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Yet another example of you not knowing what you're talking about.
Trading in a car with two prior accidents will cause a huge amount of extra depreciation. It's not "BS", it's what happens to the market value of a car when it has been crashed. With frame damage, they can't even sell the car.
Really? I do this for a living. That is BS dealers put down to give you less. As long as the vehicle was repaired properly, the value does not change. You can see a vehicle with repaired frame damage. Why would insurance companies even bother fixing vehicles with your logic? They would just go ahead and total every vehicle in a somewhat serious accident then since there would be so much exposure for diminished value. We do not even take them seriously unless there was severe damage. All I have to do is get the certification most body shops give you if they warranty the repairs for life...done.
You MUST work at a dealer with your bias viewpoint.
I'm not going to offer any great insight into American used car market, but in Norway, an accident means the vehicle is worth less, even if it was completely fixed.
Minor damage obviously has less impact, but it does have an impact, if only in saleability.
I'm still waiting on my insurance company to sort through all of this right now. On top of them just receiving a copy of the police report two weeks later, they still have to determine who's at fault because there were no witnesses and the cops couldn't even determine who was at fault. My brother who was driving the car has about $750 saved up to pay for the damages, which I believe should cover the mechanical stuff such as the powersteering pulley and one of the radiator fans but I'm afraid that it's not going to cover the exterior parts such as the bumper and hood, unless he could find those parts at a junkyard. He also knows a few people with years of auto mechanic experience. I'm just concerned that my insurance company (Progressive) is going to try to jack my rates despite being not at fault. His name was not on my policy although he regularly used my car. Fortunately, I'm still young and living with my parents so I don't have to worry about paying the rent or anything like that; my bills only consist of my car payment, insurance and credit card, which comes to around $300/month. My initial plan was to keep the car until I have it paid off, and then save up a good bit of money towards a new car.
DO NOT REPAIR ANYTHING WITHOUT YOUR COMPANY DOING AN ESTIMATE.
I can not stress that enough. That is one of the worst moves to make while liability is pending, starting repairs yourself. Picking and choosing what you want to be done. You better have collision coverage if you are still making payments. Just go forward with the repairs thru the insurance company. I hope your deductible isn't 2k. There is no way you will get the vehicle fixed properly for anywhere near 1k. Regarding your rates, if your brother is not on the policy, it will not affect your rates. I am sure they asked you how often he drives the vehicle. What is going to happen is either you will need to add him as a driver (which will increase your rates if he is at fault) or make him an excluded driver.
You do not need to wait to see who is at fault to fix your car. Either way, the repairs are going to cost more than you can handle out of pocket. If your brother is found to be at fault, just make him pay the deductible. Problem Solved. I would highly suggest using one of their preferred body shops. I can't speak for your area but the ones here who are approved by the major insurance companies offer a life time warranty on repairs hence why they are approved.
Really? I do this for a living. That is BS dealers put down to give you less. As long as the vehicle was repaired properly, the value does not change. You can see a vehicle with repaired frame damage. Why would insurance companies even bother fixing vehicles with your logic? They would just go ahead and total every vehicle in a somewhat serious accident then since there would be so much exposure for diminished value. We do not even take them seriously unless there was severe damage. All I have to do is get the certification most body shops give you if they warranty the repairs for life...done.
You MUST work at a dealer with your bias viewpoint.
Of course the value changes. All you have to do is look at auction data. Any car that's been in an accident is worth significantly less.
We aren't talking about the quality of the repair. It doesn't matter. Anything that's been "refurbished" or been repaired is worth less than a comparable product that never has been.
I hate to say it but you might as well forget about trading up to a brand new car without a co-signer. Being upside down 5000 on a car 5 years old even if it were in good condition will scare away the lender unless you got some cash to put down too. No offense but being young living at home doesnt look good on a credit report. Whats your credit score? This will tell you to either look for a new car or a used one.
I hate to say it but you might as well forget about trading up to a brand new car without a co-signer. Being upside down 5000 on a car 5 years old even if it were in good condition will scare away the lender unless you got some cash to put down too. No offense but being young living at home doesnt look good on a credit report. Whats your credit score? This will tell you to either look for a new car or a used one.
Not true at all.
Far too many variables...the type of car, rebates, loan-to-value ratio, credit score, down payment, everything. Banks don't give two ****s whether you live at home or in a castle in the sky. All they care about is "can you afford the car" and " do you pay for your stuff".
Far too many variables...the type of car, rebates, loan-to-value ratio, credit score, down payment, everything. Banks don't give two ****s whether you live at home or in a castle in the sky. All they care about is "can you afford the car" and " do you pay for your stuff".
Well I do agree that just living with parents doe not directly lower your score its like you said everything is looked at and the credit score must be good.
No offense but being young living at home doesnt look good on a credit report. Whats your credit score? This will tell you to either look for a new car or a used one.
You must be old. Most people my age (turning 25 next week) still live at home. Big difference between my generation and I am assuming yours. Most people are leaving home around 25 instead of 20 now. Plenty of studies supporting this. Just go to the parenting forum and see...
You must be old. Most people my age (turning 25 next week) still live at home. Big difference between my generation and I am assuming yours. Most people are leaving home around 25 instead of 20 now. Plenty of studies supporting this. Just go to the parenting forum and see...
Yea Im old enough to have a high credit score. Hope you do too.
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