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New guy looking for some help with the diminished value

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  • New guy looking for some help with the diminished value

    Hi all,

    I joined the site a good bit ago, but have mostly lurked around and used it for information.
    I picked up my first Miata about 8 months ago.
    It is a 2003 LS with, i believe, the PEP package. 5 speed. black interior, non-LSD (i think) and currently has 108k on it.
    No real upgrades, outside of a K&N CAI, Moshimoto performance radiator and upgraded stereo including a bazooka tube.

    I was involved in a fender bender the other day. I was not at fault and was rear-ended and pushed into the car in front of me.

    Just had the the appraisal gentleman leave and said i would most likely hear back from him on Monday.
    I would like to be prepared when they start making offers to fix or total the vehicle. (he claims it will should be repairable, assuming there is not major damage behind the rear bumper cover)

    Before the accident, the car was in good shape. It has a few small scratches and dings. Has some rust bubbling in the rockers and the top could be replaced. (small pin holes starting to form)
    Again, interior is decent. cleans up pretty well but the drivers seat is worn through in the base. (bought it this way, but the foamectomy and my 6'2" - 230lb body has not helped it at all)

    doing my own comparison searching, it appears that 2003-2004 Miatas in the 100-120k mileage range are having an asking price of a bit higher than i anticipated.

    I am hoping you all can chime in and give me a good benchmark for what the replacement cost of my vehicle would be. After consulting kbb, NADA, autotrader and craigslist. I feel like $5000 might be the answer, although it seems like i would be looking for a good bit to find a decent manual one...

    I appreciate all of your expertise and please let me know how far off i am!

    Upon initial inspection, car will need front and rear bumper covers, fender, fender liner and headlight. and then all painted and blended

    edit:
    More importantly, since a new email i just got states that they believe it is fixable, i am also interested in hearing opinions of the diminished value? Car has/had a clean title with no accidents. What the price difference now that it will have a minor accident on its record?
    Assuming you did not see the photos of the cars damage, how much less is a clean title car worth with said accident on record?

    Thanks Again!







    Last edited by 87_gt; 06-16-2017, 11:18 AM.

  • #2
    I just read some information that claims that in the State of GA, vehicles with over 100k miles do not qualify for a diminished value settlement. :rolleyes:
    Seeing as how this post is not very relevant anymore, please feel free to delete.

    Thanks!

    Comment


    • #3
      Don't get too excited by diminished value. I had a new car a week, when it was driven over by a semi. The bill to repair it was a bit over $20,000, the car cost $24,000 new. So after a car had over 80% of its value put into repairs, I got a check for the diminished vale...$80. Of course that's utter BS., but it's also how the insurance companies run things.

      Be very happy the insurance company chose to fix your car! A lot of Miata's on this site have been declared total losses for less damage than your car received. Do ask on this site for recommendations on a good body shop to perform the work. There are some good shops, and some crappy ones. Get your car fixed at a good one.
      Red '91, MSM longblock/BEGI-FM hybrid turbo w/2871r/3"Enthuza/Hydra2.7/700cc/Ohlins/
      RacingBrake11"BBK/SS HDDD/Nakamae everything/KGWorks/Zoom/We're done!

      Comment


      • #4
        Thanks for the input!
        Yea, after doing some more research, i am not getting too worked up about the diminished value...
        Would be nice to still try and squeeze out an extra couple hundred bucks and put that toward some new wheels!

        i am actually dealing with a company that is self insured, so the whole process has been a bit different than i have experienced before.

        Comment


        • #5
          yah diminished value would be minimal at best, im surprised they actually said they would fix it so thats nice. x2 on finding a good body shop. ooooorrrrrrrr you could possibly do another option depending on how the insurance company pays out, if they are one of the few that will actually just cut you a check then you could always try to find some used parts and fix it yourself and nothing listed is that difficult and then you would for sure pocket some money. i've done thing a couple of times but not all company's just cut a check
          1997 mx-5

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