Price difference and would you buy a F-car that had been in an accident?

what a touchy subject!

do a search for "diminished value"

to quote my local dealer, "a properly repaired Ferrari does not reduce it's value".........


so there ya go!

I have paid top dollar for a car with a bill of sale that stated "accident free history", then had it hit ...twice.... by goofball motorists here in Houston!

HTH. They paid out the wazzo for that, too!

 

If it was repaired to spec and I was planning to keep it for a long time, then yes I would buy, however I would expect to pay 10-15% less than a non accidented car.

It would also depend on what era car we are talking about.

 

I've often wondered about this issue. My Mondial was in a minor fender bender (see related thread), mostly small dents and I had to have the side intake grilles replaced. Insurance paid for a shiny new paint job and fixing all other minor pre-existing imperfections. Also, the accident isn't on my record (a lady friend was driving it) so all in all I actually came out ahead and the car is in better shape than before. Nevertheless, I'm assuming the accident will show up on Carfax and reduce its value?

 

Bottom line: If the insurance company could have fixed it for a price that made sense, they would have. If you can do body work, plus know enough about these cars that there's no collateral damage that may not be obvious, you still have the diminished value issue and the fact you're not a shop who fixed it.

I doubt many wrecked cars are a value other than as parts cars (not counting the rare and exotic).

Ken

 

As someone already said it all depends on the quality of the repair job. If everything has been done properly (i.e. original factory replacement parts), I see no reason why not to buy. Price wise, again if the repair is such that you cannot eve see it, why should the price be lower?

Ciao

Eugenio

 

lol! It was from the local Ferrari dealer not wanting to get inviolved in the pending "loss of value" discussion underway between myself and the insurance company of the nut case who ran into me which was by coincedence MY OWN D@MN insurance company!

It was a nightmare I could not wake from.....

I settled with the b@stards, hung a new door..and life went on!!!!

never did fix the window glass..there's always tomorrow...

 

I'm the only 308GTB owner in the whole world that can rest his left arm on the door properly....lol

 

rascalif, CARFAX doesn't even WORK on 5 digit VINS!

 

Correct me, but AFAIK the main concern wrt previously damaged cars is that the chassis might be bent. With a sheet metal chassis (is this the correct term? it´s "selbsttragende Karosserie" in German ....) this can be irrepairable and the car might never run in a straight line again.

However with older Ferraris and their tubular frame even a damaged frame is repairable and the car can be brought to an "as new" condition again. In this light the sentence "a properly repaired Ferrari does not reduce it's value" seems to make sense.

 

your correct. Ferrari of Houston has a new facility that can fix the 360s. It is SOME trick body shop!!!!!

 

You can also search for "salvage title" here on FChat, as there have been a few interesting threads on the subject. I also had a question similar to yours, and I got some good responses: http://ferrarichat.com/forum/showthread.php?t=6024

 

If a car has been repaired properly, it is nothing I would lose sleep over. It's just metal for heavens sake. Just get out there & drive it!

 

i paid less than 10k for mine. i disagree with the statement that( paraphrase) " the insurance company would have fixed it if they could "
this is not correct. in my cars case, state farm would not pay to have the car repaired with proper ferrari parts, at a facility that did ferrari repairs, hence the previous owner of my car settled with them to get it over with and kept the car. the car also does not have a salvage title, though i would disclose pics and history to anyone , if i was going to ever sell the car. the question depends on a case by case basis of what year the car is, how bad the damage is, is it driveable, what componets must be replaced, hidden damage, transport costs ect ect.
i work on jets, cars are a fun hobby, have been for years. i plan to buy several more beater ferraris when possible. chop up a few, to fix many!!!!!!

 

ps, the bonnet is only raised up because the support arm was tweaked when the car hit a curb. ( thin sheet metal) ...........

 

It all really depends upon how much damge was done, to what part of the car and how has the damage been repaired. If you are the buyer you try to get the price reduced by tying to harp on the fact that the car was in an accident. But if you are the seller I think you try to show how well the car was repaired and how it is in good condition. I think regardless of how much damage was done the value of the car is reduced. By how much all depends.

 

if somebody hits my, never been damaged, original paint 348ts you better believe im going after there insurance for loss of value, whatever the estimate for repairs is you can probably double that and that will cover loss of value

 

I was told once by an ins. agent that this was a pretty good rule of thumb as far as compensation when no injuries are involved.

Chuck

 

All I know is it gets really expensive really quick!! This one small tear/ding was almost $1,500. There can also be hidden problems like hinges, latches, etc. etc. etc.

First pic is damage
Second is fixed
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For me no paint work was an absolute on the 360 and Diablo purchase. There were several red cars that I passed on with paint work. To me part of the fun was the "chase" looking for the right car. I also recognize that newer models are more prevalent wereas the older ones are not.