05-22-2014, 11:30 PM | #1 |
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Wind is out of my sails
I was rear ended tonight while sitting at a stoplight.
Car will need some repairs, but the value is basically worthless now. I am beyond hacked off. Seems petty, but a very expensive car is now impossible to sell at a decent price. Wouldn't be as big of a deal, except that I only keep cars a year or two at the most. Anyone had any dealings with getting "diminished value" in a situation like this? Feel free to PM me if you prefer.
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05-23-2014, 12:04 AM | #2 |
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Sorry to hear about this man. Being rear-ended is bullshit. I feel your pain.
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05-23-2014, 12:19 AM | #3 |
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Sorry my friend. I had similar experience 2 years ago with my first 650i. it was hit and run. I had BMW repaired my car and after 18 months of lease I traded in with a 2013 model. I traded my car for 60K while I owed 66K to pay it off. It was 6K up side down, but instead, I got 7K off MSRP on new car . So I think you have to have this car for another year or two and then traded in with new one. I just recommend you to let your BMW dealer takes care of repair. Don't worry and don't bother yourself. still it's a beast
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05-23-2014, 07:12 PM | #4 |
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I was rear ended at an intersection while driving my 2013 M5 last year. There was only a small crack in the bumper from the collision. Shortly after, I ran over a truck tire on the highway which completely bent the front bumper. I traded it in "as is" without fixing the vehicle in Aug 2013 for an X5 M. The dealership only gave me 60k for it after negotiations. The trade in/resale value for any M vehicle with a damage report is terrible. Sorry man.
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05-23-2014, 08:39 PM | #5 |
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Damn I just saw this. Sorry about that. How bad is it? Any pics?
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05-23-2014, 10:57 PM | #6 |
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Getting rear ended is one of the most frustrating things that can happen on the road, and it seems like it's becoming even more common now that people keep texting or staring at their phone's screen while driving. I've made a habit of throwing my phone in the compartment where the phone cradle is as soon as I get in the car (even though I don't use a cradle) just so that no one could ever blame me for being an idiot and rear ending someone.
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05-24-2014, 12:01 AM | #7 |
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You may wish to consult with a local attorney to see if diminished value is an element of damages that can be recovered from the other driver or his/her insurance company.
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05-24-2014, 06:11 AM | #8 | |
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05-24-2014, 08:41 AM | #9 | ||
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05-24-2014, 09:51 AM | #10 |
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Very sorry to hear man, how bad is the damage?
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05-24-2014, 11:54 AM | #11 |
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If it is cosmetic and not mechanical or structural and repaired properly the value doesnt take as big a hit. Let us know what happened exactly
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05-24-2014, 12:33 PM | #12 |
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I too am peed off for you, but if it's only small bodywork damage surely it would not be reported as serious if at all would it?.
Here in the UK only very serious damage would logged to the vehicle.
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05-24-2014, 01:12 PM | #13 | |
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05-24-2014, 10:50 PM | #14 |
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At first glance, it doesn't appear to be too bad. Rear bumper, reverse lights, license plate, license plate frame and exhaust tips are the easy items to identify. My car was pushed about 2-3 ft with the brakes on, so I am worried about flat spots in the brand new Michelin PSS. Beyond that, who knows.
I won't post any pics until the whole thing is resolved. As most of you know... Diminished Value is a REAL threat to a wrecked car like this. I don't want to screw anyone, but I don't want to get screwed by an insurance company. It certainly isn't my fault that the insurance company's insured driver negligently ran into me, hurting my property. I wouldn't and I would bet that MANY, if not all of you, would not buy a vehicle with a Car Fax wreck history, You just never know the extent of the damage. I have passed on many cars over the years, solely due to the accident, even if it were documented and the minor AND a great buy. I am sure the car is fine, BUT, it isn't what I bought and it isn't what I owned prior to the accident. I just want to be compensated for what it was worth before the accident and what it is worth now. I still lose, because I can't replace it for what it was worth before the accident. But at least it takes the majority of the sting away. I will keep everyone updated as it progresses. FYI, there will be a 2013 SG M6 coupe with 4500 miles for sale soon It will have fully documented pics of the repairs.
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05-25-2014, 01:56 AM | #15 | |
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it's not a big deal.
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05-25-2014, 07:55 AM | #16 |
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A car with a wreck on car fax is worth 10-20% less than a comparable car without an accident history.
I can afford the car, but a $10-$20k hit in value isn't something I want to assume when the accident wasn't my fault. The car isn't fine in my opinion. It is likely "fine" in the respect that it can be fixed, but it isn't "fine" in the respect that is was an un-wrecked, unpainted car, worth more a couple of days ago than it was today. The fact that I trade them in ever 2 years means I can expect a $10-$15k+ loss in value due to the negligence of another. Closer to $20k if I sell it now, which I will likely do. Petty? Well, maybe, considering I could have been hurt badly and that it is just a car. But I don't think it's petty when I stand to lose that type of money through no fault of my own.
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05-25-2014, 08:23 AM | #17 |
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Didn't realise these sort of things had such an impact on resale in the US. So I am completely with you- you have suffered a material loss that was the fault of another and you should do all in your power to recover that loss from them / their insurer.
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05-25-2014, 10:15 AM | #18 | |
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05-25-2014, 11:23 PM | #19 | |
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Precedence has been set in the Supreme Court and Kansas recognized it as well (Mabry vs State Farm). Sometimes it pays to have attorney and exotic car owners as friends as someone is bound to have been in my situation already. They have
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05-25-2014, 11:27 PM | #20 | ||
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05-26-2014, 03:28 AM | #21 | |
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05-26-2014, 10:15 AM | #22 |
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It's very common here in SoCal, a lot of bad drivers with no insurance and POS cars. That's the ONLY reason I lease my cars. My wife was rear ended in her 740i when the car was a month old, did over $7,500 damage. Looks like new, insurance paid to have it fixed by a BMW/Merc specialist, even flawlessly matched the Black Sapphire Metallic pair, but at the end of the lease, BMW will get it back.... The person that hit her was driving a newer Lexus SUV, with expired insurance. Took over a year to get our deductible back.
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