CTR value after an accident...?

So I've been getting quotes for what my CTR is worth and I'm finding that CTR values are ridiculously less with a single accident reported.

A lot of people who ended up selling their car said use Carvana to get a quote... OK, well, they are offering me $24.8K for mine. Kelly Blue Book is about the same. WTF?

My car has 22.6K miles on it but from what I've seen dealers are selling those for close to $31K still. Is an accident capable of destroying value that hard? I get that a lot of people don't buy cars that had an accident reported but at the same time I know a lot of people when it comes to these type of cars so long as they get a good deal and it was professionally repaired they can overlook it.

If anyone else has had an accident on theirs, can you tell me what your value is on like Carvana? Maybe it's just the east coast is saturated with them so the resale value is lower now..?

Even if my monthly payment sucks ass I'm not playing the negative equity game a 3rd time. I'm not sure if I should stop driving it for a while and see if by keeping the miles where they are at now after a few more payments maybe I'll be in a better spot.

The dealer I bought it from said they would give me $27K on a trade-in... key word, trade-in. I don't really have ambitions to trade this in considering I have my RAV4 that works just fine.

Accidents knock about $2k right off trade value. Maybe more in a specialty vehicle like ours. Now if the airbags went off. It’s a huge difference and some places won’t take the car at all. My 15 Si went through a small fender bender. Only damage to exterior panels like fender, hood, and bumper. It knocked $2k off my trade value and my car had super low miles.

SilentMonkCTR said:

Accidents knock about $2k right off trade value. Maybe more in a specialty vehicle like ours. Now if the airbags went off. It’s a huge difference and some places won’t take the car at all. My 15 Si went through a small fender bender. Only damage to exterior panels like fender, hood, and bumper. It knocked $2k off my trade value and my car had super low miles.

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Yeah, thankfully my accident was a really minor rear end, at very low speeds, yet because of how modern cars are built it still cost a pretty penny.

I just find it insane that I'm getting quoted so low when I bet you they would try and resell it for at least $4k more.

Sell it yourself. You can get probably get 30K all day long considering used Type R prices and new ones still going with ADM. 30K would be a steal for someone looking to get into a Type R.

Si_chRis said:

Sell it yourself. You can get probably get 30K all day long considering used Type R prices and new ones still going with ADM. 30K would be a steal for someone looking to get into a Type R.

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Not really sure the best way to go about doing this without leaving myself vulnerable. I would consider doing it but I can't imagine being available for all those test drives when I work 5 days a week. If you think I could get that much for it though I'd definitely be willing to try.

Did you ask your insurance, or the other insurance if you weren't at fault, for a depreciated value assessment? You should be 'made whole' essentially, by them cutting you a check for what the value of your car has diminished with the accident.

Something to look into if you haven't.

NapalmEnema said:

Did you ask your insurance, or the other insurance if you weren't at fault, for a depreciated value assessment? You should be 'made whole' essentially, by them cutting you a check for what the value of your car has diminished with the accident.

Something to look into if you haven't.

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Depends on the insurance company. Some will give fair compensation, others will rip you off (Geico). If insurance doesn't offer a fair value, lawyer up. Fighting it by yourself is going to end up on the losing end 95% of the time.

Had an accident on my previous vehicle ($40k new, 3 years old with 25k miles) and lost at least $3k+ of value. Even with the DV claim, ended up losing at least $2k+ had I traded in accident free.

NapalmEnema said:

Did you ask your insurance, or the other insurance if you weren't at fault, for a depreciated value assessment? You should be 'made whole' essentially, by them cutting you a check for what the value of your car has diminished with the accident.

Something to look into if you haven't.

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Can i still file a claim for DV a year after the incident..? I guess it's worth a shot.

Zeffy94 said:

Can i still file a claim for DV a year after the incident..? I guess it's worth a shot.

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You should have a good while. As it's only now you're seeing the actual amount of DV.

Zeffy94 said:

Not really sure the best way to go about doing this without leaving myself vulnerable. I would consider doing it but I can't imagine being available for all those test drives when I work 5 days a week. If you think I could get that much for it though I'd definitely be willing to try.

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i totally understand what a hassle it is to sell car privately. My tip is that make sure you STRESS out that there is no test drive if they don't have any proof of funds such as bank approval letter in hands. it helped me a lot when i sold my last car, and also be patient, coz it might take awhile, but it only takes one to buy it. Good luck, also i would avoid craiglist and go with car guru.

I'm in insurance and have a little experience with diminished value claims. First and probably most important question...were you at fault? If so you'll have a much tougher time with a diminished value claim. If not, you can absolutely still make the claim (depending on the statute of limitations in your state... typically 2 years). Have multiple dealers/carvana, etc give you written offers and have them give you the value of it was not in an accident.

I parked my car a few months back as I was going to get some lunch. When I returned my car was hit and the person who hit it disappeared. Once I called the cops the person appeared and confused to everything. There wasn’t crazy damage (front bumper, fog lights, grill, etc) but I was concerned about the value dropping. Truth is the car is fixed now, the car drives just as amazing, and I’m enjoying it. The value isn’t that important to me now, I just want to enjoy her.

Zeffy94 said:

Yeah, thankfully my accident was a really minor rear end, at very low speeds, yet because of how modern cars are built it still cost a pretty penny.

I just find it insane that I'm getting quoted so low when I bet you they would try and resell it for at least $4k more.

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That's business. Every dealer will lowball you and try to maximize profit when they sell. The only way to get fair value is to sell it yourself. It's a bit of a PITA - I've sold three BMWs privately, the quickest sold in 3-4 weeks and the others took 2-3 months, but I got a return I could live with each time. And yes, an accident is a big deal, even when it's relatively minor. Clean Carfax vs. not clean means many thousands of dollars, every time.

Zeffy94 said:

Can i still file a claim for DV a year after the incident..? I guess it's worth a shot.

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Absolutely - they won't offer it up because it's more money out of their pocket but you're entitled to it

frtorres87 said:

I parked my car a few months back as I was going to get some lunch. When I returned my car was hit and the person who hit it disappeared. Once I called the cops the person appeared and confused to everything. There wasn’t crazy damage (front bumper, fog lights, grill, etc) but I was concerned about the value dropping. Truth is the car is fixed now, the car drives just as amazing, and I’m enjoying it. The value isn’t that important to me now, I just want to enjoy her.

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Contact the other insurance company and tell them you are looking to trade your car in and have found the value is lower because of the accident. Tell them you are pursuing the lost value (diminished value) and submit the information from multiple dealers showing the difference in what they would have offered and what they will offer now.