How fast does an X5 depreciate?

[skalberti]

I have a 2012 X5 msport that stickered for $67k four months ago. Two weeks ago I was in a wreck that was not my fault. So the other drivers insurance is footing the bill. The estimate for repair is just under $15K. My X5 just turned 3,000 miles the day before the wreck. So with the incentives going on the new X5\'s I was thinking about getting another new one and adding the adaptive drive. My problem is the dealership I bought from is only offering $45K trade in. It doesn\'t seem right for a car to depreciate $22K in four months and 3,000 miles just because of one wreck. I\'m filing for diminished value but I know no insurance company is gonna cut me a check for 7-8K for loss of value. Does anyone have any experience In this area or any advice of what I can do to come out of this without getting majorly screwed? Another problem I have is no one knows what the vehicle was worth before the wreck because there\'s no book values on it yet. Any advice is appreciated. Thanks in advance.

[serge1]

Originally Posted by skalberti

In my opinion, the problem with the seeming depreciation is the sticker price being higher than vehicle's real price.
For example, MSRP for my 35d was 63K, but there's no way I would pay that much for it. Paid much much less. What I paid should be considered the real price of the vehicle.
My X5 has 5k miles as of now, and 3 months since purchase (I am first owner).
I doubt I could sell trade it in for more than 47K now. The ~$7K depreciation loss is around 12% - which is typical when a new vehicle drives off the lot. That's when the car gets a "preowned" status slapped on it.

[skalberti]

Ya I agree with the 12% loss when driving off the lot. My real price was 63500 with my discounts. So that would put my cars worth around 55K. Since the wreck though they're saying only worth 45K fixed like new. That's 10K difference in price. I highly doubt the insurance. Implant will. Ur me a check for 10K in diminished value. So I have to show through documentation from a few auto dealerships what the actual loss is. Problem is, no dealership wants to put anything in writing because if it came down to a court case, they don't wanna get called to court. What a CF!

[Michael_s]

I feel for your situation but a car with accident history, versus a no-story car (no paint, no accidents) takes a big financial hit. With a model as mass product such as the X5, no dealer would take a chance on a car with an accident. I am sure there are buyers that are willing to purchase a car with an accident, but they will pay less and the dealers who put the trade number on the car are super conservative b/c they will most likely wholsale the car and not keep it on the lot. Most high(er) end dealers don't keep accident cars (in my experience). Personally I would pass on any car with an accident as I would be afraid on the unknown.

The other issue you have is the determination of the DV. Being in the insurance business, all I can say is keep fighting. Don't accept no, try to get some documentation as to the DV (appraisal company, etc.) and keep fighting. Insurance companies can be bullies and you need to push back and keep at it. They try to low ball but at the end of the day they (most of the time) will move some. Also, you can mention to the insurance company that you feel they are not operating in good faith and you are considering speaking with your State's insurance department. This should be the last resort as it could backfire....... GL

[skalberti]

Thanks for all the info. Sounds like I'm gonna have to do a lot of arguing with the insurance company. We'll see. I'll report back with my results.