viper blues
9viper8
01-04-2009, 08:28 PM
I have a 98 viper GTS. I realize that this isnt exactly a collector car yet, but I have a problem. Long story short. Pinhole in radiator hose, mechanic fixed it, drove it for a few days and a head gasket blew. $2500 later its back in my garage. I start it, It over heats and has zero oil pressure. Back to mechanic. Incorrectly torqued timing cover caused coolant to go in oilpan. He pulls it outside then pulls another vehicle out, hits my car and does $28400.00 damage to it. NOW the question. This guy is playin games about getting it fixed and I am thinking about whacking him in court. This car was one of a few, and I mean very few GTS without a CarFax. Now it will have one. On a borderline collector car, how much will the value be affected by this large carfax? 30% 20% diminished value? Please list your credentials if you have them, I plan to use this in court
drdisque
01-07-2009, 09:53 PM
Anything given here can't be used in court. You'd need at least a signed affadavit.
Other than a casual car value expert, I have no official credentials. I imagine that in 10 years (when I imagine that the car will begin appreciating rather than depreciating) the difference between a Viper GTS with past damage and one without may be $10000, the net present value of which at 10% discount rate is $3855
Other than a casual car value expert, I have no official credentials. I imagine that in 10 years (when I imagine that the car will begin appreciating rather than depreciating) the difference between a Viper GTS with past damage and one without may be $10000, the net present value of which at 10% discount rate is $3855
Ray paulsen
01-07-2009, 11:02 PM
Your mistake is having an Insurance policy that don't cover deminished value, but then again over 90% don't have this coverage , here is a copy/paste from my website about deminished
If value after repairs is less than the value before the damage"
Would you be willing to pay the same amount for a car that has been repaired?
You just finished cleaning and polish your pride and joy on a sunday afternoon and taking it for a spin when someone from out of nowhere hits you, your not at fault and the other party's insurance company gets the body shop of your choice with all original parts being replaced along with a rental while your car is being fixed.
Your car is returned looking and driving like before and you will most likely be satisfied driving the vehicle as long as you dont try to sell it as history will report accident and your now faced with 20% to 25% less re-sale value subject to type of damage should buyer check history service.
SUMMARY
An accident can happen anytime and if your plans are to keep your vehicle for resale getting fair market value, find out from your insurance co where your stand regarding DEMINISHED VALUE it could lead you to shop around for a policy that fits your needs
If value after repairs is less than the value before the damage"
Would you be willing to pay the same amount for a car that has been repaired?
You just finished cleaning and polish your pride and joy on a sunday afternoon and taking it for a spin when someone from out of nowhere hits you, your not at fault and the other party's insurance company gets the body shop of your choice with all original parts being replaced along with a rental while your car is being fixed.
Your car is returned looking and driving like before and you will most likely be satisfied driving the vehicle as long as you dont try to sell it as history will report accident and your now faced with 20% to 25% less re-sale value subject to type of damage should buyer check history service.
SUMMARY
An accident can happen anytime and if your plans are to keep your vehicle for resale getting fair market value, find out from your insurance co where your stand regarding DEMINISHED VALUE it could lead you to shop around for a policy that fits your needs
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