Value of Truck with repairs

[rebarguyindy]

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)

 

[trussman]

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.

 

[Engin89]

Get a good lawyer.......

 

[Wildcard]

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

 

[IronAffliction]

Is there any lawyers with a soul?

 

[blazinsrt]

That FN blows!!! that mechanic would need to see a dentist!!

 

[THEWELSHM]

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.

Thewelshm

 

[VPRPWRD]

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.

 

[Wildcard]

Is there any lawyers with a soul?

Not to many good ones.

 

[shorty]

^^^ 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.

 

[earl lee]

OP the biggest fight your going to have is getting a fair diminish value for your truck as there is no technical standard way to determine diminish value. With that said, be prepared for the insurance company to low ball you at first.

As others have mention you might have to get a lawyer involved. It seems they are going to repair the truck which isnt the problem, the problem is going to be what deemed as fair compensation for the diminish value lost to the truck now that is has a major accident showing on carfax.

Your truck with low miles likely would have sold from high 20's to low 30's in the current market. It sucks this happen.

Are you able to talk about what happen when your mechanic test drove the truck?

 

[rebarguyindy]

Update

I took the truck to a quality body shop who took it apart and came up with an estimate of $19,100 to repair. So it looks like it may be a total loss. The owner of the shop was on vacation when his employee wrecked the truck. I have known the owner for at least 15 years and have taken several vehicles to him over the years (first time for the SRT though). After the accident, the owner wouldn't return my repeated calls and I had to show up early on a Monday morning to speak with him. He was not helpful. I talked to a witness of the accident who said the employee was smoking the rear tires and lost control and hit a telephone pole and cable power box. I have been in contact with a lawyer. I hate to go down that road, but I think it will be in my best interests. I appreciate all the sound advice.

 

[rebarguyindy]

Update 2
I have a lawyer now and it seems the process has ground to a halt. The lawyer has written multiple letters to the insurance company and has not received any response. The insurance company made a rather low offer just before I retained my lawyer. I can't imagine they are going to try and fight the claim after making a verbal offer. I should have gotten something in writing, I know.

 

[ViperJeff]

Are they going after the driver also, I know I would, call the police and see if you can file charges of grand theft, I would try everything at this point. Maybe you can go after the drivers insurance.... iDK

 

[viperhauler]

19k doesn't total a 28k truck.
take the money, fix the truck, get the check for diminished value.
i'd place a 20-25% hit on the truck for being salvaged, but only about 10-15% for an accident. doesn't matter if it's major, or minor, an accident is an accident, and a salvage is a salvage - two very different kinds of selling nicks.

 

[caveman]

19k doesn't total a 28k truck.
take the money, fix the truck, get the check for diminished value.
i'd place a 20-25% hit on the truck for being salvaged, but only about 10-15% for an accident. doesn't matter if it's major, or minor, an accident is an accident, and a salvage is a salvage - two very different kinds of selling nicks.

Oh, you're an insurance expert now? I think you know the guy that wrecked the truck and are trying to help him out. Unless, maybe you are the guy that wrecked the truck. Come to think of it... you better have a damn good alibi (WADR, of course).

 

[viperhauler]

Oh, you're an insurance expert now? I think you know the guy that wrecked the truck and are trying to help him out. Unless, maybe you are the guy that wrecked the truck. Come to think of it... you better have a damn good alibi (WADR, of course).

i'm no expert but i've crashed literally everything i've owned at least once...

 

[earl lee]

19k doesn't total a 28k truck.
take the money, fix the truck, get the check for diminished value.
i'd place a 20-25% hit on the truck for being salvaged, but only about 10-15% for an accident. doesn't matter if it's major, or minor, an accident is an accident, and a salvage is a salvage - two very different kinds of selling nicks.

My career has been auto insurance (appraiser) and the majority of all insurance companies and adjusters will deem anything a TL after it crosses 70% of the NADA value of the vehicle. If the truck NADA value is 28k then yes 19k will total it because the adjuster has to factor in outside costs such as rental, salvage and diminish value.

Insurance will always go the cheaper monetary route rather that is repairing the vehicle or totaling it out. If it was me I'd want my truck totaled as 19k is a lot of money for repairs. Sadly the OP has a truck with low miles which complicates things. An adjuster will add a few bucks for the lower mileage but it rarely balances out what the owner feels it is worth due to sentimental value which we can really price.