Deminished Value - Ford Powerstroke Diesel Forum
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Old 02-12-2014, 06:28 AM
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Deminished Value

I'm wondering if anyone has had any dealings with deminished value of your vehicle from a wreck that wasn't your fault?
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Old 02-12-2014, 03:17 PM
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Quote:
Originally Posted by Barry Smith View Post
I'm wondering if anyone has had any dealings with deminished value of your vehicle from a wreck that wasn't your fault?
Not PSD specific but yes it typically does diminish. Damage is damage no matter the cause or who's at fault. Any time damage is done, it's no longer original. Which leads the question as to whether or not it was done correctly.
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Old 02-12-2014, 03:24 PM
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yup happened to my wifes car.. she got hit on the side by an unlicensed driver and when we went to trade it in they didnt give is squat for it because of that accident
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Old 02-12-2014, 03:35 PM
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I have a 2003 Dodge 2500 5.9 sitting in my yard right now that I've been waiting on an estimate since December 23rd 2013. My building colapsed on it (steel frame building) and left heavy damage to the hood, roof, box, rear passenger door, grill, tailgait, tonneau cover. The truck has 135,000 miles on it and was in great shape until then. They sent an adjuster in that made a damage report and took photos. This guy was so fat he could hardly get out of his car. He took photos of the roof damage by standing next to the passenger door while holding the camera above his head!!! He claims 10,400 to fix it. I SAY HAVE AT IT, but don't come along with 15,000 after the fact cause I just don't trust the adjuster! I have another estimate on Friday that will tell the story.

Back to the topic, the damage is in a history or car fax report if you have it fixed correct? My truck may look like new when its' fixed but it's still a vehicle that had substantial damage done to it and I assume it will lower the value. I wish they would just total it????
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Old 02-12-2014, 03:43 PM
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It's only on a Carfax report if you file a claim with your insurance. If you pay out of pocket then nobody will ever know
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Old 02-12-2014, 04:32 PM
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Originally Posted by jgos929 View Post
It's only on a Carfax report if you file a claim with your insurance. If you pay out of pocket then nobody will ever know
Well then mine will be on the car fax because I sure won't be paying 10K-15K out of my pocket when I have insurance.
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Old 02-12-2014, 04:36 PM
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I bought the gf a new Mazda 2 a yr and a half ago when we were on vacation. Had to leave car at her friends place until I could get down and drive it back. Her friend asked if she could borrow one day to get to work, turns out she used it for a week without asking and got in an accident which was her fault and not on the route to work. ...I almost killed the stupid *un*.....
So her brand new car was damaged before we even had it home with less then 500 km .
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Old 02-14-2014, 10:45 AM
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My question was more about a formula that is used to figure deminished value. My truck had around $8000 in damage to drivers front wheel control arm and even knocked something loose inside front drive shaft and busted the steering box. I know when someone pulls up the Car fax they aren't going to give as much and I wonder what the difference will be?
I love this truck and it's almost paid for or I would just trade for a 2015 just like it.
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Old 02-17-2014, 09:54 AM
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My mothers car got in an accident a few month ago and the insurance company sent her a $4000 check on top of everything else to pay for diminished value. They wont simply give you this money though, you have to bring it to their attention that they need to pay you for the diminished value.
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Old 02-17-2014, 11:14 AM
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I fought with Liberty Mutual for almost a year over deminished value. My wife got hit with 1600 miles on her new car when she was headed out of town a couple of years ago. I finally had to turn it over to a friend who is an attorney to get any satisfaction and that was after I hired a group specializing in DV claims to give me a quote. Liberty Mutual (the other dude's insurance) was only offering me $300 for DV. I hated to call my buddy but it worked out, got around $2k after all my fees.
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