Accident report and values?

Sorry to hear about your excursion. In some cases, particularly with specialty insurance, you may be eligible for what's called 'Diminution in Value' - basically the dollar figure for what a potential buyer will subtract from the car's value for it having an accident history, regardless of quality of repairs.

Obviously putting a $ figure on it is hard, and most insurance companies will fight you for it arguing that they paid for a quality of repair which restores the vehicle's original condition.

I looked into this year's back when I had a problem with my TR but the situation resolved prior to my needing significant detail on it.

 

Zero impact, IMO.

A downside of the information age.

LOTS of these have gone off the road, much further and harder. Thank goodness for five digit VINs!!!!!

I had a Ferrari Authorized Service Center tell me that a properly repaired Ferrari suffered no diminished value. That makes me feel better anyway!

Feel free to use that one!

 

The dealer was actually declining to enter into the arguement referenced in post above.........I've cashed diminished value checks, when hit by others.....it's a pretty tough arguement.

Just keep them forever! No harm that way......

 

Exactly.........maintenance!

Most people miss the meaning when I tell them I sent the car in for "sheet metal alignment"!

Makes it sound like routine service.

 

JSL,

I think with proper documents and photo's you will have nothing to worry about. You have the evidence to prove what was done.


The fear of the unknown will always scare off the persepctive buyer..this is not the case for you though !!!

Get it done and don't worry. I'd buy your car with proper paper work.

Mario

 

It's a matter of supply and demand.

There are "billyuns and billyuns" of fringe buyers out there, not very familiar with Ferraris, not having the sense to lurk around here first , and rather frightened of the notion of stepping up to (holds breath) a Ferrari (ohmygosh).

Those buyers are likely to be frightened off by accident history, high mileage, minor modifications, non-factory wheels, a respray, or a bad horoscope on the day.

There's a smaller pool of buyers who will prefer a well maintained driver to a hangar queen, who will know a good usability upgrade versus a "cheap alternative" versus just bling, who will recognize when a minor repair is done right.

So, if it comes to selling such a car, you'll get a lot of "it was damaged, I'll buy it for cheap" offers from those who will think they can get a deal. If you're trying to sell quickly, those comments might make a seller think about dropping the price. But if you're not in a hurry, you can find the right buyer.

It's like women say about finding a relationship -- you have to kiss a lot of frogs before you find a prince.

 

LOL! That's right....

After every crash I have to flip a coin..........

Call the insurance, and use it (resulting in documentation), or call the tow truck and Landoll it straight to the repair shop, off the record.......

It depends on the individual circumstances.............

There was the night a GM Regional manager caved in my door driving his corporate vehicle...I told him "that's a very expensive piece of sheet metal......SIR"

He had $300,000 deductible......

 

This will scare more poeple than the accident and fix. They will hear this from you (possibly if they ask you about the accident damage) and wonder;
Why is he driving it in the rain?
Why was he going so fast?
I'll be he drives to fast all the time and abuses the car.
I'll pass on this one and find the one grandma drove to church and back.

Not saying any of that is true, but from the way poeple ask about stuff around here, I'd say it's pretty close to 100% accurate for 90% of the new buyers out there.

 

An informed buyer should not worry. You seem to be upfront with the crash and I don't think it will hurt the value.

 

A while back I was discussing this issue with Gerald Roush of Ferrari Market Letter fame, i.e., the impact of repairs or high mileage or whatever on the value of a used Ferrari.

Gerald roared back (you'd have to know Gerald), "I have been telling these people for years that the only thing that matters when evaluating a used Ferrari is condition, condition, condition. Wrecked, repaired, mileage -- none of this matters. All that matters is what shape the car is in right now, today!"

Gerald went on to say that it is a safe assumption that every vintage Ferrari has been wrecked at one time or the other. Enzo built some pretty cool cars. But even he could not repeal the laws of physics or make the stupid wise.

So enjoy your car. When it comes time to sell (and there is always a time to sell), you should disclose the wreck and what you did to fix it. If this scares off a buyer, then he was probably a lookly loo anyway.

Good luck, Dale

 

If you document everything very well, it shouldn't have any impact on the car.

 

Scott,
I wouldn't have any qualms about buying it back from you - and I'm super picky.