| Author | Message | ||
| Frank Parker (Parkerfe)
Member Username: Parkerfe Post Number: 905 Registered: 9-2001 |
James, the orginal paint on all Ferraris until the 348 was single stage(no clearcoat) except for metallic colors. Your 308 should have had Glassurit single stage paint from the factory unless it was a metallic color. | ||
| Martin (Miami348ts)
Intermediate Member Username: Miami348ts Post Number: 2096 Registered: 5-2001 |
James, when you disclose you will see that the buyers will like to pay less. This is your loss of value. Is it worth it. Yes ! If you think you can live with $3,000 less or even more for the devaluation, well, if that is not worth your time so be it. Take the hit and smile! | ||
| James H. (Jamesh)
Junior Member Username: Jamesh Post Number: 94 Registered: 5-2001 |
The damage to my car cost 3900.00 to repair. Its the nose section in front of the headlight. Its just an 84 308 so I dont know if its worth the trouble to persue this since I dont have much free time anyways. IMHO, I would still choose a car that has no body work done, minor as it may be, than to buy one that has work done to it. First, the original paint was lacquer and the new paint will be a single stage paint. Will these fade differently in 5 years. Maybe it will, maybe it wont but if it does, I will be out big bucks to have it repainted. When I sell the car, which I plan to do as soon as the work is done, I will fully disclose the the body work that was done to it. | ||
| arthur chambers (Art355)
Member Username: Art355 Post Number: 422 Registered: 6-2001 |
James: Depending on the type of car, its age, and its prior condition, in California you are entitled to a dimminished value claim for your car. While Ed may have a point about not devaluing your car, in the Ferrari market, unless you specify no damage history, the buyer will price the car accordingly. there is substantial case law in California about dimminished value (usually in the context of a damaged airplane, but still good law in property damage). To make the claim that it hasn't been damaged is untruthful, and I'm sure you wouldn't take that path. That leaves you with a car worth less after repair, than before. While an appraiser can help, they charge an arm and a leg. I would contact someone do deals with Ferraris near you, perhaps either Ferrari of Los Gatos, or Ferrari of San Francisco, and ask one of their sales people to write you a note with their estimate of the difference in price between the repaired vehicle and the undamaged vehicle. Lastly, you are entitled to the loss of use on your vehicle. There are several auto rental agencies in California that specialize in Ferraris, and they have web sites which publish the rental rates. Since the peak driving season is arriving, I see no reason for you to not receive that loss to you. You might ask them to rent you one of those vehciles, until your auto has been repaired. Take care though that the cost of the above doesn't exceed the fair market value of your car before the impact, or they will just pay you off, and you'll have to look to obtain a new vehicle (this is also compensible). Art | ||
| Frank Parker (Parkerfe)
Member Username: Parkerfe Post Number: 904 Registered: 9-2001 |
Edward, you're correct, a good body man can make a car as good as new or in the case of a Ferrari, better than new as far as paint quality and panel fit are concerned. In fact, I know of a 328 that was wrecked so bad when new that it had a rear clip installed. That same car won Platinum and coppa machina at the recent FCA Nationals in Atlanta. That same 328 is now owned by a member of FC. I don't know if the new owner even knows so I won't mention his name. | ||
| Edward Gault (Irfgt)
Intermediate Member Username: Irfgt Post Number: 1403 Registered: 2-2001 |
You have to decide what constitutes an "Accident". A door ding, a dented in fender, hail dents on upper surfaces, a bent header panel or major or minor frame damage. Which one of these constitutes reportable damage that would devalue your car. If you got a door ding could you say that the car has not ever been in an accident? If you have a dented fender replaced can you say that the car has never been wrecked? As long as the car is structurely sound and the appearance is acceptable I personally do not see what the big deal is. I do know that most cars that suffer major damage can easily be identified with a competent inspection as a car rarely is repaired perfectly just like it was new, even though the repairs can only be determined with careful inspection. I once saw a Cadillac that was sectioned in the middle and it was such a good job that it almost fooled me it was done so well. | ||
| Barry Wolinsky (308gtb)
Junior Member Username: 308gtb Post Number: 105 Registered: 2-2002 |
James, I think I remember you had posted a picture of your car which was struck by a delivery truck in your driveway. It's just my opinion, but I think the damage was relatively minor and repairs would not be noticeable if done by a fine repair shop. You should not be looking to voluntarily devalue your car. I recently had my car serviced by Classic Coach, a Ferrari-authorized coach repair shop. Indeed many Ferraris damaged enroute to their destinations in North America stop off there for repairs. When they're finished, it's impossible to tell that any coachwork was performed. And these Ferraris are sold as new cars by Ferrari dealerships. Ferraris of every vintage are transported to their shop from all over the country by concerned owners such as yourself for repairs. Rest assured that repairs can be performed for your car that not only will be impossible to discern, but will in no way devalue your car. Barry | ||
| Martin (Miami348ts)
Intermediate Member Username: Miami348ts Post Number: 2090 Registered: 5-2001 |
James, I had a person rear end my Jeep. The insurance company of that guy wanted to give me a Mid Size or Compact car as a rental. I gaziously declined and toled them I will rent a Jeep or other SUV, which is much more money and toled htme they will pay for it. After all I pay insurance on a Jeep and not a Mid Size car. When you incist and threaten with a suit they back off and rent you what you are entitled to drive. Same should hold true for your Ferrari. The insurance will be pucking bricks but who cares! | ||
| Arnaldo Torres (Caribe)
Member Username: Caribe Post Number: 312 Registered: 2-2001 |
Frank, for those like myself, legally challenge individuals, what is and when to use a diminished value claim? Please advise. Thanks, Arnaldo. | ||
| Frank Parker (Parkerfe)
Member Username: Parkerfe Post Number: 903 Registered: 9-2001 |
James, a diminished value claim can be worth tens of thousands of dollars depending on the car. I settled a diminished value claim on a 512M for a client and got him $22,000.00. Another on a MB E500 for $8000.00. It just depends on the car, the damage done, the type of repaires needed and the market at the time. It's well worth it IMHO. | ||
| James H. (Jamesh)
Junior Member Username: Jamesh Post Number: 93 Registered: 5-2001 |
Thanks for the info Frank. Sounds like its more work than it is worth to file the claim for diminished value. Now with the lost of use claim, I wonder if I can make them rent me another Ferrari.  | ||
| Frank Parker (Parkerfe)
Member Username: Parkerfe Post Number: 901 Registered: 9-2001 |
It's called a diminished value claim. You will need to have your car appraised after the repair with the appraiser having a copy of the repair invoice so he/she will know what work was done. You will then take that written appraisal and compare it to the market value of other non-repaired Ferraris of the same/similiar year/model/mileage as your repaired Ferrari. The diminished value will be the difference. You will need to supply the insurance adjuster with your appraisal and market value survey to document the diminished value. | ||
| James H. (Jamesh)
Junior Member Username: Jamesh Post Number: 92 Registered: 5-2001 |
Does anyone know how to prove to the insurance company that a ferrari has a loss of value after an accident. The insurance claim adjuster said I would have to submit a loss of value claim but cannot advise me on how to do it. He said he has dealt with Ferraris before and no one has ever submitted a loss of value claim on them. I feel if I was in the market for another Ferrari and had to choose between one that has body work done to it and one that doesnt, it would be pretty obviouse which one I would buy if both are asking for the same amount. |