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  1. #1
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    Question How much does a vehicle depreciate after a wreck?

    I have a 06 Chevy crew cab Z71 with 67,000 miles on it truck is really clean and in really good shape. I had a girl hit me a few months ago an d did $10,000 worth of damage to it, got all of it by her insurance co. Last week they came out to take pictures and look at truck so they could offer me an amount for depreciation. Any know how much I might get, ballpark figure? Thanks

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  3. Member Parrothead's Avatar
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    #2
    ~$500
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  4. rotaredom-noN m.t.hands's Avatar
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    #3
    check out the diminished value, I think it is considered half the repair cost, in your case about 5K, hope i'm wrong
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    #4
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  6. Member Toypuller's Avatar
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    #5
    There are companies that do estimates for diminished value. After I got hit on my Road King, I had an estimate done, and the woman's insurance paid. No questions asked. Cost me about $150.00, if I remember correctly. The pay out for diminished value was close to $2000, on top of the repair costs.
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  7. Moderator JerryT's Avatar
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    #6
    I think its all a load of crap personally ..Carfax is making that crap spread like wildfire ..A tap on a bumper and they want me to drop 200 off a car...If you cant tell when they are done there is nothing to deduct for
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    #7
    Quote Originally Posted by JerryT View Post
    I think its all a load of crap personally ..Carfax is making that crap spread like wildfire ..A tap on a bumper and they want me to drop 200 off a car...If you cant tell when they are done there is nothing to deduct for
    -
    +1, if its repaired properly, back to manufacturers specs; where's the problem?
    -
    So if a car has $4000 in damage from it being vandalized and keyed on every panel, it's repaired at the manufacturers dealership, (basically just repainted, no filler) the repairs have a nationwide, lifetime warranty on the work(in writing), this adversely effects the value of the vehicle?
    -
    I'm with Jerry, I think it's a load of crap myself.

  9. Lowrance/Garmin/GPS Moderator
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    #8
    About 7 yrs ago i wrecked out BMW and it had about $10K-$12K....wife called the dealer where we bought it and talked to him about it and passed the info onto the other ladies insurance and the gave us a $9K check for depreciation....i never new that would/could happen but it sure did....
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  10. Member
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    #9
    You might want to talk to the used car manager at Lynn Layton Chevy to see what he would have offered you for the truck prior to the accident.

    If you look in TruckTraders.com and filter the search for 200 miles, there are a number of such trucks under 75K miles.

    Your truck is probably in the $16K to $19K range (retail) if you're talking a super cab 4x4 automatic V-8 truck.

    $10K in repairs is too much for such a truck. Ask that their insurance company total your truck out and pay you a fair retail value. Your truck would have been a prime piece on the used truck market, so it should be worth top dollar to them.

  11. Member Bassman Ia.'s Avatar
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    #10
    BIG difference between repainting and body damage. In Iowa/ Nebraska anything over $3000 Of damage depreciated from the value on a trade or sale (that was in 2000 ) today it's $5000. But you have to go after the OP's insurance company for the depreciated value when you settle with them, not when it comes time to trade or sale.

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    #11
    Quote Originally Posted by Bamaman View Post
    You might want to talk to the used car manager at Lynn Layton Chevy to see what he would have offered you for the truck prior to the accident.

    If you look in TruckTraders.com and filter the search for 200 miles, there are a number of such trucks under 75K miles.

    Your truck is probably in the $16K to $19K range (retail) if you're talking a super cab 4x4 automatic V-8 truck.

    $10K in repairs is too much for such a truck. Ask that their insurance company total your truck out and pay you a fair retail value. Your truck would have been a prime piece on the used truck market, so it should be worth top dollar to them.
    Sadly enough, insurance companies will pay $10,000 to fix an $11,000 truck. They save $1000 and they don't care about you. My daughter bought her first brand new car, a V W Jetta. She had it a month, and was hit by another driver, the other driver's fault. She paid $16,000 for the car new, they repaired it for $14,000. She couldn't get squat for it when she went to trade it in 4 years later, nobody wanted a car with a welded in front suspension starting to rust and replaced doors and roof. That plus she wore out tires like mad.

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    #12
    Quote Originally Posted by JerryT View Post
    I think its all a load of crap personally ..Carfax is making that crap spread like wildfire ..A tap on a bumper and they want me to drop 200 off a car...If you cant tell when they are done there is nothing to deduct for

    Carfax is indeed an absolute load of crap! If there is a police report filed and you don't even have ANY damage done to your vehicle, Carfax will list your vehicle as having been involved in a "Significant Accident" and leave out the actual facts (who needs those) in the records. This happened to us with one of our company vehicles. It's just another way someone dreamed up for making money and a great tool for dealers to beat down the value of your trade.
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    #13
    I just had this happen to me with about the same amount of damage. I got $2200 on top of repairs.


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  15. Member
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    #14
    Quote Originally Posted by PStanford View Post
    I have a 06 Chevy crew cab Z71 with 67,000 miles on it truck is really clean and in really good shape. I had a girl hit me a few months ago an d did $10,000 worth of damage to it, got all of it by her insurance co. Last week they came out to take pictures and look at truck so they could offer me an amount for depreciation. Any know how much I might get, ballpark figure? Thanks
    A 7-1/2 yr old truck, did your insurance man say it was totaled ? or to take it and have it fixed ? too answer your question, IMO, about a couple of grand, depending on what your insurance guy says to my first two questions. good luck.

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    #15
    They should pay you around 25% of the current value for depreciation on top of the repairs.

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    #16
    The truck has already been repaired by the local Chevy dealership

  18. Member
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    #17
    you must have forgotten to tell us that part in your original post.

  19. Lowrance/Garmin Sonar Moderator
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    Man they work fast!

  20. Maybe one day........ TRCM's Avatar
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    #19
    Quote Originally Posted by Hardhead1 View Post
    you must have forgotten to tell us that part in your original post.
    Quote Originally Posted by MarkNY View Post
    Man they work fast!

    He did say she hit him a few months ago, and with 10k in damages, not likely he is still driving it unrepaired.

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    #20
    or if it was setting in a repair shop yard or pulled to his house waiting on his insurance adjuster to come by and look at it.