New value to wrecked 62 vette

[Houston U.]

I apologize for repeat but my computer crashed since last. My 62 vette was re-ended 1 yr ago and I'm now settling with their ins. co. Body was all original and damage was to left rear panel & bumper area. Not a Duntov but it is all original 340hp, 4-spd, hard top only, blk/tan. Repair was $12K and shop did great job with entire rear clip repaired/re-painted properly. What decreaesd value should I expect if I ever need to sale? I will always be upfront & honest with any true events in the car's history. Thank you for all your professional input or past experiences.

[William C.]

Re: New value to wrecked 62 vette

Without ever seeing the car, without any judging record, at least as presented here, with the caveats of well and professionally repaired, possibly none. Unless you can document some real siginificance to the car in original condition (Bowtie award or similar) Hard to establish "Diminshed Value" How well do you like the quality of the work? Nicer than it was? As good as? It is still a 340 hp 4 speed HT only car with probably better paint than it had before. Who knows? 12K buys a lot of body/paint work for a 1/4 panel and rear panel, unless the underbody and spare tire area was also involved. Either hire a professional and pay for his opinion to butress your case, or be happy you got the car returned to former glory and to service.

[Mike G.]

Re: New value to wrecked 62 vette

if its repaired correctly it should devalue it none. most of these old cars have been repaired one way or another. if the car was ok before but needed a paint refresh its worth more now in my opinion. when i buy a car i look at what it needs to make it right and deduct that to determine what i think a car is worth. these days i am much more interested in a clean title than a no hit/ never repaired body. i can fix a car body.

[Greg C.]

Re: New value to wrecked 62 vette

If the car was a "no hit body" before your accident, I think that there is some reduction in value. As someone who is actively hunting for a C1/C2, when I see/hear the words "un-hit body" they make me much more interested than the words, "fresh off a great repair job from getting rear-ended... really, they did a nice job with the repair!".

How you quantify that... I don't know as its market dependent. In a buyers market, it probably hurts you a lot, in a sellers market, not so much... what are we in again?

But if your car has a history of "body repair", and this is just another episode of car character building, its probably a wash.

[William C.]

Re: New value to wrecked 62 vette

It really comes down to what baseline can be established to assess value/ Was the car ever judged at an NCRS event? How well did it score? What was the CONDITION of the body/paint prior to the accident? All of these things would have to be established as a part of any "Diminished value" discussion.

[Houston U.]

Re: New value to wrecked 62 vette

Thanks to all. I appreciate your expertist and opinions. Just wanted feedback as to my delima and to accept such unfortune. Not trying to profect from this, just understand. This is not a bowtie, never will be, yet it is a great, well documented original car and my prized possesion.

[Bill W.]

Re: New value to wrecked 62 vette

I just retired from 42 years working in and running a body shop . The insurance co. only owes the cost of repair to your car .They "do not pay" diminished value . They will pay a settlement to the owner for injurys or for you to sign off on that claim.

[James G.]

Re: New value to wrecked 62 vette

In this day and era, the ''DIMINISHED VALUE'' is happening evedry day due to this crazy economy. I would be happy that car was saved and done very well per your comments and update. Who knows, tomorrow it may be worth only the $4800 sticker price when new.