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What do you think is Fair Diminished Value

Discussion in 'Gen 2 Prius Main Forum' started by tazzboo, Sep 20, 2008.

  1. tazzboo

    tazzboo New Member

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    What do you think is a Fair Diminished Value

    This is my first post and I am sorry to report that my wife's Prius has been damaged. :( I was rear ended by a car that was rear ended by another car. The damage to the car was the Bumper and the hatch back. Neither side of the tail lights nor the quarter panels were damaged. It did however bend up the lower part of the car in the rear that holds the bumper. An estimate of the repairs is right now at $4603.18. They have to cut out the entire back of the car and replace it. They are also having to replace the entire hatchback. The door was all bent up.

    So my question to all of you fine folks out there. What do you think is a fair diminished value on my car. I am having problems finding trade in and whole sale values on the net due to the Prius being a 2008. Seems Edmunds and KBB and NADA have no info for the 08 Prius.
     

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    #1 tazzboo, Sep 20, 2008
  2. JimN

    JimN Let the games begin!

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    Welcome to the site & sorry to hear about your car. IMO ask your dealer for a written offer for the car in its present condition and what they would have paid for it in its pre-collision condition. I don't know how many miles you put on the car but used ones were selling for MSRP.
     
    #2 JimN, Sep 20, 2008
  3. tazzboo

    tazzboo New Member

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    Oh forgot to add that little info. The car has 12700 miles on it. Was in Excellent shape before the wreck. Non-Smoker and Super Clean on the inside also.

    I have already asked two dealerships in my area for a write up estimate and they both refused. They are worried about having to go to court.

    So I guess the Question is what do fellow Prius owners feel would be a fair price for a car that has been in a wreck but fully repaired.

    I get the car back on Monday or Tuesday and plan on filing a diminished value claim with the driver at faults insurance.
     
    #3 tazzboo, Sep 20, 2008
  4. SageBrush

    SageBrush Senior Member

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    Try the dealers again after you get the car back, but pose as a disgruntled Prius owner who wants a 'safe' car now. Just get their offer in writing.
     
    #4 SageBrush, Sep 20, 2008
  5. spitinuri

    spitinuri Member

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    If you buy a salvage title/repaired Prius you can (in most cases) get loan value for the low end of NADA. Say the NADA range is 19000 to 22000 then you could get a loan for 19000. I don't know if that helps.
     
    #5 spitinuri, Sep 20, 2008
  6. jelloslug

    jelloslug It buffed right out!

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    Since it does not look like it will be totaled I would say that you should ask for at least $2000. To be honest with the current market an accident like that really would not hurt the value that much.
     
    #6 jelloslug, Sep 21, 2008
  7. Acelin

    Acelin Junior Member

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    Re: What do you think is a Fair Diminished Value

    Wow! This is almost identical to a collision I had back in early July [truck hits Jeep,
    Jeep hits me]. Similar damage except I lost the taillight fixtures as well. Like you,
    no quarter panel damage.

    I would not recommend trying to get an estimate from the dealer. Most likely they
    will refuse to do it (liability). I went with a professional valuation from a company
    which specializes in making diminished value estimates. Expect to pay around
    $300-$400 for the service.

    In my case: 2006 Prius with high mileage (65K) and over $7,000 in repairs. I
    received somewhat over $2,500 in diminished value. I would expect considerably
    more given the newness of your vehicle and your much lower mileage.
     
    #7 Acelin, Sep 22, 2008
  8. Advocate

    Advocate New Member

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    This is my first post to....but I joined this forum specifically because of this post.

    Diminished value is not a figure that can be looked up. It's a figure that must be negotiated with the insurance company. That's what my company, Advocate Auto Claims does.

    Unfortunately, most people rarely get a fair shake from the insurance companies when it comes to getting a diminished value payment. Since this is my first post on this forum I don't want to step on peoples toes here and blatentely promote myself.

    So, just check out my website:

    advocateautoclaims.com

    All we do is automobile diminished value claims. If you were not at fault, it's likely that there is a claim and it's likely that we can help you recover more money from the insurance company than if you were to attempt it on your own.

    We do have a toll free number you can call. Just ask for any of our claims specialists.

    Jason Anderson
    AdvocateAutoClaims.com
     
    #8 Advocate, Sep 29, 2008
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