My wife was rear ended in her 2016 4runner. Brief estimation from a buddy who owns a body shop is thinking in the $8k range to get it fixed.

Curious what y'all think the best route is in terms of losing the least amount of value? We were already planning on trading/selling it next year for something new so this has put us in a little pickle. Looking at KBB and other sites it seems its value was around 18-20k.

How much of a hit are we looking at now in terms of value. I'm worried about the CARFAX along with wondering if we should get it fixed first then trade in now? Or fix it and drive it for another year then trade? Or not even repairing it at all and trading it in? Neither one of us have ever been involved in an accident so not sure what are best options are.

I would get it fixed. You got rear-ended, so the only thing you are on the hook for is your deductible. Other persons insurance will pay for it. It won't be you coming up with $8k.

I would think trading in something that needs $8k worth of repairs the value will be greatly diminished. Because now the dealer has to 1)take the trade, 2)repair the vehicle, 3)sell the vehicle to recoup any of the labor/parts/materials. Lots of risk getting to #3.

If its repaired- its just a minor issue on the carfax. Lots more options since the work has already been done (like keeping the vehicle)

If you are worried about depreciation, I think there is a way around this with the other persons insurance - you'll probably have to find some For Sales with and without damage and beat your head against the wall when you talk to insurance. Your agent should be able to help with this also.

Thanks for the response.

We found out last night the other guy didn't have insurance at the time of the accident. It was determined that he bought it AFTER the accident occurred so now we will have to file it under our insurance. Hopefully it goes smoothly.

Post pics if you can

What model ?
How many miles ?

Your insurance check is retail repair

Dealership's cost to repair will be a lot less if you trade in unrepaired


On the diminished value I would shoot for minimum 10% of the current book value

What insurance company do you have ?

8k initial on a 16k vehicle may get it totaled

JP76 said:

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Post pics if you can

What model ?
How many miles ?

Your insurance check is retail repair

Dealership's cost to repair will be a lot less if you trade in unrepaired


On the diminished value I would shoot for minimum 10% of the current book value

What insurance company do you have ?

8k initial on a 16k vehicle may get it totaled

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id post pics if I knew how.

It's a Limited trim with 125k miles on it I think. Our insurance is with progressive. So it would be better to let dealership repair instead of a private shop?

I think he means the dealers cost to repair is cheaper (because they don't charge themselves labor) on the trade in. Not that the actual cost of repair is less. If repairs are $8k, they are $8k to you. Dealers can get away doing the work cheaper but only because the labor is there and the parts dont have a markup. Might cost them $6k to fix it, theyd charge $8k etc. You'll never get that deal.

Private body shop is the way to go.

Also, you should have no-insured / underinsured coverage on the policy. Shouldn't be a huge deal but definitely get a copy of the police report and keep a copy and provide to your insurance documenting you weren't at fault and the other driver was cited for no-insurance.

Yes but if he does not fix it then the extra profit on the trade can be made up from the body shop side at the dealership giving him some more wiggle room in trading it in unrepaired. The stealership will be looking at all aspects of profit that they can make on the deal. The diminished value claim will help compensate for the dirty car fax.




OP

What all is damaged ?
Hatch?
Did it break the rear glass ?
Tailights broken ?

Did it dent/wrinkle any of the quarter panels above the rear tires ?
Do the rear doors still open ? Or are they touching the quarter panels where the gap used to be ?


If your buddy has a body shop, do you not trust him to repair it ?

If the other driver had insurance you could file a diminished value claim in addition to the repair. I didn't know there was such a thing until a few years back.

Wife was rear ended, nothing major but the rear bumper had to be replaced and repair work to the hatchback tailgate. We had the repairs done covered by the other drivers insurance. We then filed a diminished value claim, had to pay a fee to an attorney ($400) who does these things and we received an additional $2,500. Wife's car was a Porsche Cayenne that was about 2 yrs old.