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Value of Truck with repairs


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I need some opinions from those who have purchased a used SRT-10. I have a 2005 regular cab with 8,800 ...



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Old 08-16-2017, 04:09 PM
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Value of Truck with repairs

I need some opinions from those who have purchased a used SRT-10. I have a 2005 regular cab with 8,800 miles on it that my trusted mechanic wrecked while on a "test drive". The truck has an estimated $10,200 damage to the hood, left fender, drivers door, rocker panel and door frame. The mechanics insurance company is paying for the repairs. The truck was in almost new condition prior to the wreck. It had just a couple of minor scratches on the body. The truck was absolutely stock except for the spray in bed liner and the B&M shifter.
Even if the truck is repaired back to factory new, it will still have a major accident listed on car fax. What would be the difference in the value of the truck be before the accident versus after? I know this is a very subjective question with many factors, but I am looking for approximate numbers. I think the truck was worth about $25,000 before the accident. I am afraid after the repairs I might only be able to get about $18,000 for it. (I am in Indiana, if that makes a difference)

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Old 08-16-2017, 04:23 PM
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This is a very serious question. With a rare vehicle with such low miles I feel the insurance company should have to pay some type of depreciation due to the loss of collectability now.
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Old 08-16-2017, 08:48 PM
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Get a good lawyer.......
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Old 08-16-2017, 09:04 PM
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That is probably about a 5 grand hit to your value, 20% of your total assessed value. I would think that you could have had a $30000 value before your mechanic abused it. What a terrible situation,sorry for your loss.
Since you asked for advice. I would say be totally and utterly ruthless in this situation. No mercy when dealing with the insurance company or the gentleman you previously trusted. The damage done needs to be paid for by the responsible parties as well as your time dealing with this problem. If this is not your cup of tea hire the most souless lawyer you can find. Have him get your money and his fee as well. Good luck
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Old 08-16-2017, 09:53 PM
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Old 08-16-2017, 10:21 PM
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That FN blows!!! that mechanic would need to see a dentist!!
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Old 08-17-2017, 12:07 AM
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This is a very serious question. With a rare vehicle with such low miles I feel the insurance company should have to pay some type of depreciation due to the loss of collectability now.
It's called "diminished value" you mention that to your adjuster he will cringe. Do research on All SRT 10 trucks for sale with low miles. Then do the same search with salvage titles, this will give you the delta $$ for your insurance to cough up even if they fix your truck.

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Old 08-17-2017, 09:01 AM
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It's called "diminished value" you mention that to your adjuster he will cringe. Do research on All SRT 10 trucks for sale with low miles. Then do the same search with salvage titles, this will give you the delta $$ for your insurance to cough up even if they fix your truck.

Thewelshm
^^^ Exactly! I just sold my 04 (not as sought after as an 05) with 35k miles on it (not the 8,200 on yours) for $24k. Your truck's value would be in the high $20k to $30k range. If I were purchasing your truck with the major accident I would place a value of $22k-$23k on it.

I speak this from experience of buying and selling several trucks over the last 12 years. Best bet, get a lawyer that knows this particular scenario and unfortunately for your mechanic you will need to be ruthless as stated before.
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Old 08-17-2017, 10:33 AM
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Not to many good ones.
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Old 08-17-2017, 06:27 PM
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^^^ Exactly! I just sold my 04 (not as sought after as an 05) with 35k miles on it (not the 8,200 on yours) for $24k. Your truck's value would be in the high $20k to $30k range. If I were purchasing your truck with the major accident I would place a value of $22k-$23k on it.

I speak this from experience of buying and selling several trucks over the last 12 years. Best bet, get a lawyer that knows this particular scenario and unfortunately for your mechanic you will need to be ruthless as stated before.
Coming for a line of 9 lawyers in my family I can tell you in all likely hood you will have to sue the mechanic, both insurance companies and anybody else that touched the truck in the last six months. The deepest pockets will come to the surface and settle. Good luck

By the way you ask when I did not pick the legal profession as a career----I thought we had enough criminals in the family already.
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