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Pricing used vehicles involved in accidents/reconditioned

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Comments

  • chibridchibrid Posts: 5
    Good advice kenley. I wonder how much of the diminished value would be due to appreciation since the car has over 13,000 miles?
  • kinleykinley Posts: 854
    The dealer's additional reduction in value is the DV. DV is not a part of Depreciation scales used in the book.
  • chibridchibrid Posts: 5
    Kinley. My issue is over. The repair shop found additional damage to my Hybrid and the insurance company now considers it totaled. I've already bought a new one.
  • kinleykinley Posts: 854
  • I was in a major car accident last year. I was driving a 2002 Honda Odessey with just over 500 miles on it. The car was not even two months old.

    The frame was not damaged but there was significant repairs to the car overall.

    The car is now finished (using a very reputable repair shop and only Honda parts) and I am trying to figure out how to price it.

    I know what the Blue Book says but I am assuming I should take off some $ b/c it was in accident...but how much.

    I plan on giving whoever buys the car photos of it right after the accident.

    Thanks
  • isellhondasisellhondas Issaquah WashingtonPosts: 20,225
    And a hard question to answer.

    The Odyssey may be fixed "perfectly" but it's still been wrecked.

    Most people wouldn't want it unless thye could steal it.

    Maybe some of the others here have a better grasp of this than I do but it would be hard to apply a hard number to this.
  • sirveauxsirveaux Posts: 5
    I'm curious how much a Junk Title (California) diminishes the value of a vehicle. The vehicle in question is a 99 Maxima in great condition. Is this vehicle essentially worthless? Any input is appreciated, thanks!

    -Ryan
  • rroyce10rroyce10 Posts: 9,359
    .... Need some more info here babe .. model, miles, condition, options, color ..

                           Terry.
  • steine13steine13 Posts: 2,708
    we need to know the extent of the damage.

    Terry, what are you doing posting at 04:11??? You know how we worry.
    -m
  • janzjanz Posts: 129
    Years ago, when my car was totalled in CA, I asked why a release of liability was still needed. I was told it was for my protection incase someone salvaged it and put it back on the road.
  • im_brentwoodim_brentwood Posts: 4,883
    Junk title?

    If a car has a Junk title then it's worse than a salvage title! A Junk title is also known as an unrebuildable title or a Certificate of Destruction.

    It means the car is NEVER supposed to go back on the road. Either because it's an older car with heavy damage or the car was so badly damaged that it was deemed impossible to properly repair it and make it safe to use again.

    DO NOT BUY IT! PERIOD!
  • janzjanz Posts: 129
    If you drive it even another year or two, you won't take such a financial hit.

    On the other hand if you don't want it why would someone else, unless they could get it for a steal?
  • kinleykinley Posts: 854
    No body damage, the interior dried out, and the electrical system is fine.
  • sirveauxsirveaux Posts: 5
    The vehicle is in nearly perfect condition, it has 80k miles and all options (leather, auto climate, moonroof, bose stereo, alloy wheels, spoiler, power seats, etc). Maxima SE, gold exterior and beige interior. Not sure the extent of the damage (ie why it was given the junk title). Let me know if you need more info.

    -Ryan
  • vikdvikd Posts: 187
    ...even take your chances? Go find another Max; there's a lot out there, I know 'cause I've been looking at em too...

    Regards... Vikd
  • montanafanmontanafan Posts: 945
    The car isn't "in nearly perfect condition". It has a "junk title". In Massachusetts, the "junk title" is also labeled as a "parts-only" title and can NEVER be re-titled (which means it can't be sold) or re-registered. Since title branding is fairly uniform now between states, I would guess that California would be the same. So to answer your question. it is worthless unless you have a Maxima that needs lots of parts.

    -------UPDATE----------
    What do you know. Guess I should have "googled" before I posted. Unlike Massachusetts, California can "revive" a car with a "junk" title (previously dismantled). It involves paperwork, info about the rebuilder, proof of purchase for every part that went into the rebuild, alot of fees, and an inspection by the California DMV. So perhaps this car has been through that proccess. That being said, you could have problems getting a loan (if neeeded), insurance, and futre resale problems. As others have advised, there are many more fish in the ocean. http://www.dmv.ca.gov/pubs/brochures/howto/htvr4.htm
  • isellhondasisellhondas Issaquah WashingtonPosts: 20,225
    For a VERY good reason!

    Don't even THINK about buying that car!
  • sirveauxsirveaux Posts: 5
    Rest assured, there's almost no chance I would buy this vehicle, I'm really just interested, because the guy knows it has a junk title and has lowered the price a small amount. So, I'm trying to get some feedback on how much such a thing really diminishes the value. He'd have to lower the price A LOT more to get anybody to buy it though. And when I said "nearly perfect", it was in response to someone asking it's condition, and except for the title, that's the case. It is currently registered and driven, so I guess it has gone through that process in California.

    -Ryan
  • jratcliffejratcliffe Posts: 233
    1. A maintenance guarantee comes with it.
    2. You NEVER plan to sell it, ever.
    3. You get a mechanic you trust with your life (because that's what you're doing) signs off on it.

    Even then, be very afraid.
  • rroyce10rroyce10 Posts: 9,359
    ...... Yes, you can raise the dead on the CA titles, it's very close to the new program that was instituted in Texas in (98/99?) .. you have to leap tall buildings with a single bound, but it is done and the State of CA looks hard and long, which is a good thing.

               Based on the info on the Maxima SE .. (without seeing it and getting a touchy feely) it's worth "around" $3 grand, might pay $4,0/$4,5 on the retail side .. the hard part is, if you go to sell it, who's going to buy it ..? that market is about as big as a thimble ..

                I would be going to "Down the Road motors" if I were you ..

                          Terry.
  • sirveauxsirveaux Posts: 5
    The fact is I probably would never sell the vehicle, but my last vehicle was totaled and the one before that stolen, so in either of those situations I'd be looking at getting next to nothing for the vehicle. It'd have to be dirt cheap for me to actually consider buying it. I really appreciate all the input from everyone, thanks :)

    -Ryan
  • janzjanz Posts: 129
    You must be a young'un. Never is a VERY long time!
  • rroyce10rroyce10 Posts: 9,359
    ..... And where was the work done, front to firewall ..? side slam by the rear door ..? side ..?

                 Terry.
  • The damage was to the drivers side (from bumper to sliding door). The dash had to be replaced. I checked Carfax and am not sure when things are reported but the VIN number comes up clean.

    The work is being done by Scottsdale Paint & Body. They are supposed to be very reputable but are very slow.

    We have to sell the car because my son is in a wheelchair. Our insurance wouldn't pay for anything large enough to accomodate it. So, we financed a new Odessey right away with the hope that we could pay most of it off with the sale of the old one.

    Thanks
  • kinleykinley Posts: 854
    The Odyssey was involved in a crash. It was not severe enough to be totaled. It has been repaired using Honda approved parts and the body shop process has not been a "rush" project. In fact, the reconstruction of the damaged area could be considered "hand made" by local and experienced body mechanics. When you buy into and believe the above facts, there shouldn't be a problem with owning this vehicle. Sure, perhaps, the body "lost it's virginity", but that's not nearly as bad as a perfect body with an engine and transmission that's been abused by a previous owner. There are more variables of course, but the above could be considered by a reasonable person.
  • vikdvikd Posts: 187
    ...what I also don't get is that it appears from the post that he/she bought ANOTHER Odyssey..?

    Is this true thetwoakids?? Why would you purchase another brand new veh while yours was in the shop being repaired...? Sorry dude, but this is close to one of the more, ahem, questionable decisions I've ever heard of...and you certainly won't get anything for the used one commensurate with what you paid for the new one. I wish you luck but I fear you're in deep with this one...!

    Regards... Vikd
  • rivertownrivertown Posts: 928
    Check into a 'diminished value' insurance claim. The difference between what your old van is worth wrecked and repaired vs. unwrecked is 'diminished value' and under some circumstances insurance covers that loss.
  • rroyce10rroyce10 Posts: 9,359
    ..... Now that I know where the damage is .. how much cost ..? ~ American money ..

                      Terry.
  • rroyce10rroyce10 Posts: 9,359
    ..... I was up and getting to run off to an auction ..

                    Terry.
  • sonjaabsonjaab Posts: 1,057
    Check with that honda dealer on a that new one.
    Many mfrs. offer special programs for the handicapped. Such as special financing,cash money
    towards special equipment, lifts, etc.
    I know GM, Ford, Mopar have such programs aval. on NEW vehicles...Not sure about honda tho.

    My uncle has a new xcab S-10.....GM mobility program paid $$$ to equip his vehicle with a wheel chair lift and hand controls. The lift is pretty nifty. It folds out from behind the rear seat and lifts him and chair up to seat. Then they both fold and return to behind the seat.

    http://www.gmmobility.com
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