Loss in Value after accident

Hey guys. Few weeks ago I got hit by a Camry.

Truck is in the body shop now getting fixed. About $4,500 worth of repairs currently, i expect that to go up a bit once they sort out what needs to happen to address the alignment and such. They need to put it on a frame machine to straighten out the fender support.

The guy has State Farm insurance. After taking a bit to accept liability for the accident, they have overall treated me fairly well. Cut me a check for the damage promptly, allowed me to choose a body shop of my preference, and got me a rental truck.

It'll be a bit yet before repairs are finished. I know I am entitled to/plan to collect a settlement for the Loss in Value, or Diminished Value of the truck.

Any tips or advice on how much I should expect the value on the truck to diminish? I want to have some numbers to work with when I begin my negotiations. The reason I, and I imagine most of us, purchased a Tacoma is the excellent resale value. Not to mention the capabilities and all that. Question is, how much did it hurt the value?

Thanks!

 

That's a good question but a difficult one to answer. Maybe phone the dealer and ask how an accident like that is treated if you were going to trade it in after the repair. I know it affected my Ford Fusion's value when it was traded in for the Camry.

 

Resale value was not a factor in my purchase of a Taco because I plan on driving this until the wheels fall off. I doubt its the reason many people bought a Taco since resale has nothing to do with its abilities as a truck. I would guess you will lose 5k on the resale value after a crash.

 

I work in a body shop and it is something the insurance companies deal with. I attended a meeting with a former State Farm employee who now specializes in diminished value claims. He mentioned that you basically have to check multiple vehicles that are like in year, make, and model, and check car faxes for accident reports. Compare that to the non-accident vehicles and check with dealerships on trade in as well, then start negotiating on a pay out for the diminished value. Hope that helps. Don't take no for an answer though because they do owe for that.

 

After I was hit in a Camry I used to own I went to a local dealer and talked to one of the guys in the used car lot about this. He wasn't totally excited to spend time talking to me since it didn't concern a sale, but I finally got him to give me a number (dollar amount) of how much less they would offer me for my car due to the rear-end collision. I guess the right thing to do would have been to go talk to at least one or two more, but I didn't have the time and just went with that he told me. I got his card, put what we discussed in writing and submitted that to the insurance company of the kid that hit me. Shortly after that they cut me a check for just that (diminished value).

 

Thanks for the input guys.

@Crosis - I hear you. I plan on driving this thing for a while too. But in the event I wanted to swap out to a newer or different Tacoma, it's nice to have the value there. It was nice to be able to back up my desire for a truck with the fact that it's one of the better financial choices one can make with regards to value. After having lost shitloads of money on all the Subaru's I owned prior.