Does an accident decrease resale value ?
1/27/08, 03:19 PM
#1
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Does an accident decrease resale value ?
My 05 GT was involved in an accident that caused about $9000 worth of damage to my car (not my fault).
It was mostly cosmetic damage but that adds up.
Anyhow, how much will a buyer try to deduct because of an accident? $1000? $2000? may be more?
It was mostly cosmetic damage but that adds up.
Anyhow, how much will a buyer try to deduct because of an accident? $1000? $2000? may be more?
1/27/08, 03:21 PM
#2
If it were me. If the car was repaired correctly and the frame wasn't bent it shouldn't affect too much. But if it was a shoddy repair job with lots of bondo and structurial damage then you might as well get used to owning it for a long time.
1/27/08, 03:40 PM
#4
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any time the factory paint is broke your car will go down in value if its detected. It really depends on how well someone looks at your car and if they ask you if it has ever been in a wreck.
1/27/08, 04:00 PM
#6
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It will absolutely affect your resale, good workmanship or not. If you can convince the potential buyer that it was cosmetic only and it was repaired by a Ford authorized dealer than it will help your case, but you are still going to have to sell it for a little less.
1/27/08, 04:45 PM
#8
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I actually haven't checked the carfax report so I don't know if my accident is in it.
If it's not in the carfax report, should I not tell the buyer?
1/27/08, 05:18 PM
#11
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If its a perfect repair then I don't think you should have a problem. If you get asked if the mustang has been in an accident then depending on the type of accident buyers might try and lower the asking price or use it as an excuse to lower the price. I got rear ended two years ago. The autobody work was very good, you would be hard pressed to notice that the mustang had been rear ended.
1/27/08, 07:17 PM
#14
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My 05 stang gt was 10 months old when I got t-boned, 10k in dmg. I was worried about resale as well, b/c the body shop had to section the quarter panel, rocker and c-pillar, and in doing so I lost my vin sticker. That was the only way you could tell my car had been repaired. I sold the car for 1k over NADA when it was 2 years old. The accident hit did show up on carfax and I did disclose the dmg info to the buyer. He still wanted it. I think a lot depends on the quality of repairs.
1/27/08, 08:28 PM
#15
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Buyer beware.
There are plenty of 'unrepaired' Mustangs around.
If they ask and you don't disclose, you are at risk of legal action if the buyer eventually figures out its been repaired ... especially after the sanding patterns start to blossom which seems to be very typical of repaint jobs these days ... even from the dealer (been there done that).
If you are an honorable person, then why would you not disclose ...
There are plenty of 'unrepaired' Mustangs around.
If they ask and you don't disclose, you are at risk of legal action if the buyer eventually figures out its been repaired ... especially after the sanding patterns start to blossom which seems to be very typical of repaint jobs these days ... even from the dealer (been there done that).
If you are an honorable person, then why would you not disclose ...
1/27/08, 09:08 PM
#17
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1/27/08, 09:35 PM
#18
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If the titled was branded (lemon, junk, total loss, rebuilt, flood, etc.), then the car is only worth about half the value of an unbranded car. The car in question here sounds like it was not written off as a total loss, so as long as the repairs were done well, and by a shop with a great reputation/warrany, then the car will retain most of its value. However, so many people have easy access to Carfax (and similar vehicle history reports) that many will simply pass on a repaired car if there are other similar cars with a clean Carfax report. This puts the buyer in the position of dropping the price of his repaired car enough to garner enough attention in light of the Carfax report to have a chance at selling it.
The dealership I work for rarely sells used cars with accidents on the Carfax, but when we have (fully disclosed, of course), they typically only bring about 75-80% of normal values. We do not, however, take in trades (and thus we never resell cars) that have branded titles.
The dealership I work for rarely sells used cars with accidents on the Carfax, but when we have (fully disclosed, of course), they typically only bring about 75-80% of normal values. We do not, however, take in trades (and thus we never resell cars) that have branded titles.
1/28/08, 02:53 AM
#19
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Here in B.C. Canada, if the damage is under a certain amount, it doesn't have to be declared. I think our insurance company is now uping the value to $5000 and under since the cost of new car parts are already pricey as it is.
