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View Poll Results: How much less would a repaired ZL1 need to be to buy it over a never damaged ZL1?
No discount needed. 1 1.16%
$0-2500 3 3.49%
$2500-5000 19 22.09%
$5000-7500 17 19.77%
Wouldn't buy the damaged car at any price. 46 53.49%
Voters: 86. You may not vote on this poll

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Old 11-21-2019, 01:28 PM   #1
Rodan
 
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Diminshed Value Poll

I am dealing with insurance after our 2018 ZL1 was hit in a parking lot, and my research on diminished value has me wondering what the actual target audience for ZL1s has to say about accident damage.

Assume the following:

You are looking at two 2017-2019 ZL1s as potential purchases.

The first car has had "minor" damage: fender, bumper cover and some ancillary parts replaced/repainted, no damage to suspension or structure. The repairs were done professionally and perfectly... no indication that there was ever damage, but it's on the Carfax/Autocheck.

Second car is identical in every way, but no damage history.

How much less expensive would the repaired car have to be in order for you to buy it over the never damaged car?
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Old 11-21-2019, 01:39 PM   #2
Heartbreaker
 
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Quote:
Originally Posted by Rodan View Post
I am dealing with insurance after our 2018 ZL1 was hit in a parking lot, and my research on diminished value has me wondering what the actual target audience for ZL1s has to say about accident damage.

Assume the following:

You are looking at two 2017-2019 ZL1s as potential purchases.

The first car has had "minor" damage: fender, bumper cover and some ancillary parts replaced/repainted, no damage to suspension or structure. The repairs were done professionally and perfectly... no indication that there was ever damage, but it's on the Carfax/Autocheck.

Second car is identical in every way, but no damage history.

How much less expensive would the repaired car have to be in order for you to buy it over the never damaged car?
It cost me $2,000 residual depreciation on a CTS-V on a perfect repair deer contact on the driver's front quarter panel.
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Old 11-21-2019, 01:43 PM   #3
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Quote:
Originally Posted by Heartbreaker View Post
It cost me $2,000 residual depreciation on a CTS-V on a perfect repair deer contact on the driver's front quarter panel.
Thanks, that's a useful data point... what year CTS-V?
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Old 11-21-2019, 01:46 PM   #4
Can'tHave2MuchHP
 
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Personally, I answered "Wouldn't buy at any price" and here's why. I typically sell or trade up to a better vehicle every 2-3 years, sometimes shorter, sometimes longer. A ZL1 with a flag on its CarFax is always going to be more difficult to sell/trade, even with discounting. In other words, liquidity is important and a car with history is less liquid.

Now, if liquidity isn't a concern for the buyer, then a steep enough discount will move it. There are some people who can't afford $55,000 for a ZL1 but can afford a $45,000 one and are willing to accept the damage history. So you have a market there. If you're chasing your insurance company for loss of value, I'd shoot for every dollar that you can. I've seen Corvettes and Camaros with similar damage reports, minor and repaired, but still damaged, take hits of $7,500+ off of clean history market value. So just protect yourself up front. Because even though YOU know it was repaired right and drives fine, there are many more buyers out there that don't trust it and for that reason they sit until the price drops and drops.
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Old 11-21-2019, 01:47 PM   #5
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I went through a similar situation with my 2013 GT500. I had the garage door spring shatter as I was pulling the car into the bay. A section of the spring flew down and bounced up of th concrete floor putting a ugly gouge in the driver side door. Initially, the insurance company wanted to fill and refinish the damage. However, there was only 6700 miles on the car at that ime and I wanted a new door. The insurance company did replace the door like I asked in the end. When I decided to go back to Chevy and by a 2019 ZL1 /LE, I got offers generally of about 5000 to 7500 difference in trade in price due to the CarFax showing a repair. I ended up getting what I wanted money wise on my trade but, Im sure it had to do with the fact that I was buying a brand new car also. Looking back, I probably just should of paid the repair out of my own pocket and it never would of showed up on the report. In my case, the reported damage showed about a 5000 to 7500 depreciation on my Shelby.
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Old 11-21-2019, 01:48 PM   #6
Rodan
 
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Quote:
Originally Posted by Can'tHave2MuchHP View Post
Personally, I answered "Wouldn't buy at any price" and here's why. I typically sell or trade up to a better vehicle every 2-3 years, sometimes shorter, sometimes longer. A ZL1 with a flag on its CarFax is always going to be more difficult to sell/trade, even with discounting. In other words, liquidity is important and a car with history is less liquid.

Now, if liquidity isn't a concern for the buyer, then a steep enough discount will move it. There are some people who can't afford $55,000 for a ZL1 but can afford a $45,000 one and are willing to accept the damage history. So you have a market there. If you're chasing your insurance company for loss of value, I'd shoot for every dollar that you can. I've seen Corvettes and Camaros with similar damage reports, minor and repaired, but still damaged, take hits of $7,500+ off of clean history market value. So just protect yourself up front.
I agree 100%, and I'm fighting for all I can get. A ZL1 is not an Impala, and the market is much different, though the insurance companies want to treat them the same.
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Old 11-21-2019, 01:52 PM   #7
Can'tHave2MuchHP
 
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I agree 100%, and I'm fighting for all I can get. A ZL1 is not an Impala, and the market is much different, though the insurance companies want to treat them the same.
Correct. Cars like Impalas move all day long with CarFax history with minor discounting, say $1500-$2500 because the market is large and the customer base is different. Much different. You can have near perfect condition ZL1's/Corvettes with damage history that take ridiculous depreciation because the buyer base just doesn't want them, and that lack of demand makes any prospective buyer lowball.

Now imagine if you had history on a McLaren or Ferrari...You might be talking an entire ZL1's MSRP in depreciation because that market is much tighter and the buyer even richer/more selective.
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Old 11-21-2019, 01:52 PM   #8
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I voted wouldn't buy a damaged car at any price. Without knowing previous owner, or who did the work or how bad it actually was would scare me off. Also this may just be me, but seeing a performance car with damage would also make me think did they maybe try showing off and hit something, did they beat the hell out of this car?
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Lets keep it simple. ..
it has more power...its available power is like a set kof double Ds (no matter where your face is... theyre everywhere) it has the suspension to mame it matter...(
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Old 11-21-2019, 02:10 PM   #9
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Interesting info on DV here. Spoiler: its not nearly as bad as you think...



some back story...

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Old 11-21-2019, 02:30 PM   #10
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Quote:
Originally Posted by Rodan View Post
Thanks, that's a useful data point... what year CTS-V?
2015 sold in 06/2018
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Old 11-21-2019, 03:33 PM   #11
Rodan
 
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Quote:
Originally Posted by LT4 View Post
Interesting info on DV here. Spoiler: its not nearly as bad as you think...
I have no idea who that guy is, but he's annoying. And if we were talking Malibus, I'd tend to agree, but even he admits higher end cars are more affected.

40% of respondents here so far (a small sample, but likely actual ZL1 buyers) wouldn't even consider a repaired car. That speaks volumes.
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Old 11-21-2019, 08:09 PM   #12
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My daughter is waiting on a Diminished Value claim on her 19 Toyota C-HR, which she hadnt even made a payment on yet.
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Old 11-21-2019, 08:27 PM   #13
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Big difference between a repaired high performance car and a family car. High performance cars will always raise the question how bad was it beat on and was the accident a lot worse due to speed, etc.i wouldn't buy a repaired performance car, family car would depend on the information available.
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Old 11-22-2019, 08:03 AM   #14
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I was rear ended and had 6k worth of cosmetic damage and repair. No structural or suspension damages.

Ive got a DV claim in now.

Id assume I would see somewhere between 5 and 10k for DV and would assume when I trade that car back into the dealer on the next new one in 2+yrs a value in that range is coming off the top.

Just my opinion and what I think would be fair.

I track mine and its been in an accident so id ask would I buy my current car? I wouldn't buy privately with or without a warranty a car the likes of a ZL1 Hellcat etc. Who needs that hassle of any issues due to mis treatment or lack of maintenance.

Mines over maintained washed waxed etc and I treat it well but it gets used as advertised by Chevy for sure so..

I suppose its all up to the person wanting to buy it what their thoughts and feelings are about the individual car they are looking to buy. Not everyone thinks like me nor do I think like them and we all have things that are important or not to us.

For me ill trade mine in on a C8 in 2021/2 to the same dealer I bought it from and that did the damage repair.

Hopefully I get away with 5k plus in DV and would expect to hear at the time of trade in that's the value off the offer due to the accident.
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