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

Discussion in 'Ferrari Discussion (not model specific)' started by ILuv4Res, Jun 11, 2004.

  1. ILuv4Res

    ILuv4Res F1 Veteran
    Lifetime Rossa Owner

    Aug 8, 2002
    6,509
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    Fred
    I am curious what the general opinion is here:

    1) Would you buy an F-car that had been in an accident? Let's say a minor one that damaged the sheet metal (new 1/4 panel for example), not a major one.

    2) If "yes" to #1, how much of a price difference is there compared to an equal example without any accident history?

    Thanks!

    :)
     
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  3. BigTex

    BigTex Seven Time F1 World Champ
    Rossa Subscribed Owner

    Dec 6, 2002
    74,113
    Houston, Texas
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    Bubba
    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!
     
  4. jpl

    jpl Formula Junior

    Dec 4, 2003
    330
    Naples
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    JP Lavigne
    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.
     
  5. rascalif

    rascalif Karting

    Dec 20, 2003
    82
    Southern California
    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?
     
  6. ILuv4Res

    ILuv4Res F1 Veteran
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    Fred
    Speedy, was the quote from your local dealer when they were selling a car or buying one????? (Probably when they were selling. Or perhaps just general conversation.) I would almost guarantee that a dealer looking to purchase a car to resell would deduct for accident/paintwork and anything else.


     
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  8. Ken

    Ken F1 World Champ

    Oct 19, 2001
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    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
     
  9. flyingboa

    flyingboa Formula 3

    Nov 27, 2003
    1,555
    Italy/India
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    Eugenio
    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
     
  10. BigTex

    BigTex Seven Time F1 World Champ
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    Dec 6, 2002
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    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...
     
  11. BigTex

    BigTex Seven Time F1 World Champ
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    Dec 6, 2002
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    Bubba
    I'm the only 308GTB owner in the whole world that can rest his left arm on the door properly....lol
     
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  13. BigTex

    BigTex Seven Time F1 World Champ
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    Dec 6, 2002
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    rascalif, CARFAX doesn't even WORK on 5 digit VINS! :)
     
  14. AR!

    AR! Formula Junior

    Apr 8, 2004
    974
    Berlin, Germany
    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.
     
  15. BigTex

    BigTex Seven Time F1 World Champ
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    Dec 6, 2002
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    your correct. Ferrari of Houston has a new facility that can fix the 360s. It is SOME trick body shop!!!!!
     
  16. zjpj

    zjpj F1 Veteran

    Nov 4, 2003
    5,938
    USA
  17. Chiaro_Slag

    Chiaro_Slag F1 Veteran

    Oct 31, 2003
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    Jerry
    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! :)
     
  18. thecarreaper

    thecarreaper F1 World Champ
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    Sep 30, 2003
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    I NEED A JOB
    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!!!!!!
     
  19. thecarreaper

    thecarreaper F1 World Champ
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    I NEED A JOB
    ps, the bonnet is only raised up because the support arm was tweaked when the car hit a curb. ( thin sheet metal) ...........
     
  20. imperial83

    imperial83 F1 Rookie
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    May 14, 2004
    2,892
    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.
     
  21. BeachBum

    BeachBum Formula 3

    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
     
  22. Exoticbro

    Exoticbro Karting

    Nov 1, 2003
    203
    St.Louis, MO
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    Chuck Ligon

    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
     
  23. Jdubbya

    Jdubbya Two Time F1 World Champ
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    Dec 28, 2003
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    #20 Jdubbya, Jun 11, 2004
    Last edited by a moderator: Sep 7, 2017
  24. racerdj

    racerdj F1 Veteran
    Silver Subscribed Owner

    Jan 19, 2003
    6,809
    Indianapolis
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    DJS
    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.
     

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