Resolved

Resolved

 

I may be wrong but once a air bag is deployed it is considered a salvage title. I would think that would really diminish the value quite a bit. like a few grand

 

I'll say this. I have a 2010 Tacoma with 128k on the ODO. I was in an accident in 2015 where a flatbed work truck hit me near head on going 35 - 40 mph. Around 12k in damage. Got the truck fixed and looks brand new. Fast forward to yesterday I go to trade my truck in for a sequoia and the dealer offered me 13k for trade in value. Before this wreck the same dealer offered me 20k.

 

If it's salvaged, that doesn't help the value. Also, was there any body damage? You said you didn't replace anything but the airbags themselves. If there's body damage, that won't do the value of the truck any good.

 

in CA if its salvaged after an accident you need a brake and lamp inspection to get it back on the road i believe.

 

Value is what people are willing to pay for a truck, not an exact formula.

I'd price it based on KBB and go from there. If people aren't willing to buy at that price because of accident history, well then you have your answer.

My truck was in an accident prior to me buying. It didn't lower the value because I didn't care.

 

What did you end up doing? Did you take the hit on the trade or did the dealer worth with you?

 

First thing I would check is if the accident is noted in Carfax, assuming you aren't forced into a salvage title. If not, then time to get rid of it before it does. If it is, you will have to live with a greatly reduced value, unless you can find a buyer willing to look at any/all evidence you have of the damage and fixes. Even then it will be less, but probably not as much less as at a dealer.

 

I kept my truck. Dealer wouldn't budge on any price higher that $13k.

 

Yep, the CarFax effect. Even their TV commercials start with "Show me cars with no accidents", which eliminates 50% of potential buyers right off the bat.

Diminished value is very real!

 

Sad part is the same dealer offered me 20k for the truck 3 months after that accident. Maybe the accident just hand the hit the car fax report yet.

 

Not all accidents are reported to CarFax.

CarFax is a privately owned, for profit company, not any kind of mandated car accident database.

CarFax is effectively useless and wholly inaccurate, CarFax - not CarFacts.

 

OPdid your insurance company give you money for deminished value after the incident (as it wasn't a crash)? Did you even report it to insurance (if you didnt then the incident isn't going to be known to anyone)?

As I understand insurance should be providing cash to make up for potential loss of value when filling a collision claim.

 

THIS, very true, and along with the Carfax effect referenced above can really screw you over. Had a VW Jetta with a minor accident (bumper cover and some trim, no airbags) that showed up on Carfax as an accident. Any dealer we went to depreciated the car by 2-3,000. Have a Hyundai that had to have the engine replaced due to previous owner's inept maintenance, that one did not show up on Carfax and that car retains all it's value. Anyone buying, or selling a car should be checking cuz anyone you talk to, will be.

 

Not all states provide diminished value.

 

You still have to ask, and more than likely, fight for the proper amount. I have not heard of any ins. co. giving this as a matter of course yet.

 

They provide it. I know of many people who have gotten it on claims. Just not sure if all companies do it or the rules to getting it.

 

First I've heard of it not being fought for. Good.

 

I think it could still show up if a dealer made the repairs because they enter the vin # into their data base. My father in law had 2 different fender benders that he did not report to his insurance. The paint work was done by the dealer. I noticed that the CarFax showed the visits as "service". But if someone buying it pushed I'm sure they could easily find out what that "service" really was.

Accidents can have a huge impact on value. Dealers especially tend to shy away from them these days. Just too much potential liability.

In fact, in some states you are required by law to disclose ANY accidents when trading in a vehicle and are required to sign a form stating the vehicle has not been in an accident and that you're telling the truth as you know it.

 

In 2006 I bought a 2003 Mustang GT Premium from a motivated seller (a Navy diver whose wife was "with child" and they were floating three car loans). It had been hit in the passenger side door, which had been replaced with a new factory door and very nicely painted to factory specs. He was the original owner having paid $26k or so for it when new, it had just 34k miles; when I saw it and was in mint like new condition, the title was "clean".

The poor fellow had been trying to sell it for 4+ months on eBay but the CarFax report listed it as having "frame damage" (there was no frame damage--just a replaced door) and no one would touch it--he kept marking it down but still once they saw the CarFax they walked. He and I negotiated a bit but could not get together on price. Three weeks later he called and said he "...had to sell it, was I interested?" I got it for $12,300; his loan payoff amount.

The KBB "private sale" price when I bought it was $19.5k--that's what a CarFax report, even an incorrect one, can do to a car's resale value.

I had it for seven years, put a couple grand into it and drove it 125k miles over that time. Sold it in July of 2013 for $12,000 'cause I got lucky and found a kid with stars in his eyes to buy it...

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One of the best cars I've ever owned; should not have sold it...