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Diminished Value for a 3-day brand new 09 Tacoma?

Discussion in '2nd Gen. Tacomas (2005-2015)' started by dawn007, Jul 1, 2009.

  1. Jul 1, 2009 at 1:31 PM
    #1
    dawn007

    dawn007 [OP] New Member

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    Any suggestions on how to provide support for a "diminished value" claim?
    Would you buy a Tacoma for the full KellyBBook price when the truck looks perfect, but has been in an accident - rear & front end damage (is on the Carfax report)? I am concerned that I will not be able to sell my truck for what it should be worth before I was rear-ended.

    Yep, 3 days after I bought my truck, I teenager in a suburban rear-ended me while I was at a stoplight - he hit me going about 35 miles/hour and I was slammed into the car in front of me. So, $6000 dollars in body-work later, my truck looks new (& had no frame damage), but has that big glaring "accident" sign on the carfax report.

    The teenagers parents had insurance and the company covered the repairs, but refuse to consider that the truck is now actually worth quite a bit less than what it was before the accident. So - this is where I need help, if I were to sell my truck right now, I might list it as $28000 (Kelly Blue Book price for private party value - it only has 2000 miles). So, as a potential buyer, what would you be willing to pay considering the extensive damage that you saw listed on the carfax report for this truck?

    Any suggestions or help would be greatly appreciated!
     
  2. Jul 1, 2009 at 1:48 PM
    #2
    DriverSound

    DriverSound Señor Member

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    Just enough! Other vehicles: 2015 Mustang GTPP 2014 Prius 2010 4runner SR5 4x4 2009 TRD-OR AC
    I bought mine for $28K from the dealership with 8 miles so for me to buy a not so brand new truck that had been in an accident, the price has to be pretty low. $21K at most.

    I'm sure Carfax only states accident on it but it's really up to you the seller to explain where the accident occured on your truck. You can lie like used car sales people do and just say fender bender.
     
  3. Jul 1, 2009 at 1:52 PM
    #3
    Richman21

    Richman21 I think therefore I'm a Democrat

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    Wow. I don't have an answer but I'm surprised that your truck wasn't totaled. My 2006 was rear ended at about 15mph by a 1978 Mercury Cougar and had ~$15k in damages because the frame was bent and folded, but ended up getting it totaled. That's why I have a 2009 now. Sorry to here about your situation, that totally sucks.
     
  4. Jul 1, 2009 at 1:54 PM
    #4
    FL4x4Taco

    FL4x4Taco Well-Known Member

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    Sucks dude. Reality is it is worth less. But as long as they fixed your car... technically that's all they have to do. Don't believe the law entertains "deminished value". I think their idea is accidents happen.
     
  5. Jul 1, 2009 at 1:56 PM
    #5
    mws4ua

    mws4ua I'll try being nicer if you try being smarter.

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    I purchased a car recently and I didn't even consider vehicles w/ accidents on the vehicle history report. Anybody w/ half a brain will offer you a good bit less for your car if they see the wreck on the CarFax. Used dealers (like CarMax, etc.) will do the same. That's the reason that diminished-value claims exist in the first place.

    If their insurance company isn't willing to give you money for the diminished value, I would absolutely lawyer-up. The wreck didn't cost you just the repair work, but the diminished re-sale value and you should be compensated for it.
     
  6. Jul 1, 2009 at 1:59 PM
    #6
    Good351

    Good351 Well-Known Member

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    Had the same thing happen to my 08. At 3500 miles I got side swiped and caused $5500 damage to my truck. I had toyota do all repairs and it looks and drives like new, but it's still been in an accident. Several people told me that it wouldn't be on the carfax report, but I'm pretty sure it is...
     
  7. Jul 1, 2009 at 2:00 PM
    #7
    BlissTaco

    BlissTaco Well-Known Member

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    Different situation, but...I recently sold 99 Tacoma that I had re-ended someone in. The work was done at a very reputable shop (about 4k in damages) and I had all of the details. Because it was an older truck the repairs actually made it look better then before. The buyer was a bit concerned, but still paid over KBB.
    Biggest difference however is that there is a more limited supply of good older Tacoma’s.
     
  8. Jul 1, 2009 at 2:04 PM
    #8
    mws4ua

    mws4ua I'll try being nicer if you try being smarter.

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    I just called my insurance agent to ask and he's going to look into it. I may have spoken a bit too early before, b/c I'm no absolutely longer sure that you can get a 'diminished value' settlement. I KNOW I've heard of such a settlement, but I can't remember the source.

    My 'Lawyer-up' comment was made assuming diminished value claims were more common place. I'm not in favor of suing to sue... but if there IS a legitimate diminished value claim and legal precedent for one, I would fight for it.

    The beginning of my statement is the same... if I were looking for a truck, I wouldn't consider one that had been in a wreck b/c you just never know. I hope there is legal precedent out there that will help you out.
     
  9. Jul 1, 2009 at 2:23 PM
    #9
    mws4ua

    mws4ua I'll try being nicer if you try being smarter.

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    I found an article specific to California that might be helpful. It's not looking good... but if you feel that it's several thousand dollars you might want to take it to a lawyer to see what he/she thinks.

    http://www.carinsurance.com/kb/content27693.aspx

    Other articles I've read say that GA and KS specifically allow for diminished value claims. You should have your next wreck there.
     
  10. Jul 1, 2009 at 2:48 PM
    #10
    GSB

    GSB Well-Known Member

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  11. Jul 1, 2009 at 2:56 PM
    #11
    brian

    brian Another Traitor

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  12. Jul 1, 2009 at 2:57 PM
    #12
    brian

    brian Another Traitor

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  13. Jul 1, 2009 at 4:55 PM
    #13
    05 TRD Sport

    05 TRD Sport She's Fat, I'm Drunk, It's On.

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    My last truck got hit from behind, it was almost 1 year old w/very low miles. 6-7 yrs ago. It still cost me almost $400 a month and it wasn't worth as much as it was before the wreck. The resale price also took a hit. You usually can't get full resale for a wrecked auto. Yeah, Progressive ins. paid me almost $2k in diminished value. They knew exactly what I was talking about and didn't hesitate to cut the check. Don't take no for the answer. This was in Ga. may not apply in your state.
     
  14. Jul 1, 2009 at 5:41 PM
    #14
    TheKneeBiter

    TheKneeBiter Active Member

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    I am looking at used convertibles now as a second vehicle. When I see ACCIDENT on the carfax or if I see any sign of repaint I walk. It is a bad selling point for you.
     
  15. Jul 1, 2009 at 5:52 PM
    #15
    Caddmannq

    Caddmannq MotoNerd

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    IMHO the real issue is this: Is it even possible to repair a new vehicle to pre-accident condition? It's like loss of virginity: there's actually no known way to reverse the process.
     
  16. Jul 1, 2009 at 5:59 PM
    #16
    AFButters

    AFButters Rigger, Please!!

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    If its fixed and like new why do you want to sell it.. just keep it.. and then 5 years down the road sell it and be like it was a fender bender no big deal.. gimme 15k
     
  17. Jul 1, 2009 at 8:41 PM
    #17
    07taco

    07taco Well-Known Member

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    I got rearended by an a$$ that had no insurance and my insurance paid the claim and they even paid for diminished-value not much but $800 more dollars to help since i had to pay the deductible. All I can say you pay for insurance use it even if you have to pay the deductible like I did. Thats why they have attorneys to get the money back.
     
  18. Jul 2, 2009 at 4:57 AM
    #18
    mws4ua

    mws4ua I'll try being nicer if you try being smarter.

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    Yeah... GA is one of the few states that has laws re: diminished value. Looks like if you're going to get hit by somebody, it should be in GA or KS.
     
  19. Jul 2, 2009 at 5:27 AM
    #19
    thecreeper

    thecreeper Well-Known Member

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    like a guy at work, bought a 08 FJ Cruiser brand new. He totaled the FJ after 3 days of ownership with only 588 miles. Should have gotten GAP insurance. That FJ was worth nothing and boy was he angry. He filed complaints with the insurance dept, insurance co, adjuster, BBB, you name it.

    just an unfortunate event. Its something I never thought about until that story. I'm buying a new Taco tomorrow and putting down a good sum... its not something anyone really thinks about (GAP) but i don't know, is it worth it? I think the likelihood of something like this happening is rare but u just never know.

    I remember checking a CARFAX on a used Toyota Land Cruiser (07) and found that it had an accident / repaint I stayed clear as the dealer sold it as is. When I showed the dealer the CARFAX the salesman got all, "huh wha? hmmm that's interesting..." whatever!!!!! I do not like buying used but i'll consider and I always run a CARFAX and Autocheck... you'd be surprised at some of the stuff that turns up on used and how dealers claim they don't know about it.
     
  20. Jul 2, 2009 at 5:52 AM
    #20
    Veccster

    Veccster bass turds

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    Sorry to hear about the accident, dude...that does suck. As long as your willing to do so, keep fighting the insurance company. If it becomes tiresome, just let it go - shit happens and it sucks sometimes.

    Not sure of you age or financial situation but do you plan to keep the vehicle for 7+ years? At that point, it really won't matter much on resale. Hell, it may be in a couple more accidents by then.
     
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