Help w/ Diminished Value Claim - '05 CLK55
10-19-2017, 03:11 PM
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2005 CLK55 Cab, 2012 C300
Help w/ Diminished Value Claim - '05 CLK55
Hi All, longtime lurker, only occasional poster...
Short Version: My '05 CLK55 Cab just got rear-ended and I need to look into making a "diminished value claim." Was wondering if anyone knew of any people on here (or that they've met) that could point me in the right direction / help with "before" and "after appraisals etc. I know that these cars are "special" and do not want to rely on an insurance company gonkulator (that already says my car is not "worth" the repairs) for the valuation.
Long Version: When my '01 CLK430 hit 190k, I decided it was time for an upgrade. Contacted the dealer where I bought my '01 and told him to call me if any used AMG's popped up. Next day, he calls me in to look at a LIKE NEW '05 CLK55 with 10,000 miles on it. This was in 2015 and yes, the mileage is correct. Basically, some rich German guy had this in a climate controlled garage (next to the '05 S55 he bought the same day) just in case he felt like going to the beach when he was in town. Guess he only went a couple of times because he traded them both in 10 years later and I snagged the CLK in a second. I know it ain't the best AMG model to have, but was happy to have it nevertheless.
Accident was 2 weeks ago and the mileage was 44,000. Though I intended to drive this until 200k like the other car, I always thought that, worst case, I would have a car that would at least hold value due to its near mint condition and low mileage. Now, I need help in determining what value I have "lost" due to the accident history, if any.
I'm posting this in the MBCA and AMG Lounge forums as well, but I've always had luck finding help here so thought I'd ask.
Thanks!
Les
Short Version: My '05 CLK55 Cab just got rear-ended and I need to look into making a "diminished value claim." Was wondering if anyone knew of any people on here (or that they've met) that could point me in the right direction / help with "before" and "after appraisals etc. I know that these cars are "special" and do not want to rely on an insurance company gonkulator (that already says my car is not "worth" the repairs) for the valuation.
Long Version: When my '01 CLK430 hit 190k, I decided it was time for an upgrade. Contacted the dealer where I bought my '01 and told him to call me if any used AMG's popped up. Next day, he calls me in to look at a LIKE NEW '05 CLK55 with 10,000 miles on it. This was in 2015 and yes, the mileage is correct. Basically, some rich German guy had this in a climate controlled garage (next to the '05 S55 he bought the same day) just in case he felt like going to the beach when he was in town. Guess he only went a couple of times because he traded them both in 10 years later and I snagged the CLK in a second. I know it ain't the best AMG model to have, but was happy to have it nevertheless.
Accident was 2 weeks ago and the mileage was 44,000. Though I intended to drive this until 200k like the other car, I always thought that, worst case, I would have a car that would at least hold value due to its near mint condition and low mileage. Now, I need help in determining what value I have "lost" due to the accident history, if any.
I'm posting this in the MBCA and AMG Lounge forums as well, but I've always had luck finding help here so thought I'd ask.
Thanks!
Les
10-19-2017, 09:59 PM
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s600
Your long version didn't provide any pertinent information by which I could make a determination about your car's loss in value. Here is a method that you can use. Take the trade-in value of your car prior to the accident, if there was structural damage or air bag deployment your car has lost 30-40% of that value. If no structural or air bags, figure 15%. These are real world Diminished Value figures based on thousands of Auto Diminished Value Reports we have prepared over the years.
10-20-2017, 07:28 AM
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2005 CLK55 Cab, 2012 C300
Thanks DV.
No airbag deployment but the rollbars did and the SRS system says it needs to be serviced. The damage was to the rear bumper, trunk lid, and tail lights, with frame damage underneath all of that. Current estimate for damage is about $9,000.
I'm curious that "trade-in value" is used instead of ARV, since TIV is an automatic "loss" of 25% - 50% of the car's ARV. According to KBB.com, The TIV is $10,000 and the ARV is $14,000, so my automatic loss is already 29%.
Based on the above, I should just take any offer from the insurance company over $1,000?
No airbag deployment but the rollbars did and the SRS system says it needs to be serviced. The damage was to the rear bumper, trunk lid, and tail lights, with frame damage underneath all of that. Current estimate for damage is about $9,000.
I'm curious that "trade-in value" is used instead of ARV, since TIV is an automatic "loss" of 25% - 50% of the car's ARV. According to KBB.com, The TIV is $10,000 and the ARV is $14,000, so my automatic loss is already 29%.
Based on the above, I should just take any offer from the insurance company over $1,000?
10-20-2017, 09:00 AM
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s600
Mercedes-Benz Diminished Value
Thanks DV.
No airbag deployment but the rollbars did and the SRS system says it needs to be serviced. The damage was to the rear bumper, trunk lid, and tail lights, with frame damage underneath all of that. Current estimate for damage is about $9,000.
I'm curious that "trade-in value" is used instead of ARV, since TIV is an automatic "loss" of 25% - 50% of the car's ARV. According to KBB.com, The TIV is $10,000 and the ARV is $14,000, so my automatic loss is already 29%.
Based on the above, I should just take any offer from the insurance company over $1,000?
No airbag deployment but the rollbars did and the SRS system says it needs to be serviced. The damage was to the rear bumper, trunk lid, and tail lights, with frame damage underneath all of that. Current estimate for damage is about $9,000.
I'm curious that "trade-in value" is used instead of ARV, since TIV is an automatic "loss" of 25% - 50% of the car's ARV. According to KBB.com, The TIV is $10,000 and the ARV is $14,000, so my automatic loss is already 29%.
Based on the above, I should just take any offer from the insurance company over $1,000?
10-22-2017, 10:59 AM
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2002 CLK 55 AMG cabriolet Eurocharged
Id like to see a photo of the damage. I bet the rear frame rails are not as bad as you think.
Shame to loose a nice car like that. These cars are magnets for getting totaled by others.
Takes a lot of defensive driving skills to drive a car that accelerates fast and stops fast. Like a motorcycle accidents are inevitable.
Gator
Shame to loose a nice car like that. These cars are magnets for getting totaled by others.
Takes a lot of defensive driving skills to drive a car that accelerates fast and stops fast. Like a motorcycle accidents are inevitable.
Gator
