F355 Accident DV

The thing that everyone dread occurred to me a few months back. I made a left turn at a traffic and just when I started to accelerate an older lady came out of the gas station, didn't stop and hit me right at the driver side front corner of the car. I was so pissed when I got out of the car but then I realized it was an old lady driving the car and I had to calmed my self down. In the end it's just a car but damnnn, it sucked. I made sure she was ok and I accessed the damage. She said she didn't see me. Not sure how you could miss a bright red Ferrari but ok, sure. What's done is done.

Fortunately I wasn't going fast when we collided but was hit at the wrong spot (front driver side corner). There was damage to the front bumper/header and quarter panel. I didn't think it would cost that much to fix but realized Ferrari parts are $$$$$. Got everything replaced with Ferrari original parts and the total bill was over 30k in damages.

Here's the thing, my car had a clean record, full service history and maintenance up to date. Here's the spec of the car:

1998 F355 Spider
Rosso Corsa exterior and tan interior
6-speed manual
Extremely clean interior except stickies on the AC vent.
11,200 miles
Stock car

I hired a diminished value expert as did the insurance company. We ended at $10k Diminished value. Does this sound right? The body shop did a fantastic job in getting it put back together (they're one of the best in GA) but what do you think it's worth now?
Major belt service scheduled for next year.

Some pics of before and after:
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My GUESS, kind of based on what I would pay would be a deduction of $15K, maybe up to $20K. But the biggest problem is that a number of people won't even look at a "wrecked" car. She may have cut your potential buyer pool by 50-60%.

 

Been there, done that....$10k seems reasonable, $12k might make me feel better . I am shocked you even got the insurance company to discuss DV. I had to take the other party's insurance company to court to get them to discuss. We eventually used a non binding arbiter and came to a reasonable resolution. (my damage was much smaller)

 

Damn that sucks. $10K sounds low to me but that's just my gut. I can see an insurance company not wanting to talk DV on an Accord but a Ferrari is another story.

 

I would be thinking higher DV, a great person to ask is

Lance S. Coren, C.A.A., C.M.A.
US Ferrari Appraiser
TheAutoAppraiser.com

"Industry standards followed by and noted in print by the National Automobile Dealers Association (N.A.D.A.) Appraisal Guides, Kelley Blue Book Market Report Official Guide, the International Society of Automotive Appraisers (I.S.A.A. now the I.A.A.A.) and additional automotive business entities within the United States of America, all devalue a motor vehicle that is in possession of a Salvage Title, by 10% - 50% of the normal, fair market retail value of the vehicle without a Salvage Title. The percentage variance increases with the younger age of the vehicle at issue and the retail value of that vehicle. Any vehicle that is more than 10 years old carries at least the 10% minimum devaluation to the fair market value of the vehicle, if not more. "

 

That's horrible. $10k is on the low side. It should be $20k but that'll be pushing it.

 

Fortunately GA is one of the states that recognize diminished value. I just fell I'm getting screwed in this whole process. My initial offer from the insurance company was less than $5k, which I rejected. That's when I hired a DV expert. His DV amount was little under 13k. The insurance company also hired a DV expert and he came up with 8.5k. The two DV experts has been negotiating for the past several days and they stalled at 10k. If I didn't agree on that amount, then a mediator is hired and he has the final say, which could be less than 10k. It is what it is but this whole process stinks.

I took me about 8 months to find a low mileage, complete history, red/tan, 6speed with clean record and in excellent condition. This stinks.

What do you think the car is worth now?

 

I find it hard to believe that the DV would be any, if much, less than 10k. I was thinking that it should be $15k. Let's imagine that this clean, otherwise unmolested car, could pull $70k retail.... Now you find out it was in an accident of the severity you describe... do you think you could still get $60k for it? No way.... $55k would be pushing it.

 

We're talking a fender bender here, not a salvage title.

 

While that does suck, it looks like they did a heck of a repair....and you can drive it worry free now. Depreciation is all done on that car. Millage is incidental if you ever decide to sell it. Enjoy & drive the heck out of it!

 

This is a key statement. I spent my entire career in the property and casualty field and DV was always one of those areas that would cause problems with settlements. Most likely this will be reported as a "damage to left front fender area" on the CF/AC report which is rather vague for someone looking at it for possible purchase. Given you used new parts and the skill with the repair it is going to be difficult for someone to find fault with the car now that it has been repaired. What you really need to ask yourself is how long you expect to own the car and how much additional milage you are going to put on it before you attempt to sell it. The low milage is a key component in the DV for this car. Nothing says you can't make another run at the ins. company with an offer but to have that work you probably would be looking at $12.5 at best to get sign off. To go for something like $20k would make them push back to the arbitration. The repair looks supper by the way, everything lines up perfect.

 

My two cents about a damaged and repaired car............I posted this in TR section a while back. I understand and agree with diminished value on a new 2016/15 car you bought last month. On our older cars, not so much. I would buy a car like yours and not think twice.

 

People that shy away from that with that photo of superficial sheetmetal well oh well.

If your up front about it someone will buy it.

Funny things about people truning their nose up at wrecked cars well theres a reason autobody shops are everywhere.

People can't not wreck cars yugo to a ferrari.

 

I would probably exhale and accept that you did ok, I do like the $15 K figure better.
Bad news is the accident now on the Carfax ?
Also low mile cars demand a premium in price.
Good news is you are upfront about it, have all the repair records and it appears to be an excellent repair job. You being upfront about it says A LOT to me and have a $30 K repair bill tells me this was done right.
Also as mentioned this is a fender bender, and if the car has been serviced up to date I would be inclined to buy it, having good service records is a big plus. Having the repair fully documented is also a big plus.
When and if you ever sell it, accepting an offer $10 K under your asking price would be the break even point ... Right ?
Think I just lost my mind, break even on a 355 that is actually driven ?
I will NEVER break even on mine lol

 

Just like the previous poster says -- at what point does this go on the carfax?

 

Probably if there was a police report it goes on Carfax. Or maybe an insurance claim.

My wife has hit our mailbox a time or two, backed into a few things, and some things i am probably forgetting. It has been 20 years of marriage. Just about every time I pay to repair the car out of pocket. Nothing like this ever makes it to CArfax. Bottom line, you have to trust the seller and/or do a thorough inspection.

No, she doesn't drive any of my cars. Ever.