same for wife. But my wife never gave two sh!ts about cars. I showed her the initial release video because I was planning on reserving and ordering a two door. Wife sat there watching that video and when it was done she looked up and said “I want that.” I was shocked and had to ask if she was serious which she replied “I’m getting that.” She did, she waited with laptop in hand to get her reservation. She waited patiently for two years. She loves her bronco. She had a 2017 Edge, she didn’t trade it in, she kept it because she wanted to make sure she liked the bronco. First day bringing it home I look out the kitchen window and she’s standing in the driveway just staring at it, seeing this I walk out and say “so I’m guessing you’re selling the Edge.”

After the accident OF Course we made sure we were all safe, not hurt, thankful it wasn’t worse. But now that it’s hours later…she pissed lol I know she’s upset and hurt because her bronco was damaged and she was asking about DV and I thought I’d start this thread trying to help and I get stupid responses about living, being happy etc. As I said , she has never been a car enthusiast until she got the bronco. She’s always looking for local bronco meets etc. I’ve told her several times to get on here but she does facebook thing.

Personally, as minor as that damage is & how easily it would be to correct, I wouldn't see any diminished value once it was fixed. I would be happy that I still had my Bronco in 1 piece.

Good luck with it

 

[Cornbred]

It doesn’t look structural, have it fixed and drive it. After 3-4yrs depreciation will even out and it won’t matter. It only matters, DV, if you are trying to sell it just after buying it.

I’m seriously not trying to be a with what I’m about to say. I just don’t understand this thought process. I can’t say what will happen in 3-4 years, none of us can answer that. But this morning her bronco had a set value based on a number of things such as mileage, model, package and not being in an accident and the not being in a accident changed because of the actions of someone else.

And she plans on having it fixed and continue driving it, all y’all acting like me asking about DV means she selling it. She loves her Bronco.

 

[HighVelocity]

You’re literally stupid, not everyone buys something for the same reason as you. The vehicle has a value before an accident and a different value after an accident…it’s not “perceived.” I’m happy you can live care free and are happy taking a financial loss today or at a later date, I’m not.

And the dealer comment is about later down the road, it’s why I stated “when and if,” guess you missed that.

Again I ask, So when you go buy a car you choose the one that was in a accident over the one that wasn’t for the same price?

"Literally", eh?

Good luck with your temper tantrum. I hope it works out for ya!

 

[imOFP]

I’m seriously not trying to be a with what I’m about to say. I just don’t understand this thought process. I can’t say what will happen in 3-4 years, none of us can answer that. But this morning her bronco had a set value based on a number of things such as mileage, model, package and not being in an accident and the not being in a accident changed because of the actions of someone else.

And she plans on having it fixed and continue driving it, all y’all acting like me asking about DV means she selling it. She loves her Bronco.

People are acting like you aren’t listening, because you’re not listening.

If you take a step back and reread with an unbiased view of what people are saying, the consensus appears to currently be: DV is negligible for any period of time that isn’t immediate (this case as you said no sale for 3-4y), that an (your) attorney won’t care, your insurance won’t care, the other driver’s insurance certainly doesn’t care. The DV will likely be in-line with the cost of legal and paying people to do work. You’ve also likely eaten more in depreciation. This is a losing lotto ticket.

You’re fighting yourself in a mirror. Just because you shout “but todays value is less than yesterdays value because I got hit, I deserve DV” doesn’t mean you’ll get made whole or right.

I bought a brand new 2013 FJ and got hit with 200 miles on it. The facts for DV were for me to “FO”, so I “FO’d”, got it fixed, documented, pictured, and then put 110k more (s)miles on it before selling it. There just isn’t enough $$ in basic ass cars for legal/ins to give AF. Exactly the advice this thread is giving you. Dealership gave me above market when I sold it and didn’t care about the accident because I had it documented.

 

[Victorsen]

It will vary what you get in diminished value. Based on damage. You could price out your car with no damage vs damage on caravana and KBB etc. You just file a DV claim to the insurance company accepting fault hopefully the person that hit you. Most will accept the claim. You don’t need to go to a third party just file with insurance company. I did this when some one bumped into my wife LR at a traffic stop - driver was texting of course - I was pissed so wanted to get the most I could. If it appears on carfax likely it will since you are using insurance you might as well because your truck is going to be valued less. So might as well take the money now.

 

[Cornbred]

People are acting like you aren’t listening, because you’re not listening.

If you take a step back and reread with an unbiased view of what people are saying, the consensus appears to currently be: DV is negligible for any period of time that isn’t immediate (this case as you said no sale for 3-4y), that an (your) attorney won’t care, your insurance won’t care, the other driver’s insurance certainly doesn’t care. The DV will likely be in-line with the cost of legal and paying people to do work. You’ve also likely eaten more in depreciation. This is a losing lotto ticket.

You’re fighting yourself in a mirror. Just because you shout “but todays value is less than yesterdays value because I got hit, I deserve DV” doesn’t mean you’ll get made whole or right.

I bought a brand new 2013 FJ and got hit with 200 miles on it. The facts for DV were for me to “FO”, so I “FO’d”, got it fixed, documented, pictured, and then put 110k more (s)miles on it before selling it. There just isn’t enough $$ in basic ass cars for legal/ins to give AF. Exactly the advice this thread is giving you. Dealership gave me above market when I sold it and didn’t care about the accident because I had it documented.

No sh t!! That’s why I asked the question and created the thread.

I asked what others have received in DV compared to damage total and I keep getting personal opinions regarding DV as a whole…which is fine, it’s a forum and I understand some lack reading comprehension skills or just want to give their opinion regardless of the specific question asked.

I’m not upset, I’m a pretty happy guy outside of people smashing a new bronco my wife loves but what I don’t need are the “won’t someone think about the children” comments regarding my happiness, living life and being thankful.

Some may get in a accident and not give a sh t about collecting/receiving DV, that’s not me. It doesn’t mean I’m not happy or living life to the fullest.

We were actually on our way to see Santa, kids love that jolly fat man. Guess what, we drove the Bronco back home, parked it because the rear tire/wheel took the brunt of the impact and switched vehicles. Meaning we kept living our life and being happy. Later that evening after we put the kids to bed my wife started asking questions so I thought I’d start this thread….as I have previously stated.

 

[Cornbred]

It will vary what you get in diminished value. Based on damage. You could price out your car with no damage vs damage on caravana and KBB etc. You just file a DV claim to the insurance company accepting fault hopefully the person that hit you. Most will accept the claim. You don’t need to go to a third party just file with insurance company. I did this when some one bumped into my wife LR at a traffic stop - driver was texting of course - I was pissed so wanted to get the most I could. If it appears on carfax likely it will since you are using insurance you might as well because your truck is going to be valued less. So might as well take the money now.

Thank you, I appreciate the information you have provided since you actually have dealt with this.

 

[JohnnyBronco]

I didn’t say it was an investment. So in your scenario we just walk away, continue being happy and get screwed by dealer/buyer when and if we go to trade-in or sale based on their perceived value of a vehicle that now shows as being in a accident…that makes zero sense. So when you go buy a car you choose the one that was in a accident over the one that wasn’t for the same price?

You should think, none of us here as far as I know created car fax, diminished value, insurance etc…but we have to live with it and to tell me to eat a potential loss and be happy is kinda ignorant.

Not all accidents show up on carfax. Our 21 X4 had two repairs when our lease ended. The carfax shows "minor damage to front" which was the $8000 deer damage repair and the fender and door for about $5000 last year does not even show up.

DV? The dealer has it priced exactly in middle of carfax range and we received nothing less when turning it in. In fact got $1000 bonus

Tell you what. If you are so worried...skip the insurance claim
Buy the parts yourself. Find a local body shop and pay out of pocket. Spend $2500 now to save $500 on trade in.

But also be aware that carfax is generally only of interest to the next purchaser from the dealer you trade to. If you plan on selling yourself any potential customer has to spend $50 to get the carfax report

 

[Rydfree]

Personally I would replace the mirror , fender flare and buff the marr off the dent myself and call it a day . If it really bothered me I would probably pay a body shop to repair the dent out of pocket also just to keep insurance out of it . No car Fax record and you'll still be ahead of anything you think you would get from DV.

 

[wjtinfwb]

Unfortunately wifes bronco was sideswiped today(other driver at fault), a dent between taillight and hardtop (assuming that was at fault drivers mirror), rear fender flare was ripped off, mirror was destroyed and other scuffs etc down side.

Figure I’d start this thread in order to update the progress of asking/getting diminished value.

Has anyone received DV on a bronco? What was damage total and how much DV did you receive?

No direct experience with my new Bronco, thankfully, but two prior experiences, both with USAA were mixed and dependent on the value of the vehicle when it was damaged. Years ago, my wife drove her new Sebring LXi convertible under the rear step bumper of a F-350. 8k in damage to the front clip but the airbags did not deploy. We received about $1700 in DV from USAA, approximately 10% of the value of the 6 month old car. Years later, her Navigator, 6 years old at the time was backed into by a semi trailer right at the B pillar. Close to totaled but not quite. The body shop went round and round with USAA over new parts, aftermarket parts vs OEM, etc. ultimately, it looked great, drove fine but the DV was only a couple hundred bucks. Apparently there’s a sliding scale formula based on the age, book value, condition and extent of damage to the vehicle. Hopefully your near new Bronco will rate high, but the limited damage will lower the DV.

 

[charlie81dbz]

Here's my experience with diminished value on a vehicle after a minor accident and before hubby or I were very familiar with DV. Bought a 2019 F150 and ended up having to take it in for engine issues and while at the dealership the service guy got hit backing it out of a spot by another dealer employee. No major damage but they did have to get a new rear fender and repaint etc.

Fast forward to late 2020 and after turning in our 2019 F150 lease early hubby thought he'd trade his in as well and order a 2021 so he could get the hybrid. Took it to the dealership we bought it from in Dallas and when they ran the carfax and saw the accident dropped their offer by about $6k. Didn't trade in with them and instead hubby was able to take it to the dealer where the damage happened in Houston and was able to get them to agree to the full value hubby wanted (it helped that they had practically no vehicles due to covid and the trade in guy REALLY wanted the truck).

Funny thing is that was going to be his keeper truck when we bought it, but because of various reasons we ended up trading it in instead. So even if your wife plans on keeping this Bronco for another ten years, you never know what might happen to change her mind in a year or two and I'd definitely be asking for DV from the insurance company. Not sure what a fair amount would be, but you can guestimate a bit by checking kbb numbers for an idea of no accident vs minor accident values. Hope that helps a bit and sorry for the longish story.

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