Diminished value on minor fender bender?

[Kachina26]

Wife's car got backed into by Mr. Magoo outside of the eye doctor's office. I was in the office and she was in the car reading a book when some old guy with his eyes freshly dilated backed into the car. Pretty minor damage, estimate is around $2k on a 2018 Tucson. The question is, is there any loss of value? I've looked at some of the other threads here and they seem to describe pretty heavy hits on very expensive cars. KBB on this thing is sub $10k, so I can't imagine having a fender repaired is going to change it that much. We tend to keep cars until they're done. For example, I had to drag her kicking and screaming out of her 2006 Tucson to get her in this one.

 

[lbhsbz]

On a Ferrari…yes. On a Hyundai, no.

 

[JayBreww]

Isn’t he in the automotive business?

 

[Blue Oval]

Fender bender I feel is no big deal. Structure damage and air bag replacement might create a problem.

 

[attitude]

When my vette was hit I had to fight to get $2500 in diminished value, even though there was $17k in damage and it showed as structural damage on the carfax. The real diminished value was about $10k.

In your case I don’t think the juice would be worth the squeeze.

 

[monkeyswrench]

If you plan on keeping it anyway, I don't think I'd sweat it. Have the guy fix it and call it good.

 

[Kachina26]

Isn’t he in the automotive business?

Me?

When my vette was hit I had to fight to get $2500 in diminished value, even though there was $17k in damage and it showed as structural damage on the carfax. The real diminished value was about $10k.

In your case I don’t think the juice would be worth the squeeze.

If you plan on keeping it anyway, I don't think I'd sweat it. Have the guy fix it and call it good.

Kinda what I was thinking, but I had no idea for sure. Car is in really nice condition, I was surprised at the KBB value.

 

[JayBreww]

Me?


Kinda what I was thinking, but I had no idea for sure. Car is in really nice condition, I was surprised at the KBB value.

Magoo.

 

[Kachina26]

Magoo.

Not that I remember. He did buy an electric car though...

 

[CarolynandBob]

It is 10% of the value of the vehicle. That is per John Clay Wolfe of givemethevin. Which proved true on my F350 that had a bad carfax do to a minor accident when a guy hit us.