Well everyone, I hate to say it but I think I'm going to trade my frontier off. Just one question. I have a 2005 Crew Cab Nismo 4x2. It is silver with standard single cd player, it has everything else. The interior and exterior are both in excellent shape and it has 22,600 miles. (had it 1 year)
Why sell it you ask?....I had a wreck in december and it was $11,200 in repair and I just want to get out from under it. (I am also kicking myself for not getting 4x4 so this is another reason) All the repairs were done at a licensed body shop with OME products. The truck runs great and solid....so....here is my question:
What do you think should be the lowest I should take as trade on my truck? (if it helps, my truck invoiced for $24,070 new) I don't really know how much the wreck will effect the value of my truck so any help would be great! Thanks!!)
Well everyone, I hate to say it but I think I'm going to trade my frontier off. Just one question. I have a 2005 Crew Cab Nismo 4x2. It is silver with standard single cd player, it has everything else. The interior and exterior are both in excellent shape and it has 22,600 miles. (had it 1 year)
Why sell it you ask?....I had a wreck in december and it was $11,200 in repair and I just want to get out from under it. (I am also kicking myself for not getting 4x4 so this is another reason) All the repairs were done at a licensed body shop with OME products. The truck runs great and solid....so....here is my question:
What do you think should be the lowest I should take as trade on my truck? (if it helps, my truck invoiced for $24,070 new) I don't really know how much the wreck will effect the value of my truck so any help would be great! Thanks!!)
Jared
Jared,
One of my neighbors had the same situation a few years ago. So, I asked a friend of mine who's an insurance adjuster and had worked in the auto sales industry before that.
He told me that the amount of depreciation due to major collisions (requiring drivetrain or frame work) varies with a car's age. For a car that's 7+ years old, the added depreciation would be 10% or less because the vehicle has been mostly depreciated by that time. However, for a newer vehicle (he said 2-3 years old or less) there can be a hit of up to 25% if it's evident that repairs have been made.
He also pointed out that the seller should ALWAYS fully declare the extent of the repairs before selling a vehicle (he recommended to get a signed agreement) to limit the owner's risk exposure in the future in addition to being the honorable thing to do.
Best of luck -- I hope he wasn't right for your sake.
Robert B.
__________________ msubullyfan 2005 Nissan Frontier Crew Cab
Aztec Red NISMO
Well one good thing is it did not hurt the frame or drivetrain. I was mostly cosmetic. the repair man said that it did not get into the engine of the vehicle or transmission, he said they put it on the framer (I think thats what its called) and said there was no damage to the frame. I don't think it will be that bad.....It was mainly just a bunch of small things that added up.
My father's Chrysler 300 got rear ended 2 weeks after he bought it. He went back to the dealer and asked them to give him an amount of depreciation from the accident if he were to trade it in right then. He then went after the other guy's insurance for that amount (they settled on half). iirc it was somewhere over $4000 difference wrecked/repaired vs not wrecked at all.
I dont know how long it's been for you or if the claim is closed (or of the circumstances of your accident) but it is something to consider if someone hit you.
Well everyone, I hate to say it but I think I'm going to trade my frontier off. Just one question. I have a 2005 Crew Cab Nismo 4x2. It is silver with standard single cd player, it has everything else. The interior and exterior are both in excellent shape and it has 22,600 miles. (had it 1 year)
Why sell it you ask?....I had a wreck in december and it was $11,200 in repair and I just want to get out from under it. (I am also kicking myself for not getting 4x4 so this is another reason) All the repairs were done at a licensed body shop with OME products. The truck runs great and solid....so....here is my question:
What do you think should be the lowest I should take as trade on my truck? (if it helps, my truck invoiced for $24,070 new) I don't really know how much the wreck will effect the value of my truck so any help would be great! Thanks!!)
Jared
Did your insurance company pay you for diminished value? If not that is something you may want to look into as well.
My father's Chrysler 300 got rear ended 2 weeks after he bought it. He went back to the dealer and asked them to give him an amount of depreciation from the accident if he were to trade it in right then. He then went after the other guy's insurance for that amount (they settled on half). iirc it was somewhere over $4000 difference wrecked/repaired vs not wrecked at all.
I dont know how long it's been for you or if the claim is closed (or of the circumstances of your accident) but it is something to consider if someone hit you.
Right this is usually known as "diminutive value" some states have laws regarding it. I used www.accidentcheck.com to do research back in 2001 when I had a new vehicle that was rear-ended. Basically I had to go dealerships and get 3 estimates on trade-in value based on pre and post accident. I was in Florida, so check your state laws.
Insurance companies like to say that there is no diminished value. But come on. Let's face it, 2 vehicles everything identical one been in a wreck and repaired and the other not wrecked but both appear and drive the same for the same price. Of course you would take the one that has not been wrecked.
Well, I rear-ended someone else so it was my fault. Does the "diminutive value" approach still apply? I have never heard of it so just wondering. I will check my insurance policy when I get a chance. Would it be disclosed in the policy info?
Well, I rear-ended someone else so it was my fault. Does the "diminutive value" approach still apply? I have never heard of it so just wondering. I will check my insurance policy when I get a chance. Would it be disclosed in the policy info?
Well one good thing is it did not hurt the frame or drivetrain. I was mostly cosmetic. the repair man said that it did not get into the engine of the vehicle or transmission, he said they put it on the framer (I think thats what its called) and said there was no damage to the frame. I don't think it will be that bad.....It was mainly just a bunch of small things that added up.
(Disclaimer: This is only personal opinion and I'm trying to help.)
Hmm... Well, if it didn't damage the drive train or the frame, I would recommend that you keep it.
Looking over some quick numbers from edmunds.com and kbb.com, it looks like you'll be giving away anywhere from $3000 to $5000 just for trading in to get the exact same vehicle in a 2006 (and that's including the $1000 rebate on the '06). That's assuming that you don't suffer any increased depreciation due to the wreck.
If you're financing that new vehicle over 5 years, that $5000 would actually cost you as much as $5800 including interest (assuming 6% annual).
__________________ msubullyfan 2005 Nissan Frontier Crew Cab
Aztec Red NISMO
(Disclaimer: This is only personal opinion and I'm trying to help.)
Hmm... Well, if it didn't damage the drive train or the frame, I would recommend that you keep it.
Looking over some quick numbers from edmunds.com and kbb.com, it looks like you'll be giving away anywhere from $3000 to $5000 just for trading in to get the exact same vehicle in a 2006 (and that's including the $1000 rebate on the '06). That's assuming that you don't suffer any increased depreciation due to the wreck.
If you're financing that new vehicle over 5 years, that $5000 would actually cost you as much as $5800 including interest (assuming 6% annual).
Yeah, I thought about keeping it but I would really like a 4x4 and I just would like to get out from under it. Also, I work for GM and since they are hurting so bad, I kind of feel like I need to be driving a GM. But, if I can't get a new truck for a price I can afford, I will keep my truck. Might as well try to get a new one and if I don't find one, oh well, I still have a nice truck. Know what I mean.
Yeah, I understand. Just wanted to make sure you knew the full scope of the long-term implications of trading trucks so quickly. I'm surprised at how many people don't think about those things when they decide to trade up -- that's how people end up upside-down. Heck, even investing that $5k over 10 years would be worth about $13,000.
If you REALLY just want a 4WD, give me the $5k and we could swap trucks! :-)
Oh, and if you're going to get a GM.... For goodness' sake -- don't get a Colorado or Canyon!!! PLEASE, PLEASE get a Silverado or Sierra. (Even better -- wait for the redesigned '07 to come out!)
__________________ msubullyfan 2005 Nissan Frontier Crew Cab
Aztec Red NISMO
If you don't like it and can afford to get another one then do it, but be ready to pay the price. I just traded in my Ranger because of horrible reliability (and it was 4WD but I wanted 2WD, ironically). I lost $10,000 in depreciation. Looking back, it was one of the best decisions (even though from a financial point of view it didn't make sense) that I've ever made becasue I am so happy with my new Frontier. BTW, why do you plan on telling the dealer about your accident? Mine didn't ask me any questions about its history.
If you don't like it and can afford to get another one then do it, but be ready to pay the price. I just traded in my Ranger because of horrible reliability (and it was 4WD but I wanted 2WD, ironically). I lost $10,000 in depreciation. Looking back, it was one of the best decisions (even though from a financial point of view it didn't make sense) that I've ever made becasue I am so happy with my new Frontier. BTW, why do you plan on telling the dealer about your accident? Mine didn't ask me any questions about its history.
When I traded in my old truck for the Frontier, I had to sign a form that stated the vehicle didn't have over $1000 of damage from a previous accident. Might just be a New York thing.
If you don't like it and can afford to get another one then do it, but be ready to pay the price. I just traded in my Ranger because of horrible reliability (and it was 4WD but I wanted 2WD, ironically). I lost $10,000 in depreciation. Looking back, it was one of the best decisions (even though from a financial point of view it didn't make sense) that I've ever made becasue I am so happy with my new Frontier. BTW, why do you plan on telling the dealer about your accident? Mine didn't ask me any questions about its history.
I never said I planned on telling them.... Only if they ask will I tell them. and heck yes msu, I WILL NOT get a colorado or a canyon!!! I hate those things! I would get an H3 if they had a larger engine! Sorry engine with no power in those things. crazy. Anyway. Silverado will be what I get if I can. Thanks for all the info!!!!
A girl ran into the back of my wife's Solara and shoved her into the car in front of her. After the car was repaired I
took it to 3 dealers to ask them how much depreciation I would incur because of the wreck.
I showed them what all had been done because the body
shop did a very good job on the repair. They told me about $2000 would be the difference.
I went to the other driver's insurance and told them I wanted the difference added to the settlement. The agent
told me that they did not allow for that sort of thing. I told
her I would not settle.
She finally settled with me, but she showed it under some-
thing else since she could not show it as depreciation.
It can be paid, just not as depreciation due to the damage.
Stay with them and good luck.
But, if I can't get a new truck for a price I can afford, I will keep my truck. Might as well try to get a new one and if I don't find one, oh well, I still have a nice truck. Know what I mean.
Only if they ask will I tell them. and heck yes msu, I WILL NOT get a colorado or a canyon!!! I hate those things! I would get an H3 if they had a larger engine! Sorry engine with no power in those things. crazy. Anyway. Silverado will be what I get if I can. Thanks for all the info!!!!
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